Wedding loans and other ways to finance your big day | finder.com

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While there are a variety of ways you can pay for your wedding, a personal loan provides the funding you need in one lump sum. And it can cover up to the full cost.

This Post: Wedding loans and other ways to finance your big day | finder.com

These five lenders make our list because they offer large loan amounts, have relatively competitive starting rates and all allow you to use your loan funds to finance your wedding. But if they don’t suit your needs, there are other lenders — and financing options — that you can use to make your wedding memorable.

5 best personal loans for weddings

  • LightStream: Best for long loan terms
  • SoFi: Best for avoiding fees
  • Upstart: Best for borrowers with bad credit
  • Marcus by Goldman Sachs: Best for members of the military
  • Fiona: Best for comparing multiple lenders

Best for long loan terms

LightStream personal loans

Finder rating 4.83 / 5

★★★★★

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  • Available in all states

  • Pros

    • Autopay discount up to 0.5%
    • Backed by Truist Bank

    Cons

    • No preapproval process
    • Good to excellent credit required
    • No customer service number

  • Loan Amount$5,000 to $100,000APRCompetitiveInterest Rate TypeFixedMin. Credit ScoreGood to excellent creditTurnaround TimeSame dayMaximum Loan Term7 yearsMinimum Loan Term2 years

Pros

  • Autopay discount up to 0.5%
  • Backed by Truist Bank

Cons

  • No preapproval process
  • Good to excellent credit required
  • No customer service number

  • Loan Amount$5,000 to $100,000APRCompetitiveInterest Rate TypeFixedMin. Credit ScoreGood to excellent creditTurnaround TimeSame dayMaximum Loan Term7 yearsMinimum Loan Term2 years

Disclaimer

*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of 3 years would result in 36 monthly payments of $303.99.

Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

LightStream offers some of the most competitive terms out there and is backed by Truist. If you plan on having a larger wedding and want a longer term to pay it off, LightStream may be a good choice. But you’ll need good to excellent credit to qualify — typically 670 or higher — and you won’t be able to see your rates before your credit is checked.

Min. Credit ScoreGood to excellent creditAPRCompetitiveLoan Amount$5,000 to $100,000

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Best for avoiding fees

SoFi personal loans

Finder rating 4.45 / 5

★★★★★

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  • Not available in: Mississippi, Vermont

  • Pros

    • No origination or late fees
    • Multiple member benefits
    • APR starts at 7.99%

    Cons

    • Turnaround up to 30 days
    • Good to excellent credit required
    • Recent lawsuit from the FTC

  • Loan Amount$5,000 to $100,000APR7.99% to 22.73%Interest Rate TypeFixedMin. Credit Score680Turnaround TimeAs soon as the same dayMaximum Loan Term7 yearsMinimum Loan Term2 years

Pros

  • No origination or late fees
  • Multiple member benefits
  • APR starts at 7.99%

Cons

  • Turnaround up to 30 days
  • Good to excellent credit required
  • Recent lawsuit from the FTC

  • Loan Amount$5,000 to $100,000APR7.99% to 22.73%Interest Rate TypeFixedMin. Credit Score680Turnaround TimeAs soon as the same dayMaximum Loan Term7 yearsMinimum Loan Term2 years

Disclaimer

Fixed rates from 7.99% APR to 22.73% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 6/15/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will 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. See APR examples and terms. 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.

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If you and your spouse are young professionals, SoFi may be a good choice. Its personal loans come with a slew of career development opportunities, and rates start at a low 7.99%. But it can take up to a month for SoFi to fund your loan, so you’ll need to prepare well ahead of schedule to ensure you have your funds when you need them.

