How to use personal loans for your wedding

As you start planning your wedding, one of the most important considerations is how to pay for it. The costs can add up quickly, with recent research suggesting the average wedding in the U.S. costs close to $30,000. If you don’t have enough cash for the big day, you might consider using a personal loan to pay for your wedding.

While paying for your wedding with cash is best, this isn’t always an option. Personal loans can be a good choice because they often carry lower interest rates than credit cards and you repay them in fixed monthly payments over several years.

Still, before saying “I do” to a personal loan for your wedding, ensure you can easily afford the payments.

Key insights

• Wedding loans are simply personal loans you use to pay for wedding expenses.
• You can get a personal loan for a wedding from a bank, credit union or online lender.
• Consider paying for your wedding with a personal loan if you have good credit, can easily afford the monthly payment and need fast funding.

What is a wedding loan?

A wedding loan is a personal loan you can use to pay for any wedding-related expense. For example, you can use personal loan funds to purchase wedding rings, buy a dress, secure a wedding venue, pay for catering, buy flowers and book honeymoon travel. You can use most personal loans to pay for a wedding.

You repay a wedding loan in fixed monthly payments, usually over a span of 36 to 84 months. Like most other personal loans, wedding loans are typically unsecured, meaning you don’t have to provide any collateral. You can usually get approved and funded in a few days to a week.

Where can I get a personal loan for a wedding?

You can get a wedding loan anywhere personal loans are available, such as:

• Banks: Many banks offer personal loans you can use for virtually any purpose, including paying for a wedding. You can usually apply for a personal loan from a bank online and get funded in a matter of days.
• Credit unions: Like banks, most credit unions offer personal loans you can use to pay for a wedding. While small credit unions may ask you to apply in person, many credit unions offer online applications and quick funding.
• Online lenders: Online lenders typically provide a quick application and approval process. Most allow you to use personal loan proceeds for nearly any purpose, including covering wedding costs.

Rather than looking for lenders that specifically offer wedding loans, focus your search on lenders that allow you to use their personal loans for any purpose. After your loan is approved and funded, you can use the money to pay for any of your wedding-related costs.

How much can I get with a personal loan for a wedding?

The amount of money you can get with a wedding loan depends on the lender and your credit score, income level and existing debt. The highest amount of funding is available to people with high incomes, strong credit scores and low debt-to-income (DTI) ratios. Depending on the lender, you may be able to borrow as much as $50,000 to $100,000 — or as little as $250.

As you determine how much money you need for your wedding, consider the impact the loan will have on your budget. Kyle Enright, president of the digital personal finance company Achieve, suggests wedding loans aren’t a good move for people who are already struggling with debt payments.

A wedding loan may allow you to borrow as much as $50,000 to $100,000.

“The idea of a personal loan is not to accumulate debt; newlyweds must be vigilant about spending, saving and budgeting and avoiding the temptation to acquire things and debt,” Enright said.

Before you decide to get a personal loan, evaluate the alternatives. For example, Enright suggests reducing costs by doing things like eating out less and cutting back on streaming services. Enright also advises looking for ways to generate extra cash, such as selling unneeded items online or at a yard sale; offering computer, tutoring, babysitting, housesitting, pet sitting or yardwork services; or considering a part-time retail job.

You’ll be paying for the personal loan long after your wedding date. Avoid future stress by taking the time to carefully consider if getting a personal loan to fund your wedding is suitable for your circumstances.

When should I get a personal loan for a wedding?

You should consider getting a personal loan for a wedding if:

• You have a great credit score. A personal loan may be a relatively affordable option to pay for your wedding if you have a great credit score, since you’ll get the best rates and terms. Even so, consider the costs before proceeding.
• You can easily afford the loan payment. Depending on your chosen terms, you might spend several years repaying your wedding loan. So, make sure you can afford the monthly payment before getting a personal loan.
• You need money fast to pay for your wedding. Many banks, credit unions and online lenders can approve and fund personal loans within days. This can be a great option if you need money fast, like to reserve an open spot on a venue’s calendar.

The ultimate deciding factor when you’re considering a personal loan to pay for your wedding is its future financial impact. If you can’t comfortably repay the loan, consider an alternative funding source, such as taking time to save up the cash or finding ways to reduce costs. It’s always wise to avoid introducing preventable stress into a new marriage.

How can I get a personal loan for a wedding?

The process to get a wedding loan is the same as for any personal loan. Follow these simple steps to get a personal loan for a wedding:

1. Check your credit report and score, addressing any errors and making improvements (e.g., reducing debts, making on-time payments), if necessary, before applying.
2. Search for lenders offering personal loans you can use for any purpose.
3. Get pre-qualified by submitting basic information about your income, debt and credit.
4. Compare offers, paying close attention to the rates, terms and fees.
5. Select the personal loan option that’s best for your needs and circumstances.
6. Apply online and give your lender any required documentation (e.g., pay stubs, bank statements).
7. Get approved and receive funding within several days to a week.
8. Use the funds to pay for any wedding-related expenses.

Once you’ve decided to get a personal loan to pay for your wedding, carefully weigh your options and read the loan agreement. Make sure you carefully evaluate how the loan will impact your finances and married life before agreeing to the terms.

Bottom line

A wedding loan is simply a personal loan you use to pay for wedding-related costs. Personal loans typically have lower interest rates than credit cards, making them a relatively affordable financing option, and they are unsecured. Approval and funding are typically quick; in many cases, you can get approved and funded in a matter of days.

Before you decide to use a personal loan to pay for your wedding, weigh the pros and cons. Having loan funds available might tempt you to spend more on your wedding. Plus, you’ll be taking on additional debt that could take multiple years to repay.

If you decide to get a personal loan, check your budget to confirm you can easily afford the payment. Plus, ensure your future spouse is on board with using a loan to pay for your wedding costs. While a personal loan can be a good way to fund your wedding, you should avoid using this financing option if it will introduce stress into your new marriage.