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How to Get a Wedding Loan in 5 Steps

If your big day is approaching, you’re likely excited, nervous — and completely stressed out about money. Weddings are notoriously expensive. Between the gown, the cake, and the reception hall, your ceremony and reception can cost thousands — or more likely, tens of thousands.

One way to handle the cost is to take out a wedding loan, a flexible loan you can use to pay for all of your wedding expenses. 

What is a wedding loan? 

A wedding loan is a personal loan you take out to pay for your the costs of your ceremony and reception. You can use it to pay for expenses like food, flowers, and even hair and makeup.

Unlike credit cards, which often have sky-high interest rates, wedding loans tend to have lower rates and fixed monthly payments. That makes them a significantly less-expensive option than running up your credit debt. You can even spread out your payments over several years to make them more affordable. 

Even better, you may be able to use cash wedding gifts to pay off the loan right away. However, it's important not to use that as a rationale for overspending. 

If you think a wedding loan is right for you, follow these five simple steps to qualify for a loan:

1. Calculate how much money you need to pay for your ceremony and reception

Create a budget that details all of your wedding-related expenses so you get an idea of the total cost.

While the average cost of a wedding is $33,931, there’s no rule that says you have to spend that much. To minimize your costs, consider cutting back in select areas. You could reduce your guest list, opt for a buffet dinner instead of a table service meal, or make your own centerpieces rather than hire a florist. 

2. Think about how much money you have saved

Once you know how much money you’ll need to pay for your wedding, consider all other sources of funding.

Perhaps you have some savings tucked away, or your family may be willing to contribute. If that’s the case, subtract that money from your total. What's left is the amount you’ll have to borrow in the form of a wedding loan. 

Looking for a personal loan? Check out our top pick for 2019. Check Rate

3. Review your credit report

Before applying for a loan, it’s a good idea to review your credit report; you can do so for free at AnnualCreditReport.com.

Your credit report will detail all of the accounts in your name and include information on any delinquent or past-due accounts. If there are any errors, dispute them right away — incorrect information can affect your ability to qualify for a loan. 

4. Get a rate quote

Before submitting your application, get a rate quote to see what interest rate you’d qualify for and how much money you can borrow.

Note: Our top pick for wedding loans is Citizens Bank. You can get a rate quote in just two minutes.

Getting a quote usually only involves a soft credit check. That means your credit score won't be affected if you decide to shop around. 

5. Submit your application

Once you decide a lender, you can fill out an application online or do so over the phone.

Approval times vary by bank, but if you opt to go with Citizens, you could have your money in-hand in as little as two business days. 

Paying for your wedding

If you’re in the process of planning a wedding, taking out a loan to pay for the expenses can be a smart way to manage the cost.

As we said above, our current top pick is Citizens Bank. We like their seamless application process and fast approval. They also let you borrow up to $50,000 to pay for your big day, which offers a lot of flexibility to handle whatever your plans may include. 

No matter which lender you choose, we wish you the happiest of happily ever afters!

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