The Cost of Not saying ‘I do’ – $3.7 billion owed by couples

A couple’s wedding day can be the most special and memorable day in any relationship. It is unforgettable not only for the couple themselves but for friends and family as well. Some weddings involve months and even years of planning. Couples spend all this time getting everything ready for the big day. They work out the budget carefully to the last cent and boutonnière. Some of them even opt for financing their perfect day with loans for weddings.

However, no amount of wedding planning could have prepared for the impact of a global pandemic this year, which put most of the United States into lockdown. And is still having a serious impact on the health and livelihoods of people all around the country (and the world).

The Cost of Not Saying ‘I do’

$3.7 billion owed by couples for weddings that haven’t happened

We wanted to find out how the pandemic has impacted the wedding industry in the United States. And more specifically how it has impacted people who had taken out a loan to help cover the cost of their big day.

The Cost of Loans for Weddings – Research Results

When the number of canceled weddings this year was correlated with the average number of weddings paid for with loans, it was discovered that 11% of people due to get married this year (225,000 couples) are paying back loans for weddings that haven’t yet happened.

This was calculated by correlating key facts about the wedding industry in the United States of America:

  • Each year, over two million weddings* take place in the United States, with 81% occurring between March and October**
  • The Knot Worldwide discovered that an estimated 93% of weddings planned during this period have been rescheduled for a later date***
  • There were 20 million personal loan debts in the US last year and 1.5% of all personal loans are taken out to help finance weddings****
  • The average wedding costs over $30,000, despite the average budget of $23,000**
  • Our internal data shows that couples take out an average of $16,500 to pay for a wedding

A shocked bride

When these figures were combined, we discovered that 11% of weddings due to take place in 2020 have been postponed or canceled and were funded by the couple taking out a loan. The average wedding is $16,500. So the total amount of debt for weddings that haven’t yet happened is estimated at $3.7 billion!


Tips for Saving on Your Wedding

If you are in the process of planning your wedding and looking to cut costs then head over to our page for Everything You Need to Know to Save Money on your Wedding or take a look at our handy infographic below.

Wedding Savings Loanry

If you still are considering taking out a loan to finance your wedding then we recommend you head to our page on Wedding Loans for more information about the different types of loans available and whether any of them would be right for you.

Ethan Taub, founder of, said,

“You should take financing a wedding using a loan very seriously and we don’t recommend it. In fact, finding ways to cut costs on your wedding expenses is a far more effective alternative. In this way, you can avoid unnecessary debt yet still enjoy your big day.

“This last year will have been devastating for many couples. Especially for the percentage paying off loans for weddings that haven’t happened. However, we can take a positive from this situation. It may have highlighted that an exuberant wedding isn’t always the best option. The occasion will be memorable no matter how much you spend on it.”

Should I Get A Loan To Pay For My Wedding?

Should I Get A Loan To Pay For My Wedding cover photo

It is no surprise that planning a wedding is expensive. All you have to do is go to one wedding to understand how it can get quickly out of control. When it comes to planning your own wedding, it is easy to get swept up in the emotion of the day. When you get swept up in the emotion, it is easy to blow your budget out of the water. Before you know it, you have a 400 person guest list full of names you do not recognize.

There are many tips available online to help you shave off the cost of items. Perhaps you do not want to worry about making your own centerpieces or buying a second-hand dress. Maybe you just want to rent chair covers and doves despite how much it is going to cost. If you know what you want, but you are not sure how to pay for it, then you may think “I need a loan to pay for my wedding”.

Continue reading to find out all the good and bad that comes along with obtaining a loan before you actually get one to pay for your wedding. You want to make sure that any decisions you make for your wedding are sound and rational ones.

What Is A Personal Loan?

Before you start thinking “I need a loan to pay for my wedding”, you should make sure you truly understand personal loans. You should understand everything you can about financing a wedding before you make a decision about how you plan to pay for your wedding. When you have all of the information, you are able to make the best decision for you. Most loans are considered personal loans, even if they are not specifically called personal loans. A personal loan is when a lender allows you to borrow money. In return, you make a promise to repay the money to the lender by making regular payments, typically monthly, over a specific period of time. This time period can be anywhere between three to five years.

