Best wedding loans of November 2023

Kiah Treece

BLUEPRINT

Updated 2:31 p.m. UTC Nov. 9, 2023

Planning a wedding can be exciting, but the costs of getting married are often high — as of 2022, the average cost of a wedding was $30,000, according to The Knot. If you need help financing your wedding, taking out a personal loan to cover the expense might be a good option.

The best wedding loans offer competitive interest rates, reasonably large loan amounts and long repayment terms. Some also provide more lenient credit score requirements or rate discounts while others allow you to apply with a co-signer or co-borrower.

To determine the best wedding loans, we compared 25 personal loan lenders by these metrics along with other factors like fees, state availability, funding time and customer service experience.

Best wedding loans

SoFi
: Best overall
LendingPoint
: Best for fair credit
LightStream
: Best for large loans
Upgrade
: Best for small loans
Prosper
: Best for fast funding
Universal Credit
: Best for fast funding
Methodology
Frequently asked questions (FAQs)

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What you should know

SoFi borrowers can also take advantage of multiple rate discounts to help reduce their overall interest charges, such as a 0.25% discount for autopay and a 0.125% discount if they already have an existing account. You’ll also have access to several member benefits, such as unemployment protection and financial planning.

With SoFi, you can borrow $5,000 to $100,000 with repayment terms from two to seven years.

Pros and cons

Pros

Multiple rate discounts.
Member benefits, such as unemployment protection.
Fast funding.

Cons

Could be hard to qualify if you don’t have good credit.
Must borrow at least $5,000.
Not available in Mississippi.

More details

Interest rates: 8.99% to 25.81%.
Loan amounts: $5,000 to $100,000.
Repayment terms: 2 to 7 years.
Min. credit score: 680.
Discounts: Autopay (0.25%), existing account (0.125%) and direct creditor payment for debt consolidation (0.25%).
Fees: None.
Can apply with a co-signer: No (but can apply with a joint applicant).
Funding time: As soon as the same day as approval.

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If you have fair credit, LendingPoint might be a good option—you could qualify for a personal loan with a score as low as 600. Plus, if you’re approved, you could get your funds as soon as the next business day.

LendingPoint personal loans range from $2,000 to $36,500 and come with terms from two to six years.

Pros and cons

Pros

Accepts fair credit scores.
Fast funding.
Can borrow as little as $2,000.

Cons

Charges an origination fee.
Doesn’t allow co-signers or joint applicants.
Doesn’t disclose information about rate discounts unless you have a registered account.

More details

Interest rates: 7.99% to 35.99%.
Loan amounts: $2,000 to $36,500.
Repayment terms: 2 to 6 years.
Min. credit score: 600.
Discounts: Autopay (amount not disclosed).
Fees: Origination fee (0% to 8%).
Can apply with a co-signer: No.
Funding time: As soon as the next business day after approval.

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If you need to borrow a large amount, LightStream could be a good choice. You can borrow $5,000 to $100,000, which can be helpful if you have especially high wedding costs. Repayment terms range from two to seven years.

Additionally, if you’ve already been approved for an unsecured personal loan from another lender, you could get another 0.1% off your rate through LightStream’s Rate Beat Program.

Pros and cons

Pros

Loan amounts up to $100,000.
Rate Beat Program.
Fast funding.

Cons

Doesn’t allow borrowers to prequalify.
Could be hard to qualify if you don’t have good credit.
Poor Trustpilot reviews.

More details

Interest rates: 7.99% to 25.99%.
Loan amounts: $5,000 up to $100,000.
Repayment terms: 2 to 7 years.
Min. credit score: Does not disclose.
Discounts: Autopay (0.5%) and Rate Beat Program (0.1%).
Fees: None.
Can apply with a co-signer: No (but can apply with a joint applicant).
Funding time: As soon as the same day after approval.

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What you should know

While the average cost of a wedding is nearly $30,000, some couples might want to keep their expenses—and loan amounts—lower than this. In this case, Upgrade could be a good option as you can borrow as little as $1,000 up to $50,000. Terms range from two to seven years.

Pros and cons

Pros

Can borrow as little as $1,000
Accepts poor and fair credit scores
Fast funding

Cons

Charges an origination fee
Charges fees for late and returned payments
Doesn’t disclose information about rate discounts unless you have a registered account

More details

Interest rates: 8.49% to 35.99%.
Loan amounts: $1,000 to $50,000.
Repayment terms: 2 to 7 years.
Min. credit score: 560.
Discounts: Autopay (amount not disclosed).
Fees: Origination fee (1.85% to 8.99%), late fee ($10) and returned payment fee ($10).
Can apply with a co-signer: No (but can apply with a joint applicant).
Funding time: Within 1 business day after approval.

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What you should know

If you need access to fast cash to cover your wedding expenses, Prosper—a peer-to-peer lender—could be a good option. If you’re approved, you could get your funds within one business day. With Prosper, you can borrow $2,000 to $50,000 with terms from two to five years.

Pros and cons

Pros

Fast funding.
Can apply with a joint applicant.
Accepts fair credit scores.

Cons

Charges an origination fee.
Charges fees for late-payments and insufficient funds.
No advertised rate discounts.

More details

Interest rates: 6.99% to 35.99%.
Loan amounts: $2,000 to $50,000.
Repayment terms: 2 to 5 years.
Min. credit score: 600.
Discounts: None.
Fees: Origination fee (1% to 5%), check payment fee (5% of your payment amount or $5, whichever is less), late payment fee ($15 or 5% of the unpaid amount, whichever is greater), and insufficient funds fee ($15).
Can apply with a co-signer: No (but can apply with a joint applicant).
Funding time: Within 1 business day after approval.