Min. Credit Score680APR7.99% to 22.73%Loan Amount$5,000 to $100,000

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Best for borrowers with bad credit

Upstart personal loans

Finder rating 4.15 / 5

★★★★★

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  • Not available in: West Virginia

  • Pros

    • Accepts credit scores as low as 580
    • Loans up to $50,000
    • Education and career background considered

    Cons

    • APR up to 35.99%
    • Potential origination fee of 0% to 8%
    • Only 3- and 5-year terms available

  • Loan Amount$1,000 to $50,000APR5.4% to 35.99%Interest Rate TypeFixedMin. Credit ScoreNoneTurnaround Time1 to 3 business daysMaximum Loan Term5 yearsMinimum Loan Term3 years

Pros

  • Accepts credit scores as low as 580
  • Loans up to $50,000
  • Education and career background considered

Cons

  • APR up to 35.99%
  • Potential origination fee of 0% to 8%
  • Only 3- and 5-year terms available

  • Loan Amount$1,000 to $50,000APR5.4% to 35.99%Interest Rate TypeFixedMin. Credit ScoreNoneTurnaround Time1 to 3 business daysMaximum Loan Term5 yearsMinimum Loan Term3 years

Although Upstart has a high maximum APR, it does start relatively low at 8.69% — which is competitive for borrowers without the best credit. Its loan terms are also limited, but you can borrow up to $50,000. And unlike other lenders, Upstart will consider your education and career in addition to your credit score when you apply.

Min. Credit ScoreNoneAPR5.4% to 35.99%Loan Amount$1,000 to $50,000

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Best for members of the military

Marcus by Goldman Sachs personal loans

Finder rating 3.8 / 5

★★★★★

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  • Available in all states

  • Pros

    • APR as low as 4%
    • Rewards for on-time payments
    • Can change payment due date

    Cons

    • Interest added for late payments
    • Lower loan amounts than other lenders
    • High APR of 19.99%

  • Loan Amount$3,500 to $40,000APR6.99% to 19.99%Interest Rate TypeFixedMin. Credit Score720+ FICOTurnaround TimeAs few as 3 business day(s)Maximum Loan Term6 yearsMinimum Loan Term3 years

Pros

  • APR as low as 4%
  • Rewards for on-time payments
  • Can change payment due date

Cons

  • Interest added for late payments
  • Lower loan amounts than other lenders
  • High APR of 19.99%

  • Loan Amount$3,500 to $40,000APR6.99% to 19.99%Interest Rate TypeFixedMin. Credit Score720+ FICOTurnaround TimeAs few as 3 business day(s)Maximum Loan Term6 yearsMinimum Loan Term3 years

Disclaimer

Marcus By Goldman Sachs® Offer Terms and Conditions

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose, our evaluation of your creditworthiness, your credit history, if we have recently declined your loan application and the number of loans you already have with us. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.

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Marcus by Goldman Sachs offers higher rates than some of its competitors for borrowers with good to excellent credit. But members of the military may qualify for an APR as low as 4%. Paying on time also has its benefits — and you can apply with a joint bank account.

Min. Credit Score720+ FICOAPR6.99% to 19.99%Loan Amount$3,500 to $40,000

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Best for comparing multiple lenders

Fiona personal loans

Finder rating 4.25 / 5

★★★★★

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  • Available in all states

  • Pros

    • Large network of lenders
    • Accepts coapplicants
    • Fair credit OK

    Cons

    • May receive marketing materials after applying
    • Potential origination fee up to 6%
    • At least 21 years old

  • Loan Amount$250 to $250,000APR4.75% to 35.99%Interest Rate TypeFixedMin. Credit ScorePoorTurnaround TimeVaries by lenderMaximum Loan Term12 yearsMinimum Loan Term2 years

Pros

  • Large network of lenders
  • Accepts coapplicants
  • Fair credit OK

Cons

  • May receive marketing materials after applying
  • Potential origination fee up to 6%
  • At least 21 years old

  • Loan Amount$250 to $250,000APR4.75% to 35.99%Interest Rate TypeFixedMin. Credit ScorePoorTurnaround TimeVaries by lenderMaximum Loan Term12 yearsMinimum Loan Term2 years

Fiona is a connection service, not a lender. Fortunately, the lenders it works with accept a wide range of borrowers — provided you’re at least 21. You can apply with a coapplicant so you and your future spouse have joint responsibility on the loan, and you may be able to score an APR as low as 4.99%.

Min. Credit ScorePoorAPR4.75% to 35.99%Loan Amount$250 to $250,000

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See more personal loan options

Check out even more lenders by selecting your credit score range and which state you live in.

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How to prequalify for a personal loan

Before you and your future spouse commit to a large loan, see what rates you may qualify for by following these steps:

  1. Set an ideal budget for your ceremony.
  2. Compare lenders and other financing options.
  3. Submit an application for preapproval with three or four lenders.
  4. Review your potential APR, monthly payment and total cost for each loan.
  5. Select the option that best suits your budget.