The lender of a personal loan can be a bank, credit union, an online lender, or even a family member. The lender adds a fee, called interest, to the loan to allow you to borrow the money. The amount of interest varies based on many factors. Once of those factors is your credit score. The amount you have to repay each month remains the same and does not change each month. The loan is a contract between you and the bank and you have to sign the loan document. You must read the entire document, including the fine print. Another point to consider is that if you do not make your monthly payments, it will negatively impact your credit score.

Is A Wedding Loan Right For Me?

When you are considering a loan to pay for my wedding, you first have to ask yourself if you should get a loan. Remember, a loan is simply borrowing money. That means you have to pay it back. You have to begin paying it back immediately within 30 days. You are the only one that can determine if a loan is the best idea for you. No one else knows your situation to be able to answer that for you.

You must take a hard look at your budget and determine if you have the money to make the monthly payments. If you do and it is not a hardship for you, then a loan might be right for you. If you do not have the money, or it looks like it might be tight for you to make that monthly payment, you should think long and hard about not getting the loan. Look at your budget and see if there are any places where you can cut spending in your day to day life. This may help you save more money, or have the additional money to make the monthly loan payment. There are usually many ways to cut spending from your daily budget. You just have to be willing to make those sacrifices.

Are there other ways you can get the money you need? Are you able to borrow it from a family member? Is there any way you can reduce the cost of your wedding? Perhaps you can change the date to give yourselves a little longer to save the money.

Advantages Of A Personal Loan

There are some advantages to obtaining a loan to pay for my wedding. You can often get a better interest rate from a personal loan than you get when you use your credit card. If you have good credit, your interest rate could be a really low rate. You may have many loan options available, if you have good credit. If you have a loan, you have the money to pay for whatever bills that come up as a result of the wedding. You do not have to worry about if you have the money you need for each bill.

Planning a wedding is incredibly stressful and if you have the money in the bank from a loan, that is one less stress that you have. Also, you can pay the bill upfront and pay for the loan each month, instead of having to pay the money all at once. Even if you have the money in the bank, it might be a better idea to take out a loan. The money you have saved can stay in an interest-bearing account. Then you can pay the loan from that savings account while the interest continues to grow. Having a loan allows you to start your life together without the stress of not having the money to pay the bills.

Disadvantages Of A Personal Loan

While there are many advantages to getting a loan to pay for my wedding, there are also some disadvantages to a personal loan. You should be aware of all the information to be able to make a good decision. The biggest negative to taking a personal loan to pay for your wedding is you are taking on more debt. You are starting your life together with debt. This may not be the only debt you have. If you have a mortgage and a car payment, this debt is added on top of that.

Having a loan may prompt you to spend more money than you really wanted to. If you did not have all the money in the bank, you may have gone with items that cost a little less, or you may have opted not to have something at all. It is really easy to allow your spending to get out of control when you have money waiting to be spent. However, you should keep in mind that money is not free and clear. You have to repay it. The more of it you spend means the less of it you have to use to repay.

This leads me to the biggest concern you should have, which is can you afford the loan? Are you able to make those monthly payments? If you already know that you cannot pay back the money, you should not take out a loan. When you are not able to repay the money, it is a hit to your credit. That has long term implications for everything else you want to do.  If you do not repay the loan, the lender will come after you for the money. You will get collections calls and that is a stressful situation. You do not want to start your life together sinking in debt that you cannot afford to repay.

What Should I Know About A Wedding Loan?

When considering a loan to pay for a wedding, there are a few points that you must keep in mind before obtaining a loan. You should make sure that you read all the fine print because lenders are legally required to give you all the information about your loan, including fees and penalties. You want to know if any loan you are considering has a penalty if you pay off the loan early. Some lenders charge you for early pay off because they lose all the money they would have made from the interest if you pay off the loan early. You want to know what happens if you make a late payment or skip a payment. Sometimes life gets in the way and you might miss a payment. You should know how the lender will react to you making a late payment.

Does My Credit Make A Difference?

When it comes to just about everything, including a loan to pay for my wedding, credit matters. When your credit is in good shape, it is a benefit to you that your credit can get you low interest loans and quick approvals. However, when your credit is in bad shape, it haunts you at just about every turn. It impacts your ability to get a new car, rent an apartment, get insurance and sometimes impacts your ability to get a job. In this specific case, it can hurt your chances of getting a loan for a wedding. It can also cause you to have a high interest rate on your loan.

