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WEDDING LOANS

How to Use a Personal Loan to Finance Your Wedding

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Won’t impact your credit score.

What Is a Wedding Loan?

A wedding loan is a personal loan you can use to help pay for your wedding, honeymoon, and related expenses. Securing wedding financing early in the planning process can help reduce stress and allow you to deal with unexpected deposit requests or emergencies. A low-cost, fixed-rate loan can get you the money you need and set you up with predictable monthly payments and an agreed upon end date for repayment.

Wedding loans can be used for any expenses related to your wedding, including your engagement and honeymoon.


  • Engagement parties
  • Rehearsal dinners
  • Deposits
  • Venues and vendors
  • Wedding rings
  • Attire
  • Air travel and hotels
  • Unexpected expenses
A personal loan for wedding expenses can be a relatively easy and flexible option. Typically, you can check your loan offers without any obligation or impact on your credit scores. After your loan is approved, funds are deposited directly into your bank account, and you can spend the money as needed. You’ll then repay the loan in fixed monthly installments for the repayment term.

Many lenders offer personal loans that can be used for wedding expenses. When deciding which lender is right for you, you’ll want to compare:


  • Loan amounts: Make sure the minimum and maximum loan amounts align with your needs.
  • Repayment terms: A longer loan term can lower your monthly payment, but a shorter term will cost you less overall.
  • Interest rate ranges: The lower your interest rate, the less your loan will cost overall.
  • Eligibility requirements: Loan approval usually is based on your credit score, payment history, and income, among other factors.
  • Fees: Application costs, origination fees, and prepayment penalties vary by lender and may impact your total cost. Compare APR’s across a couple different lenders to understand the true cost of each loan offer.
  • Joint applications: If you think you might not qualify on your own based on your credit history, work with a lender that accepts co-borrowers and apply together for a joint personal loan.

Personal Loans for Weddings Pros and Cons

Pros

  1. Check your interest rate and see loan offers without impacting your credit score.
  2. Apply online and receive funds within a few business days. *
  3. Less expensive than high-interest rate credit cards (revolving line of credit).
  4. No collateral required.

Cons

  1. You may need good credit to qualify for the lowest available interest rate.
  2. You might not get approved for all the money you need.
  3. Loans don’t offer no-interest promotions.
  4. There may be fees to consider; compare APR’s across several loan offers.

How LendingClub Personal Loans Work

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How LendingClub Personal Loans Work

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Frequently Asked Questions

Wedding loans are unsecured loans, which means your creditworthiness—like your credit history, debt-to-income ratio, and payment history—plays a big role in determining if you qualify, the amount you can receive, your interest rate, and loan terms. LendingClub lets you check your rate and see if you’ll likely get approved without submitting an official application or submitting to a hard credit inquiry. You can then complete the application process to receive your official loan offers. Once you accept your offer, the funds will be deposited directly into your bank account, sometimes in as little as a few days. *
Many online lenders offer unsecured personal loans you can use to pay for your wedding—and almost any other expense. Some banks and credit unions also offer unsecured personal loans, though many require you to have an account already established with them before you can apply. The best lenders let you check your rate with a soft credit inquiry, which won’t impact your credit score, and offer loans with low fees and interest rates that are repaid over a predetermined length of time.
You may be able to get a wedding loan if you have poor credit. However, your credit history and overall creditworthiness are important factors in determining both your eligibility and the interest rate you’ll receive. Improving your credit first or submitting a joint application with someone who has better credit can improve your chances of getting a larger loan offer with a more favorable rate.
The average spend for couples on their wedding is over $20,000, not including the cost of an engagement ring or honeymoon. And wedding costs vary depending on where you live and the type of wedding you want. Create a wedding budget that aligns with your vision for the big day, and then decide if you need a loan for wedding expenses.
Using a personal loan for wedding financing could be less expensive than using a credit card, especially if you’re unable to pay the balance off in full within a couple of months. But it depends on your loan’s fees, interest rate, and repayment terms. Keep in mind some wedding vendors will charge a fee if you pay with a credit card or won’t accept them at all. At LendingClub, you can check your rate for free without impacting your credit score, so you can more easily compare your options before making a decision.