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There's no denying that a wedding can be expensive, but a personal loan may help. Here, we'll cover the average wedding cost, how personal loans work, and other options for covering the expense.
Nationally, the average cost of a wedding in 2023 was $29,000. How much you'll pay depends on factors such as:
Strictly speaking, there is no such thing as a "wedding loan." A wedding loan is normally a personal loan you take out to cover the costs of a wedding. There are several ways to borrow money for your wedding expenses, but no specific product category covers nuptials only.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
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Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
Fixed: 8.99%-29.99% APR (with all discounts)
|
$5,000 - $100,000
|
680
|
|
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Apply Now for Discover Personal Loan
Powered by Credible
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
7.99% - 24.99%
|
$2,500 - $40,000
|
660
|
Apply Now for Discover Personal Loan
Powered by Credible |
![]()
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
7.80% - 35.99%
|
$1,000 - $50,000
|
300
|
Most wedding loans are personal loans. There are two types of personal loans -- secured and unsecured. With a secured loan, you put something of value up as collateral. With an unsecured loan, no collateral is required but the interest rate may be a touch higher.
If you're considering taking out a personal loan to pay for your wedding, it's wise to consider the pros and cons.
Pros
Cons
If you're planning a wedding, you have a lot on your plate and are undoubtedly making dozens of decisions. The decision to borrow money to pay for the wedding is a serious one, so take your time and weigh your options.
The goal with any loan is to land the lowest possible interest rate. Here are some of the factors lenders consider when deciding your rate.
The higher your credit score, the lower the rate you'll be offered. If your credit score is on the low side, consider boosting it before applying for a loan.
Lenders ask for proof of employment status and how much money you earn to determine whether you can afford monthly payments. The more secure your financial situation is, the less you're likely to pay in interest.
Those who take out secured loans typically pay a lower rate. That's because the lender can repossess the collateral if you miss payments. Carefully consider whether a lower rate is worth the risk.
The longer your loan term, the more lenders worry something might go wrong with your repayment. They frequently offset the additional risk by charging a higher interest rate. The workaround is to take out the shortest-term loan you can afford, which will ideally lead to a lower rate.
If you decide that taking out a personal loan to pay for your wedding is right for you, here's how it's done.
High credit scores tend to be rewarded with lower interest rates and loan fees. Before applying for a loan, check your credit score. If your score is low, consider taking steps to boost it.
Determine how much money you'll need to cover the wedding costs. Next, see if you have cash available to put toward the expenses or if you want to borrow the entire amount.
Check several lenders, specifically focusing on the annual percentage rate (APR). The APR includes interest, fees, and other charges and gives you a better idea of how much the loan will cost.
Once you've shopped lenders and have decided which you want to work with, fill out a loan application. If approved, carefully read through the loan agreement and ask questions if there's anything you don't understand. Sign the loan agreement, await loan proceeds, and plan to make your first payment approximately one month later.
If there was a class called How to Finance a Wedding 101, the first thing you would learn is that credit cards are a dangerous way to pay for a wedding. Imagine you financed $10,000 of your wedding costs with a credit card with 15% interest. Even if you make monthly payments of $225, it will take you 66 months to pay the card off.
In addition, you will pay an extra $4,688 in interest. Even if you use a 0% intro APR credit card, you must be certain you can pay off your balance before interest comes due.
Marriage comes complete with unique challenges, such as learning how to blend two once-independent lives. Even if you have lived together, something about being married changes the relationship's flavor. Adding debt to the mix is, at best, fraught with risks.
In a perfect world, you would save enough cash to pay for your wedding and begin the new chapter of your life with one fewer financial burden.
Maybe you can't afford to pay for the entire wedding yourselves. Why not ask your parents and grandparents to pitch in what they can? As long as you don't raise your budget accordingly, you may be able to pay for the remaining portion in cash or at least push the wedding back long enough to come up with your portion.
Decide how much you can afford -- today, without a loan. Do you have $1,000 cash that's not earmarked for something important (like an emergency fund)? Do you have a credit card with a 0% promotional rate that you could tap and pay off before the promotional rate expires? Could you spare an extra $50 a month to put toward your wedding fund?
Move the financial pieces around like a Rubik's Cube. The more money you can pull together, the less you will have to borrow.
Anyone who has been married for years will tell you that a great relationship is built on many factors, including mutual respect, shared goals, and trust. No one ever looked back after decades of marriage and said that the wedding was the best thing about being together.
If your big question is how to finance a wedding, chances are, you are already feeling stressed. Why not go easy on yourself and build a wedding around what you can afford? The people who care about you will celebrate, no matter what.
Don't be surprised if you're told no. It's nothing against you, but small businesses are becoming accustomed to people who want to trade discounts for exposure. Your best bet is to budget for a wedding you can afford.
Your credit score impacts everything, from whether you're approved for a loan to how much you'll pay in interest and fees. Whether you're considering a personal loan or not, it's always a good idea to keep an eye on your credit score -- just in case you apply for credit in the future.
Officially, yes. However (and this is a big "however"), carefully consider how much debt you're willing to take on for an event that will be over before you know it. Unless you set a strict spending limit, you may find yourself with far more debt than you're comfortable carrying into married life.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount.
SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/24 and are subject to change without notice.Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual ratewill be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.