Your credit score indicates your credit worthiness to lenders. It is what they use to provide them an idea of whether or not you will pay back your loan. They tend to believe that the higher your credit score is that means the more likely you are to repay your loan. The lower your credit score is means the higher your interest will be for your loan.

A credit score range is anywhere from 350 to 850. The average credit score falls between 600 and 750. When you have credit between the range of 670 to 800, it is considered good credit. Bad credit usually falls in the range below 570. When you fall below 570, you are in a zone where it is hard for you to get a reasonable interest rate. Lenders believe those with bad credit may not be the best candidates for loans, even if it is a wedding.

Where Can I Find A Loan To Pay For My Wedding?

When you think that you “want to obtain a loan to pay for my wedding”, you should know what type of loans that are available to you. You cannot make a smart decision about a loan without understanding if you can even afford to repay a loan. Before you begin looking at loan options, you should have some understanding about how much you can afford to repay each month. You should also have some idea of how much your wedding is going to cost. You cannot know how much you need to borrow if you do not know how much your wedding is going to cost.

Once you have a clear idea of the cost of your wedding, you can begin to shop around for loan options. Loanry can help you find a lender for your situation. Depending on your credit score and other factors lenders take into account, you may find a sutiable lender which may agree to lend you money under their conditions. If you agree to their terms, then you solved the problem of wedding financing. Loanry does not lend you money, we just help you potentially find the best solution for your needs.

Is Using A Credit Card A Better Idea?

Before you consider a loan to pay for my wedding, maybe you should think about using a credit card. There are, of course, many advantages and disadvantages to doing using a credit card.

All credit cards come with a credit limit, so you have a cap on how much you can spend. If you already have some credit problems, you may not be able to qualify for a credit card with a high enough balance to pay for what you need. If you use a credit card, you end up using all the available balance which means if you need it for some type of emergency, it will not be available to you.

When you use all or most of your balance on your credit card, it can impact your credit score and make it drop. Many credit cards have a higher interest rate than loans. Your repayment amount is variable as it changes by how much you spend each month. This means you may never know how much you owe. You also may not be able to pay more than the minimum payment which does not really help you pay down your credit card.

There are some benefits to using a credit card. You may be able to find one that gives you a promotional rate of zero percent interest for a certain period of time. That means as long as you pay it off timely, you do not have to pay any interest on the card. This is better than any loan. You only have to use the money you need when you need it. That is all you have to repay. With a loan, you take the entire amount and begin repaying it immediately. If you only spend a small amount and are good about paying all or most of it each month, a zero interest credit card could be a better option for you.

Is It Better To Save Money?

Saving money is always a good idea. In general, even when you are not considering a loan to pay for my wedding, you should make sure that you are saving money.  It is good as a general rule for good financial health. When you are thinking about starting your life with someone, you should start it on a good financial base. This includes having a sound budget and savings plan.

When you are considering a loan to pay for my wedding, you should know how much your wedding is going to cost so that you have a good idea of how much money you need to save. If you have a budget already in place, you know how much more money you can afford to save each month towards your wedding. Any amount of money you save is less money that you have to borrow or put on your credit card. If you have a 12 to 18 months to plan your wedding, that could give you a reasonable amount of time to save money.


I gave you a lot of information about choosing a loan to pay for my wedding. You need to think carefully about the right decision for you. Planning a wedding can be a stressful and emotional time. You should make decisions because that is what you and your partner want, not because it is what someone else tells you to do. Stay focused on your wedding and your wants before you decide to take on a loan to pay for your wedding.

Your Guide to Avoid Borrowing Money for your Wedding

Congratulations, you are getting married. You are embarking beginning your life with the person you love more than anything. It is exciting and potentially incredibly expensive. So you should start thinking about financing a wedding. If you have not begun looking at the cost of everything, prepare yourself for sticker shock. A wedding is an emotional time and you want everything to be perfect.

Unfortunately, those in the wedding business know that and some of them prey on your emotions. If you take a few simple steps while planning your wedding, you can stay focused on the real purpose of the day and not get caught up in emotional spending. You do not always have to turn to financing a wedding. It is possible to have the wedding of your dreams without breaking the bank.

How Can I Cut Wedding Costs?

