Best Wedding Loans of 2023

Our experts answer readers’ personal loan questions and write unbiased product reviews (here’s how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.

Your wedding should be one of the happiest days of your life. However, a big stressor for many couples is figuring out how they’re going to pay for it. 

If you don’t have enough money saved to cover all the costs of your wedding, many of the best personal loan lenders will provide funding for you. The amount you’ll be able to borrow depends on the lender, your credit score, and other aspects of your financial situation. Here are Insider’s top picks for the best wedding loans:

Best Wedding Loans of 2023

We’ve rounded up the lenders that provide the best wedding loans for people in a range of financial situations, with an emphasis on finding those that offer low APRs. None of the companies we’ve listed charge origination fees, saving you on the overall cost of your loan.

Compare Personal Loan Rates

Compare the Best Wedding Loans

Our Experts for the Best Wedding Loans

We consulted personal loan and financial experts to give their insights into finding the best wedding loans. 

Methodology: How We Chose the Best Wedding Loans

We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

• Interest rate (20% of rating)
• Fees (20% of rating)
• Term lengths and loan amounts (15% of rating)
• Funding speed (15% of rating)
• Borrower accessibility (15% of rating)
• Customer support (7.5% of rating)
• Ethics (7.5% of rating)

Each category’s weighting depends on its importance to the overall borrowing experience. Rates and fees have the most significant impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan’s terms, so they have less of an impact on the overall rating. 

See our full ratings methodology for personal loans » 

Wedding Loans Frequently Asked Questions

Best wedding loans for low rates: LightStream Personal Loan

Why LightStream stands out: If you have what LightStream considers to be good credit (credit score above 660, a mix of credit types, other assets on hand, few or no delinquent payments, and a steady income), its interest rates could be hard to beat.

LightStream also doesn’t require any application fees, origination fees, or administrative fees. There are no penalties for early repayment, either. 

Look out for: High credit score requirements. LightStream’s minimum credit requirement for a personal loan is 660, so this lender might not be the best choice for all credit types.  

Read Insider’s full review review of LightStream Personal Loans.

Best wedding loans for high maximum loan amount: SoFi Personal Loan

Why SoFi stands out: SoFi has a loan maximum of $100,000, perfect for borrowers who need a large amount of money to finance an expense. 

Additionally, SoFi offers forbearance in case you lose your job during your loan repayment. This unique feature allows you to apply for as many of 12 months of forbearance, in three-month increments.

Look out for: High minimum loan amount. The lowest amount you can borrow with SoFi is $5,000. The minimum loan amount may be higher in some states, too.

Read Insider’s full review of SoFi Personal Loans.

Best wedding loans for bad credit: Upstart Personal Loan

Why Upstart stands out: Low credit score requirements. While Upstart does consider factors other than credit scores, it also has a low minimum credit score requirement at 600.

Approval also isn’t solely based on credit scores. For people who have struggled with credit in the past, Upstart will factor in a few other pieces of information for a better shot at approval.

Look out for: Potential for high origination fees. Upstart’s personal loans can have origination fees up to 8%. 

Read Insider’s full review of Upstart personal loans.

Best wedding loan for fast funding: Best Egg Personal Loan

Why Best Egg stands out: Quick access to funds. Around half of Best Egg customers will receive their money the day after applying for the loan. For those who don’t receive money the next day, after successful verification, your money can be deposited in your bank account within one to three business days.

Look out for: Origination fees. You’ll face an origination fee between 0.99% and 5.99%, which is baked into your APR. On a loan term of four years or longer, the origination fee will be at least 4.99%. You can find other lenders that don’t charge origination fees.

Read Insider’s full review of Best Egg personal loans.

Best wedding loan for fair credit: Upgrade Personal Loan

Why Upgrade stands out: Small minimum loan amounts. You can get a loan as small as $1,000, which is lower than many competitors. For instance, Best Egg’s minimum is $2,000.

Look out for: Origination and late fees. Your origination fee will be between 1.85% and 8%, and you’ll pay a late fee of up to $10 if you don’t make a full payment within 15 days of your due date. 

Read Insider’s full review of Upgrade personal loans.

Best credit union for wedding loans: PenFed Credit Union Personal Loan

Why PenFed stands out: For borrowers looking for small amounts of money, PenFed offers loans of as little as $600. This could make the credit union an attractive alternative to a payday loan. 

Look out for: Membership requirements. You don’t need to be a member of the credit union to apply for a personal loan, but you’ll have to be a member to get one. If you’ve served in the military or work at qualifying associations or organizations, you’ll qualify.

However, you have a pretty easy workaround if that doesn’t apply. Anyone can join by opening a savings account with a $5 minimum deposit.

Read Insider’s full review of PenFed Credit Union personal loans.

How to Choose the Best Wedding Loan

To pick the best personal loan for you, look at the factors that are most important to you. Many borrowers look for the lowest interest rate, but also examine any fees, the minimum credit score needed, and the accessibility of the lender’s customer service.

Also look at the different types of lenders you may borrow with. Some people may feel comfortable with an online lender, while others may prefer a credit union or bank. You’ll also want to make sure you’re able to select a term length that works for you and that your loan’s purpose is allowed by the lender you choose.

Guides like this one will help you compare multiple lenders in the same place to weigh their pros and cons. Keep in mind that you should also read individual reviews of any lenders you’re considering. 

Wedding Loan Lenders Trustworthiness

The Better Business Bureau, a non-profit organization focused on consumer protection and trust, evaluates businesses using factors like their responsiveness to consumer complaints, honesty in advertising, and clarity about business practices. Here is each lender’s score:

All of our top picks are rated A+ by the BBB. Keep in mind that a high BBB score does not ensure a positive relationship with a lender. You should also do a lot of research on your own, and talk with others who have used the company to get the most comprehensive information possible. 

Our Experts’ Advice for Choosing the Best Wedding Loan

Should I take out a loan to pay for my wedding expenses?

Markia Brown:

“Taking out a loan to pay for wedding expenses is a personal decision that should be made based on your (and your future spouse’s) financial situation. While a loan can help you pay for your wedding without having to save up for it over time, it is important to consider the impact of the loan on your overall financial well-being.”

Sean August:

“Although taking out a loan for wedding expenses may be tempting, I strongly advise against it. Whether or not you decide to take out a loan depends on your specific financial circumstances. However, it’s essential to consider the interest rates, fees, and repayment terms associated with the loan. Overburdening yourself with debt can jeopardize your long-term financial objectives and put stress on your relationship.”

Ryan Wangman:

“Generally speaking, you shouldn’t take out a loan to pay for your wedding expenses. You’ll have to repay the money you borrow and then some, after accounting for interest and fees.”

How can I budget for wedding costs without taking a loan?

Brown: 

“There are several ways to budget for wedding costs without taking a loan. First, you can set a budget for your wedding and prioritize the most important aspects, such as the venue or the dress. You can add your wedding fund as a line item in a budget you may already have. You can also look for ways to save money, such as choosing a less expensive venue or opting for a smaller guest list.”

August:

“Budgeting for wedding costs without taking a loan requires careful planning and discipline. To start, create a realistic budget for your wedding that takes into account all of the necessary expenses such as venue rental, catering, and entertainment. Next, prioritize your expenses based on what’s most important to you and consider ways to save money such as DIY decorations or opting for a less expensive venue.”

Wangman:

“First, evaluate your current spending and identify any areas you may be able to cut back on. Also look for money you may be able to reallocate toward your wedding. If possible, give yourself a longer timeline until your wedding to maximize your ability to save for it.”