Wedding Loans: Financing Your Dream Day in 2024

Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Weddings can get very expensive. Should you borrow money to help pay for one?

Getting married can be expensive. The average cost of a wedding in 2019 was $33,900 -- that's enough money for a down payment on a home in some parts of the country!

Of course, the amount of money you spend on a wedding will depend on several factors:

• The number of guests you have
• The timing of your wedding
• The professionals you hire
• The location you choose

Unless you're planning a super low-budget affair, you can expect to plunk down a notable amount of cash. And if you don't have that money on hand, borrowing may seem like your next best bet.

You have several choices if you want to borrow to finance a wedding. You could put some of your expenses on a credit card and pay them off over time. Or, you could take out a personal loan and do the same. Here's why the latter option really makes the most sense.

One email a day could help you save thousands

Tips and tricks from the experts delivered straight to your inbox that could help you save thousands of dollars. Sign up now for free access to our Personal Finance Boot Camp.

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Why a personal loan could be a good choice for your wedding

Let's be clear: In an ideal world, you wouldn't have to borrow money to pay for your wedding. When you borrow money, you sign up to pay interest and run the risk of falling behind on your debt, which could damage your credit score. But if you really can't swing the cost of a wedding and don't have a family member who can give you a loan for it (which, let's face it, many of us don't), then a personal loan is generally your best option.

A personal loan lets you borrow money for any purpose. And unlike, say, a home equity loan, which uses your home as collateral, personal loans are usually unsecured. That means you'll need a reasonably strong credit score to qualify. There are also personal loans available for borrowers with poor credit that charge higher interest rates.

Personal loans are paid off in equal installments over time, and you're not usually penalized if you want to pay one off ahead of schedule. The predictable nature of those payments, coupled with the more reasonable interest rates, make personal loans a good option. Better than financing a wedding with credit cards, whose interest can be variable, as well as outrageous.

That said, before you apply for a personal loan for your wedding, see how much you can trim your costs. You might be able to limit the amount you need, or even avoid having to borrow money at all. Some options to consider:

• Cut your guest list. You don't need to invite second cousins you barely speak to.
• Consider a weeknight wedding. Your guests may be tired the next day, but you could really save a bundle.
• Enlist friends to take the place of vendors. You don't have to hire a professional photographer if you've got a buddy with a great eye for photography. It could save you thousands.
• Make your own centerpieces. That'll be a lot cheaper than paying for flowers.
• Skip the fancy wedding cake. Those cakes often don't taste nearly as good as they look, and you can save money and offer more variety with a small dessert buffet.

If you've spent half your life dreaming of your wedding day, you're bound to want to get it just right -- even if that means spending more money than you have. If that's the case, a personal loan could be a good bet. Just make sure you fully understand the terms of that loan so you don't wind up in over your head.

The Ascent's Best Personal Loans for 2021

The Ascent team vetted the market to bring you a shortlist of the best personal loan providers. Whether you're looking to pay off debt faster by slashing your interest rate or needing some extra money to tackle a big purchase, these best-in-class picks can help you reach your financial goals. Click here to get the full rundown on The Ascent's top picks.