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Weddings are expensive, averaging between $24,000 and $35,000 for a single day’s worth of fun, dancing, and of course, marriage vows. If you haven’t had the luxury of saving up for years to afford your big day, you may wonder how you could possibly foot the bill.
Some people turn to wedding loans to fund the day of their dreams. Essentially, these are unsecured personal loans that can cover all types of wedding expenses, from the caterer to the reception hall. While taking on debt isn’t the best way to start marriage for every couple, for some, wedding loans provide the perfect mix of affordability and opportunity.
Upgrade’s personal loans blend accessibility and flexibility for its clientele. Borrowers can take out up to $50,000 at once with a 2- to a 7-year term. The lender also caters to a wide range of income levels and credit scores, allowing debt-to-income ratios as high as 75%. They also allow co-applicants to improve your chance of qualifying for a lower interest rate.
That said, borrowers may pay for the privilege with higher APRs and origination fees of up to 8%. That said, there’s no prepayment penalty, and they offer rate discounts up to 20% off for some customers.
>> More: Upgrade Personal Loans Review
Upstart uses artificial intelligence to match borrowers with eligible lending partners. You can borrow up to $50,000 per loan with repayment terms of 3 or 5 years. However, they don’t charge prepayment penalties, so if you can repay your loan faster, more power to you!
Upstart is potentially one of the more affordable lenders on our list, offering a rock-bottom APR of 3.50% at the low end. But you’ll need excellent credit to qualify for that rate. While borrowers with credit scores in the 580-600 range are permitted, they’re more likely to see rates near the high end of 36%.
Additionally, Upstart charges a range of fees to borrowers, including an origination fee of up to 8%. Moreover, this lender doesn’t permit cosigned or secured loans.
>> More: Upstart Personal Loans Review
SoFi is an online lender that stands out for its large, fixed-rate wedding loans and extended repayment period. Approved borrowers may qualify for relatively low APRs, and there are no fees to increase the cost of your loan. However, some customers report stringent qualification standards, including a higher-than-average minimum credit score.
One of the biggest benefits for SoFi borrowers is the lender’s extensive member perks. SoFi offers free career and finance advice, referral bonuses, and even complimentary estate planning, among others. Plus, if you lose your job while paying off your loan, SoFi offers an unemployment protection program to put your loan into forbearance.
>> More: SoFi Personal Loans Review
LightStream is an online division of Truist (formerly SunTrust Bank). This lender offers wedding loans with competitive rates as low as 4.98% and offers a “rate beat” program that pledges to best any competitor’s offer by at least 0.10%.
Borrowers with excellent credit and the income to back it up may receive up to $100,000 in funding. The lender offers repayment terms as long as 7 years and a 0.50% rate discount when you sign up for autopay. Plus, you have the option of a 30-day loan experience guarantee to ensure your satisfaction.
That said, LightStream doesn’t offer a prequalification option. And, like SoFi, LightStream has stricter qualification requirements for all borrowers. ‘
>> More: LightStream Personal Loans Review
Marcus by Goldman Sachs offers fairly low interest rates, flexible repayment terms, and reasonable loan minimums and maximums. The lender doesn’t charge fees – including origination, late, or prepayment fees – and offers perks like on-time payment rewards and flexible payment dates.
You can qualify with a soft credit check if you’re in the loan shopping stage. However, note that Marcus prefers borrowers with a good to excellent credit score. And, in contrast to some personal loan providers, Marcus doesn’t permit cosigners or co-applicants, potentially limiting your qualification options.
OneMain Financial is a lender that works with borrowers who have lower credit scores – for a price. While the lender doesn’t list a credit score minimum, its APR range is on the higher end compared to other competitors on this list. The lender also charges origination fees that range from 1-10% of the loan amount, or $25 to $500 (depending on your state).
OneMain does offer joint and secured loans, which may allow you to lower your credit score or increase your qualification chances. You can also take advantage of perks like fast funding, payment due date flexibility, and in-person branches in 44 states. And unusually, OneMain offers a seven-day cancellation policy if you need to back out of your loan for any reason.
Avant is an online lender licensed in 42 states that offers unsecured personal loans up to $35,000. Borrowers may also get their funds as quickly as the next day and can manage their loan and autopay options from the user-friendly mobile app. They also offer features like personal loan refinancing and prequalification with no impact to your credit score.
However, Avant does charge an “administration” fee up to 4.75% of the loan’s total value, as well as $25 late fees. Plus, its APRs sit on the higher end, ranging from just under 10% to almost 36%, with loan terms limited to five years or less.
>> More: Avant Personal Loans Review
Best Egg is a popular online lender that offers competitive interest rates – at least at the low end – and loans up to $35,000. (Though you can borrow up to a combined $50,000 across two loans if your account remains in good standing.)
However, Best Egg isn’t readily accessible for borrowers with poor credit. The lender’s APR ranges as high as 36%, with no option to apply with a co-applicant. Plus, applicants need a debt-to-income ratio under 36% to qualify. And with origination fees as high as nearly 7% even for eligible borrowers, you may be able to find better options elsewhere.
>> More: Best Egg Personal Loan Review
Prosper isn’t a traditional wedding loan lender. Rather, it’s a peer-to-peer online community marketplace that offers both investment and lending services. Prospective borrowers can match with investors willing to meet the borrower’s terms. (Prosper notes that the actual lending is completed through WeBank’s services.)
Currently, Prosper offers APRs ranging from 7.95% to 35.99%, which is potentially on the high end if you don’t have perfect credit. The lender also charges a variable origination fee depending on your “letter grade,” which is assigned after conducting a hard credit check.
>> More: Prosper Personal Loan Review