One thing you must consider when planning your wedding is your budget. It is important that once you set it, you stay in your budget. If you are not paying careful attention, you can quickly go over your budget. Fortunately, there are ways to keep yourself on track. It may surprise you to learn that there are many ways to cut costs for your wedding. You may find that you can cut costs without major impacts to your wedding. Before you consider financing a wedding, take a look at the things you can do for yourself.

There are many websites and mobile apps that have created a market of do it yourself decorations. Not only can you save money by creating these items yourself, it can give your wedding a charming look. You can cut costs by half by creating things such as handmade signs and lanterns. You can go to flea markets or craft fairs and purchase unique finds that are perfect for your wedding. It may take a little bit of time, but it may save you enough money to be worth it. You should also keep your eyes peeled for sales and special promotions. You may be able to find the perfect promotion for your wedding.

Guest List

One of the first things that gets out of control quickly is your guest list. When you get caught up in your wedding, you want everyone there to celebrate your wedding. It is completely understandable that you want many people there to celebrate the happiest moment of your life. When the guest list starts adding up, so does the cost and you may begin to consider financing a wedding. If you have unlimited funds, then you can consider inviting as many people are you want.

However, when you have a limited budget, you should carefully consider your guest list. You want to make sure the people attending your wedding are meaningful to you. You can tell your parents that you do not want to invite their friends to your wedding. This helps you make sure that your guest list is your own and not what your parents want.

You can consider inviting your larger guest list to the ceremony and then reduce the people you invite to your reception. This allows everyone to be there for your special moment when you marry the love of your life. Reducing the number of people that attend the reception reduces the cost. If you have less people at your reception, it reduces the amount of money you have to spend on food and drinks at the reception. Another way that you can reduce the cost of your wedding is by making an adult only wedding. You can invite someone to your wedding, but not allow that person to bring a date. This allows you to invite the people you want but not have to completely cut it down.

The Dress

Finding the perfect dress for your wedding may not be an easy undertaking. If you have not yet, you soon will visit every bridal shop within a 50 mile radius searching for the perfect dress. You may find that all the dresses look the same and are not quite what you want. You will soon find out that wedding dresses are expensive and may quickly go over your dress budget. The wedding dress along may want to make you consider financing a wedding. Before you go to an extreme, there are ways you may be able to reduce the cost.

You could look for a dress in resale or second hand shops. Yes, these dresses have already been worn but they may be in perfect condition. Keep in mind that wedding dresses are typically only worn one time. Purchasing a second hand dress could be a significant savings for you. You could consider having someone make a dress for you. If you know a seamstress, you may be able to have a dress made at a reduced cost, especially if you buy all the materials.

Or you could have a seamstress take an existing dress, such as your mother’s, and rework it so it is something you want to wear. You could decide not to wear a veil, which could be a cost savings. If you decide that you want your own dress that is brand new, you could look for a simple but elegant design. The more simple the dress is, the less it will cost you. The more lace and intricate designs that is has, the more expensive it is going to be.


One of the largest expenses that may make you consider financing a wedding is the reception. In most cases everything after the ceremony happens at the reception venue. Many reception venues charge a set price for everything and will not allow you to separate out any of the parts of it. For example, the venue wants you to use their caterer, or they provide the decorations and will not let you bring in someone else. You want to make sure that the venue where you have your wedding allows you to bring in other options.

If you can, be flexible with your date. This way you can find a date in your price range instead of forcing your price range to fit in a certain date. Friday night and Sunday weddings are less expensive, so you should consider those instead of a traditional Saturday wedding. Weddings are typically cheaper in the winter, after the holidays, so you may want to consider that time frame.

When thinking about the type of meal you want to have, consider a sit down meal is always more expensive. If you choose to have a buffet, that will save you money. You could also consider having a wedding that is not a full meal. For example, you could have it at an off time that is not dinner time and the food could be hors d’oeuvres. You can save a lot of money by having a cash bar. If you have an open bar, that typically is going to cost thousands of dollars. If you want an open bar, try to find a place that allows you to purchase your own alcohol and they serve it for you. This way you can buy alcohol from a distributor and save a lot of money on it.

The Cake

You can also save money on the cake in a way most people would not even notice. Wedding cakes are insanely expensive. A wedding cake is going to cost several hundreds of dollars. An alternative is you have a fancy cake on display that is one tier and that is what you and your spouse cut. Then, the cake is taken to the back and a different cake is cut and given to the guests. It could be a less expensive cake and your guests would never know. You could forego the cake all together and have other desserts instead. You could have cupcakes, cookies, or some other pastries. This is your wedding, you can decide to handle the food any way that you want.

