Updated
2023-11-27T20:59:37Z
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. A personal loan is one option you can consider if you’re looking for ways to finance a wedding.
Best Wedding Loans
LightStream Personal Loan: Best for low ratesPenFed Credit Union Personal Loan: Best credit union loanUpgrade Personal Loan: Best for fair creditSoFi Personal Loan: Best for high loan amountUpstart Personal Loan: Best for bad creditBest Egg Personal Loan: Best for fast funding
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:
We’ve rounded up the lenders that provide the best personal 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 personal loans for your wedding.
Best Wedding Loans of November
LightStream Personal Loan
Insider’s Rating
A five pointed star
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4.75/5
Regular APR
7.99% to 25.49% (with AutoPay discount, rates vary by loan purpose)
Loan Amount Range
$5,000 to $100,000
Pros
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A check mark. It indicates a confirmation of your intended interaction.
Competitive APR
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Approval decisions should come shortly after applying
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A check mark. It indicates a confirmation of your intended interaction.
Loans can be funded the same day
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A check mark. It indicates a confirmation of your intended interaction.
Wide range of borrowing amounts and terms
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A check mark. It indicates a confirmation of your intended interaction.
No fees
Cons
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Only available to people with good credit
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No pre-approval option
Product Details
Loan amounts range from $5,000 to $100,000
Loan term lengths range from 2 to 12 years
Apply online and you’ll receive a response shortly during business hours.
Receive your funds as soon as the same day
Loans are made by Truist Bank, member FDIC
PenFed Credit Union Personal Loan
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
4.5/5
Regular APR
7.99% to 17.99%
Loan Amount Range
$600 to $50,000
Pros
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Wide range of loan amounts
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A check mark. It indicates a confirmation of your intended interaction.
Low minimum APR
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A check mark. It indicates a confirmation of your intended interaction.
No origination fees or prepayment penalties
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A check mark. It indicates a confirmation of your intended interaction.
Coborrowers allowed
Cons
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Two crossed lines that form an ‘X’.
Need to be a member to get a loan
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Two crossed lines that form an ‘X’.
Late fee
Product Details
Loan amounts range from $600 to $50,000
Term lengths between one to five years
Loans originated by Pentagon Federal Credit Union
Upgrade Personal Loan
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
4/5
Regular APR
8.49% to 35.99%
Loan Amount Range
$1,000 to $50,000
Pros
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Small minimum loan amount
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Quick access to funds
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Low minimum credit score
Cons
con icon
Two crossed lines that form an ‘X’.
Origination and late fees
Product Details
Loan amounts range from $1,000 to $50,000
Loan term lengths range between 2 to 7 years
You can get your money within one business day after your loan is reviewed and approved
Loans made by Upgrade’s lending partners
Best for high loan amounts
SoFi Personal Loan
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
4/5
8.99% – 25.81% fixed (with all discounts)
Loan Amount Range
$5,000 to $100,000
Pros
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
High maximum loan limit
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Unemployment protection
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No fees required
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Competitive APR
Cons
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Two crossed lines that form an ‘X’.
High minimum credit score requirement
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High minimum loan amount
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No in-person support
Product Details
Loan amounts range from $5,000 to $100,000
Loan term lengths range from 2 to 7 years
Usually receive your money in a few business days after your application is approved
Unemployment protection if you lose your job during your loan repayment, allowing you to apply for a three-month forbearance, up to a total of 12 months
Loans are made by SoFi Lending Corp.
Upstart Personal Loan
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
3.25/5
Regular APR
6.40% – 35.99% fixed
Loan Amount Range
$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Pros
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Small minimum loan amounts
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No prepayment penalty
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Quick loan fund disbursement
Cons
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Two crossed lines that form an ‘X’.
Only three and five year terms
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Two crossed lines that form an ‘X’.
Potential for high origination fees
Product Details
Loan amounts range from $1,000 to $50,000. However, borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100
Loan term lengths are either 3 or 5 years
Can have origination fees up to 8%
Considers employment and education history when making loan approval decisions
Loans are made through one of several Upstart-powered bank partners
Best Egg Personal Loan
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
3/5
Regular APR
8.99% to 35.99%
Loan Amount Range
$2,000 to $50,000
Pros
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
Fast access to funds
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
High customer satisfaction
Check mark icon
A check mark. It indicates a confirmation of your intended interaction.
No prepayment penalty
Cons
con icon
Two crossed lines that form an ‘X’.
Origination fees
con icon
Two crossed lines that form an ‘X’.
High maximum APR
con icon
Two crossed lines that form an ‘X’.
Unavailable in a few states and DC
Product Details
Loan amounts range from $2,000 to $35,000
Loan term lengths range between 3 to 5 years
You may get your money by the next business day after your loan is reviewed and approved
Loans made by Best Egg’s lending partners
Unavailable if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories
Wedding Loans Frequently Asked Questions
The best way to finance a wedding is with cash saved in an account set aside for specific future events, such as a sinking fund. If you don’t have enough cash to cover the costs, a personal loan for a wedding can be a good option.
Most borrowers will take out an unsecured personal loan to finance a wedding. However, if you have equity built up in a home, you may consider taking out a home equity loan instead.
Yes, almost every bank that offers personal loans will allow you to use the proceeds for a wedding.
Avoid going into debt for your wedding if possible. Instead, make a budget ahead of time and set aside money out of each paycheck to put toward your overall goal.
The maximum amount you can borrow depends on the lender you’re taking out a wedding loan from, your credit score, and other aspects of your financial situation. Some lenders might let you take out as much as $100,000.
The best way to afford a wedding is to make sure you plan for its costs ahead of time. Give yourself runway to save money each month and put toward your overall goal.
Wedding Loan Company Reviews
LightStream
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.
LightStream Personal Loans Review
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.
SoFi Personal Loans Review
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%.
Upstart Personal Loans Review
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.
Best Egg Personal Loans Review
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 9.99%, 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.
Upgrade Personal Loans Review
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.
PenFed Credit Union Personal Loans Review
How to Choose the Best Wedding Loan
To pick the best wedding 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 personal loan 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.
Related: The best loans for fair credit »
Wedding Loan Lender Trustworthiness
Whether you’re considering taking out a $5,000 loan or a $40,000 loan to finance your wedding, finding the right loan company can help with your experience. 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.
Why You Should Trust Us: Our Experts for the Wedding Loans
We consulted personal loan and financial experts to give their insights into finding the best wedding loans.
Markia Brown, certified financial education instructor and registered financial associate at Money Plug, LLCSean August, CEO at The August Wealth Management GroupRyan Wangman, loans reporter at Personal Finance Insider
Our Experts’ Advice for Choosing the Personal Loan for a Wedding
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.”
Methodology: How We Chose the Best Loans for Weddings
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 »
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).
In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.
Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here>>
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Elias Shaya
Jr Compliance Associate
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City.
Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions.
The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate.
He joined Insider in February 2022 as a fellow on the compliance team.
Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
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