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With Universal Credit, you can take out a personal loan anywhere from $1,000 up to $50,000. The lender also offers personal loan repayment terms from three to five years.

Pros and cons

Pros

Can borrow as little as $1,000.
Fast funding.

Cons

Charges an origination fee.
Charges fees for late and returned payments.
Doesn’t disclose information about rate discounts unless you have a registered account.

More details

Interest rates: 11.69% to 35.99%.
Loan amounts: $1,000 to $50,000.
Repayment terms: 3 to 5 years.
Min. credit score: 620.
Discounts: Autopay (amount not disclosed).
Fees: Origination fee (5.25% to 8.99%), late fee ($10), and returned payment fee ($10).
Can apply with a co-signer: No.
Funding time: Within 1 day of clearing any necessary verifications.

Compare the best wedding loans

	Interest rates	Loan amounts	Repayment terms (years)	Funding time (after approval)
SoFi	8.99% to 25.81%	$5,000 to $100,000	2 to 7	As soon as the same day
LendingPoint	7.99% to 35.99%	$2,000 to $36,500	2 to 6	As soon as the next business day
LightStream	7.99% to 25.99%	$5,000 to $100,000	2 to 7	As soon as the same day
Upgrade	8.49% to 35.99%	$1,000 to $50,000	2 to 7	Within 1 business day
Prosper	6.99% to 35.99%	$2,000 to $50,000	2 to 5	Within 1 business day
Universal Credit	11.69% to 35.99%	$1,000 to $50,000	3 to 5	Within 1 day
All interest rates are current and include discounts as applicable as of November 6, 2023.

Methodology

Our expert writers and editors have reviewed and researched 25 popular lenders to help you find the best low-interest personal loan. Out of all the lenders considered, the six that made our list excelled in areas across the following categories (with weightings): loan details (20%), loan cost (35%), eligibility and accessibility (20%), customer service (15%) and ease of application (10%).

Within each major category, we considered several characteristics, including APR ranges, loan amounts, maximum repayment terms, lender discounts, late payment, and prepayment fees, minimum credit score requirements, and funding times as well as co-signer or co-borrower acceptance. We also evaluated each provider’s state availability, customer support options, and customer reviews.

Why some lenders didn’t make the cut

Of the 25 personal loan lenders that we reviewed, only a fraction made the cut. The reasons for this varied by lender, with some receiving lower ratings due to having lower loan maximums or charging additional fees while others were limited in state availability or customer service options.

What can I use my wedding loan for?

Since a wedding loan is a personal loan, you can use it for nearly any purchase — with a few exceptions. You typically can’t use a personal loan for:

College tuition
The down payment on a house
Expenses for your business
Gambling
Anything illegal

Don’t borrow more than you need! If you do decide to take out a wedding loan, make sure you discuss your budget and needs as a couple. Only borrow what you can afford to pay back. Don’t take out extra “just because” or it might start a cycle of debt that isn’t manageable.

Pros of getting a loan for your wedding

You won’t have to stress about finding the funds to cover your wedding.
You won’t have to settle for something cheaper that isn’t what you want or spend extra time working on DIY projects so that your wedding is more affordable.
You could avoid having to pay off a high-interest credit card.

Cons of getting a loan for your wedding

You’ll have to pay more money in interest than you would if you had the money saved or if you borrowed from family and friends.
You could take on too much debt causing you to delay other major life milestones like buying a house, traveling as a couple or starting a family.
Having a loan hanging over your head could cause unwanted stress.

Alternatives to taking out a wedding loan

If taking out a personal loan to pay for your wedding isn’t the right option for you, you do have other choices:

Start saving now. If you’re just about to begin your wedding planning journey, you still have time to start saving. You should also consider signing up for a high-yield savings account to earn a little extra on top of what you’re able to put away.
Borrow from family and friends. If you have friends or family that might be willing to help, reaching out to them for a loan could save you from paying interest. It also might be worth asking if they’d be willing to gift you some money in place of a wedding gift.
Use a credit card. If you’re not sure exactly how much you might need to cover all the wedding expenses, a credit card might be ideal. It gives you access to a revolving line of credit that you can repeatedly draw on and pay off. But since credit cards have high interest rates, your best bet is to apply for one with a 0% intro annual percentage rate (APR) so you can avoid interest charges if you repay your balance before the time ends (typically six to 21 months, depending on the card).

Frequently asked questions (FAQs)

Typically, a couple would take out a personal loan to help with wedding expenses. In general, personal loans come with lower interest rates than credit cards or other loans, making them a good option. You could also have up to seven years to pay it off, depending on the lender.

The minimum credit score you’ll need for a wedding loan will depend on the type of loan and lender. For example, if you opt for a personal loan, you’ll generally need good to excellent credit. A good credit score is usually considered to be 670 or higher.

There are also several lenders that offer personal loans for bad credit — for example, Upgrade accepts credit scores as low as 560. However, keep in mind that loans for poor or fair credit typically come with much higher interest rates compared to good credit loans.

Whether a wedding loan is worth it will depend on your financial situation and needs. If you’re thinking about getting a loan to cover your wedding expenses, it’s important to consider the associated costs—such as interest and fees—to see if it makes sense for your particular situation.

Additionally, be sure to shop around and compare your options with as many lenders as possible. This can help you more easily find a lender with a good rate as well as few or no fees. It’s also a good idea to try to pay off any wedding debt as quickly as possible to avoid accumulating excessive interest charges over time.