In today’s pricey world, everything is becoming more expensive, including weddings, which is why some lenders are offering wedding loans to help couples cover the expense of their wedding. A wedding loan is a form of personal loan that is intended to finance wedding expenses such as the venue, catering, and honeymoon. With the typical wedding costing $30,000, according to The Knot, you may be looking into alternative methods to fund your special day.
Personal loans have become a popular way to finance a wide range of significant spending, including weddings. The popularity of personal loans is due to the terms that they provide. Personal loans are normally unsecured, which means you won’t have to put up any valuable assets as security and have fixed annual percentage rates (APR), which is the entire cost of the loan including the interest rate and any costs. They’re also a less expensive option to credit cards because they often have a considerably lower interest rate.
If you want to borrow money for your wedding, you’ve come to the perfect place to look at whom you want to borrow. For your consideration, we have compiled a list of some of the best personal loan/wedding loan lenders. We reviewed dozens of lenders and looked at major aspects such as interest rates, fees, loan amounts, and term lengths offered, as well as other features like how your funds are dispersed, autopay discounts, customer support, and how quickly you may obtain your funds.
The best wedding loans
- Best overall: LightStream Personal Loans
- Best for borrowing larger amounts: SoFi Personal Loans
- Best for lower credit scores: Upstart Personal Loans
- Best for next-day funding: Discover Personal Loans
- Best for fast funding: Best Egg Personal Loan
- Best credit union loan: PenFed Credit Union Personal Loan
# LightStream
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Annual Percentage Rate (APR)
7.99%—25.49%* APR with AutoPay
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Loan purpose
Debt consolidation, home improvement, auto financing, wedding, medical expenses, and others
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Loan amounts
$5,000 to $100,000
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Terms
24 to 144 months* dependent on loan purpose
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Credit needed
Good
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Origination fee
None
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Early payoff penalty
None
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Late fee
None
What makes us choose this?
There are some of the lowest interest rates available at LightStream plus you can get an even lower rate if you enroll in autopay. There are no restrictions on using the funds for wedding expenses since this lender offers loans for nearly every purpose except higher education and small businesses.
The longest loan term on this list is 24 to 144 months. The longer the loan term, the lower the monthly payments, which can make repaying the debt feel more manageable. However, you will accrue more interest charges over time if you choose a longer loan term.
There are no origination, administration, or early payoff fees charged by LightStream.
# SoFi Personal Loans
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Annual Percentage Rate (APR)
8.99% to 25.81% when you sign up for autopay
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Loan purpose
Debt consolidation/refinancing, home improvement, relocation assistance or medical expenses
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Loan amounts
$5,000 to $100,000
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Terms
24 to 84 months
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Credit needed
Good to excellent
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Origination fee
No fees required
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Early payoff penalty
None
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Late fee
None
What makes us choose this?
If you need to borrow larger amounts of money for your wedding expenses, SoFi offers personal loans up to $100,000, depending on your creditworthiness.
Most other personal loans come with a fixed interest rate — SoFi allows borrowers to choose between a variable or fixed interest rate. You could potentially save if the APR on your loan drops (but it could also go up depending on economic conditions if the APR goes down). Fixed rates, however, guarantee that the payment will remain the same throughout the loan’s term, so budgeting for repayment is easier.
# Upstart
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Annual Percentage Rate (APR)
4.60% – 35.99%
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Loan purpose
Debt consolidation, credit card refinancing, home improvement, wedding, moving or medical
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Loan amounts
$1,000 to $50,000
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Terms
36 and 60 months
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Credit needed
The credit score of 300 on at least one credit report (but will accept applicants whose credit history is so insufficient they don’t have a credit score)
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Origination fee
0% to 12% of the target amount
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Early payoff penalty
None
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Late fee
The greater of 5% of the last amount due or $15, whichever is greater
What makes us choose this?
If you have a low credit score or no credit history, Upstart is ideal for you. Despite the fact that it takes into account factors like education, employment, credit history, and work experience, the term lengths are limited compared to more flexible options; you can choose between a three-year or five-year loan.
Upstart charges an origination fee of up to 12% of the loan amount. While this lender does not charge an early payoff fee, it charges a late fee of 5% of the last amount due or $15 whichever is greater.
# DISCOVER Personal Loans
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Annual Percentage Rate (APR)
7.99% to 24.99%
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Loan purpose
Debt consolidation, home improvement, wedding or vacation
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Loan amounts
$2,500 to $40,000
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Terms
36, 48, 60, 72 and 84 months
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Credit needed
Good
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Origination fee
None
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Early payoff penalty
None
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Late fee
$39
What makes us choose this?
If your application is submitted with no errors and the loan is funded on a weekday, you can receive your money the next business day. This lender may be appealing to you if you need funding quickly so you can book your venue and other services.
Despite no origination fees, Discover does charge a late fee of $39 if you fail to repay your loan on time. You’re not penalized if you pay off your loan early or make extra payments to reduce interest.
# Best Egg Personal Loans
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Regular Annual Percentage Rate (APR)
8.99% to 35.99% -
Loan Amount Range
$2,000 to $50,000 -
Minimum Credit Score
640Â -
Origination fee
0.99% and 5.99%
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Loan amount range
$2,000 to $50,000
What makes us choose this?Â
With a Best Egg personal loan, borrowers can get a loan quickly in a pinch. About half of Best Egg customers receive their money the next day.
In order to qualify for the best APR, you must have a minimum 700 FICO score and a minimum annual income of $100,000.
# PenFed Credit Union Personal Loan
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Regular Annual Percentage Rate (APR)
7.74% to 17.99% -
Loan Amount Range
$600 to $50,000 -
Minimum Credit Score
580 -
Origination fee
None
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Late Fee
$29
What makes us choose this?Â
A credit union, PenFed offers low minimum APRs and a wide range of loan amounts. However, borrowers worried about falling behind on payments might want to avoid PenFed – the credit union charges a $29 late fee.
A PenFed Credit Union personal loan can be worth between $600 and $50,000. Its minimum and maximum loan amounts are similar to those offered by other credit unions. Navy Federal Credit Union offers personal loans ranging from $250 to $50,000, while Connexus Credit Union offers personal loans ranging from $2,500 to $25,000. Online lenders typically have higher loan minimums.
If you want to pay off your loan early, there are no prepayment penalties with PenFed. Interest rates range from 7.74% to 17.99%.
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 your loan. If you’ve served in the military or work at qualifying associations or organizations, you’ll qualify. If that doesn’t apply, you can join by opening a savings account with a minimum deposit of $5.
If your co-borrower has a good credit score, you might be able to get a lower rate if you apply together. You can complete the application online and get your rate within minutes.
If you receive your money by check, it can take up to seven business days.
# Frequently Asked Questions
What is the maximum amount I can borrow for a wedding loan?
Personal loans range from $500 to $100,000. Before you apply, consider how much you can afford as a monthly payment, as you will have to repay the full amount plus interest.
How will a wedding loan affect my credit score?
You can either positively or negatively affect your credit score with wedding loans and other personal loans, just as you can with any other form of credit. You should expect a slight dip in your credit score at first when applying for a personal loan because it triggers a hard inquiry. However, if you use a personal loan to diversify your credit mix and make on-time payments, you can improve your score over time.
What factors are considered when determining the interest rate on my wedding loan?
Interest rates are determined by factors such as your credit score, credit history, income, and the length of the loan. Generally, longer-term loans have higher interest rates than shorter-term loans.
You can put in your personal information and get matched with personal loan offers without damaging your credit score through Select’s widget. Wedding loans personal loans for a wedding.
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