Ask For Help

Do you have friends that are creative? Or perhaps you have friends in the flower business, or that like to cook. This is the time when you should call on your friends and any of their hidden, or not so hidden, talents. Do you have a friend that is really good at taking pictures? Maybe that is not his or her real job, but is still good at it. Ask your friend if he or she would consider helping you out for a reduced rate.

Even if you pay your friend half of what you might pay a photographer or videographer, you are saving half. And your friend is making some cash. Of course, you cannot expect professional images. You have to remember you are not paying a professional. If you are not willing to take the risk of some less than stellar photos, this may not be the route you want to go to save money.

Before considering financing a wedding, think about if you have any friends or family that can help in other ways. If you have a friend that is really good at decorating, he or she can help you decorate the space and put centerpieces on the table. You can save a lot of money if you create your own centerpieces. You can make your own favors. Favors are expensive because it takes time to put them together. If you get some friends together and feed them, you all can spend a few hours putting together favors and it can save you hundreds of dollars. It may also be some good bonding time between you and your friends.


In my opinion, this is where you should not skimp when it comes to your wedding. Your honeymoon is your first trip together as a married couple. You should definitely consider your honeymoon as part of your wedding budget. This helps you to begin saving for it. You could also register for your honeymoon. This way instead of your friends buying you a wedding gift or giving you cash, they put money towards your honeymoon. This is a great way to have the honeymoon of your dreams and avoid financing a wedding.

All that being said, you do not want your honeymoon to break the bank. You do not want the first thing you do as a married couple to be figuring out how to pay for all the bills from your wedding. If you do not think you can afford the honeymoon you want, you could delay it for a year and save the money for it. You could take a smaller trip right after your wedding and plan something bigger for your first anniversary. Or you could take a quick weekend trip after the wedding and when you have the money saved, take the bigger trip.

How Much Should I Expect My Wedding To Cost?

You already know that a wedding is going to cost a lot of money. You may not know just how much money. It is no surprise that many couples are considering financing a wedding when they see the cost. Today, more couples are paying for the wedding themselves because parents are no longer footing the bill. Or parents are no longer paying for the entire cost of the wedding. The main reason could be that weddings are expensive and parents can no longer afford them.

According to, in 2018 the average cost of a wedding was over $44,000. That is more than your average car and more than half of a down payment on a house. This is the amount that couples are spending on weddings and the cost continues to increase. In 2017, the average cost was $27,000, so you can see the price almost doubled. What you may find even more interesting is that the items on which couples are spending money is the same. This means that couples are spending more money on these items.

Wedding rings and flowers made the largest leap in cost. Engagement rings cost almost 15 percent of the entire wedding budget. That is about $6,600 spent on an engagement ring, if the wedding costs around $44,000. Flowers run close to $3,000, of course depending how many and what type of flowers you want. The reception most likely is going to be the highest priced item at a wedding. These are all estimates, of course. They very greatly based on the area in which you live and the type you want.

How Do I Figure Out My Wedding Budget?

You should create a budget for your wedding. Knowing rough estimates for how much things cost are a good way to determine how much your wedding may cost. You can start by creating a list of everything you want for your wedding. Download a sheet from Loanry’s budget site that has line items for everything you might want in your wedding. You can fill in the estimate costs on this sheet to give yourself a place to start. This helps you determine how much you need to save. This also helps you determine if you should consider financing a wedding.

Once you have created your wish list of wedding items and their costs, you can determine if you can save enough money in time. If you cannot and you do not want to borrow any money to pay for your wedding, you can start making decisions about what items to cut from your wedding. Now is the time to make hard decisions about what is really important to you for your wedding. You should make these decisions together so one of you is not feeling left out. However, before you start making those hard decisions, you should consider if you can reduce the cost of the items you really want. This may allow you to have more of the things you want without borrowing money to do it. This can also help you determine the timeline for how much money you need to save and when.

Map of America with average wedding costs marked

How Do I Save Money For My Wedding?