Some lenders, like LightStream, don’t allow you to prequalify for a loan. To keep hits to your credit score at a minimum, apply for preapproval with lenders that offer it first. Then you can check your rates with other lenders that require a hard credit check.

Other financial obligations to consider for the wedding

When you’re preparing your budget and determining how much you need to spend, keep these common wedding costs in mind:

  • Engagement party invites
  • Engagement party venue
  • Engagement party food and drinks
  • Bachelor or bachelorette party and bridal showers
  • Wedding invites and thank you gifts
  • Bride and bridesmaids dresses and accessories
  • Groom and groomsmen suits and accessories
  • Flower girls, ushers and pageboys
  • Wedding location and marriage officiant
  • Reception location, catering and decorations
  • Photography and videography costs
  • Entertainment considerations
  • Make up, hair and facials for bride and bridal party
  • Transport to and from wedding
  • First night hotel stay
  • Honeymoon

3 factors to consider before taking out a wedding loan

  • What are the fees that you’ll be charged? When you look at the fees of a loan you should remember to check the upfront fees as well as ongoing charges. Upfront fees cover the cost of setting up the loan, for example establishment fees, and ongoing fees can include monthly account-keeping fees or amounts charged for using some of the features of the loan. You should also be aware of late and NSF fees.
  • What interest rate are you being offered? When looking at the rate offered by the lender, make sure to check whether the rate is fixed or variable. You can also see if the lender offers an introductory rate that can help you save money in the first stages of the loan.
  • Are the loan amount and terms affordable? You need to ensure that the amount you want to borrow and the length of time you want to borrow it for is offered by the lender. You can check the minimum and maximum loan amounts each lender offers and see if they suit your needs.

Before applying for a wedding loan you and your future partner should sit down and discuss your financial situations so you both fully understand the financial commitment you’re agreeing to. Below are some of the questions you should discuss.

Should I use a loan to pay for my wedding?

It depends. Some financial experts advise against it, stating that you’re better off saving for this big expense. While building up your savings will mean you don’t pay interest, for many people, that’s often an unattainable goal — especially if you’re hosting a large reception at an expensive venue.

A wedding loan can make it easier to afford your wedding, even if it costs you more in the long run. As long as you and your partner agree to the expense beforehand and have a plan of action in place for dealing with the payments, a wedding loan can be helpful. However, it’s still important to explore your other options.

Should I use a credit card instead?

It depends. Unless you have a large credit limit — or a small wedding planned — credit cards likely won’t be able to cover the full cost of a wedding. But they can be used to pay for things like your dress, venue deposit and flowers.

You can read our guide to funding a wedding with a credit card to learn more about the potential benefits and drawbacks of putting your wedding on plastic.

How else can I finance my wedding?

  • Savings. The primary way people pay for a wedding is through savings. It might mean a smaller honeymoon or a more simple reception, but by using your savings, you can avoid paying interest for your wedding.
  • Family and friends. It’s not uncommon for family and friends to help out a little for budgets. Parents are usually willing to foot a portion of the bill, and friends may be interested in DIY centerpieces or discounting services like photography and flower arrangements.
  • Budgeting. Even if you don’t have a huge savings account, you can still work your way to borrowing less. Sacrificing little optional expenses that tend to add up — like takeout — you can add to your wedding budget without affecting your quality of life too much.
  • Scaling back. When you’re still planning your wedding, scaling it back can save hundreds — sometimes thousands — of dollars. Less guests, a simpler venue and simpler decor will all help maximize your budget.
  • Postpone the ceremony. It might not be ideal, but if you don’t have any set plans, consider extending your engagement. The longer you have to build your savings and find deals, the better off you’ll be — and the less you’ll need to borrow.

While there are plenty of ways you can make your wedding more affordable — including choosing a less expensive venue or renting a dress — these are five common ways people avoid borrowing a large amount for their big day.

Bottom line

While the best way to finance your wedding will always be through saving and budgeting, a loan can help speed up the process. To get the best deal, compare your full set of personal loan options. Planning is a must, so take your time when selecting the right lender and terms for your big day.

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