The more time you have to save money for your wedding, the better your position will be. Ideally, you should save money for a year or more for your wedding, but any money you save can help you. So, you have created your budget. You know how much everything is going to cost. Before we look at ways to reduce some of those costs, let’s talk about saving the cash. You need to determine how much money you are able to save. If you do not have a regular, non wedding budget for yourself, now is the time to create one. Before you consider financing a wedding, look at your current financial situation.

You should create a list of all the expenses you have per month. I mean all of them, down to the number of times you buy coffee. It is important to make sure you have correct figures, so your budget can be accurate. Once you have listed all of your expenses, you should list your income. Add up all the numbers in the expenses column and subtract it from the income column. Hopefully it is a positive number and that indicates how much money you can save per month. Even if you have money left over that you can save, you do not want to stop there. You should go back to your list of expenses and see what cuts you can make. Remember, you are saving for the wedding of your dreams. You may have to make some sacrifices and cut things out of your budget.

This may only be a short term cut. Once you have the money you need, you can add those luxuries back into your budget. You could consider limiting or eliminating the number of meals you eat out. You could eliminate buying coffee and make it at home instead. If you have a gym membership that you are not using, now is the time to cancel it.

Are All Loans Bad?

Not all loans are a bad idea and the answer is not really a hard yes or a hard no. When you think about financing a wedding, getting a loan might be right for you. There are some conditions that make it appropriate for you. The first thing that you should consider is can you afford a monthly loan payment? If you can afford it, then continue down the path of it being a reasonable possibility. Since you already created your budget and you know how much you can afford to save, you know how much you can afford in a loan payment. If you can get a loan with a monthly payment less than that amount, it might be right for you.

Sometimes, you can get a hefty discount if you pay for your reception venue in full up front. It may be worth it to you to take out a loan to pay all the money and get the discount. Doing this could save you money in the long run. However, this is only true if you can afford to make the monthly payment. If you cannot afford the monthly payment, stop considering a loan. It is not the answer for you at this time.

If you think that you may be able to pay more than the monthly payment and get the loan paid off faster, a loan may be right for you, too. You have to weigh all of your options and consider which one is right for you. You should keep in mind, if you cannot afford to repay the loan, then it is not the right choice for you. If you decide that a loan is a right choice for you, choosing a credible lender is the key.

Can I Use A Credit Card To Pay For My Wedding?

You absolutely can use a credit card to pay for your wedding. However, just because you can does not mean that you should. When considering financing a wedding, a credit card may be a helpful tool. Perhaps you have most of the money you need to pay for your wedding, but you are just a few hundred or maybe a thousand short, so you want to use your credit card. In this case, all you have to pay off is that little bit of money that you put on the credit card. Are you able to pay it when the bill is due so that you do not get finance charges? If so, a credit card may be a good option. If not, you might want to think twice.

Keep in mind that if you do not pay the balance on your credit card when the payment is due, you have to pay finance charges. The interest on a credit card is typically much higher than that on a loan. You could potentially put yourself in a cycle of not being able to pay off the bill and then getting finance charges and not being able to pay off the bill the next month. You see where this is going? However, if you can pay it off quickly, a credit card may be a good alternative to financing a wedding. You can find a good credit card here on Loanry.

Does My Credit Matter?

If you are considering a loan for financing a wedding, then yes, it sure does matter. No matter what type of loan you are considering, the lender is going to look at your credit score. This tells the lender how risky it is to loan you money. This also determines what the interest rate is going to be on the loan. The lower your credit score, the riskier you are considered and the higher your interest. If your credit is not in the best shape, getting a loan to pay for your wedding may not be the best answer for you. You should know your credit score before you apply for a loan. Remember, you can pull your credit record to see your score and everything else that is on your credit record. You can see the same thing that any potential lender sees.


The last thing you want to do as you begin your life as a married couple is face the burden of debt. You especially do not want to face debt that is a result of financing a wedding. That seems silly does it not? You are starting your life together as a married couple and you have the burden of the debt you incurred from financing a wedding to start your life together. It all seems like not a great way to start your life together. I encourage you to find ways to reduce the cost of your wedding. Think rationally about the items you want to include in your wedding and cut everything that is unnecessary. Save as much money as you can for your wedding so that you are not burdened with debt.

7 Money Mistakes to Avoid When Planning your Wedding Day

Financing a wedding is not really plain sailing. The average American wedding costs about $39,000. This has seen a good number of wedding couples borrowing $11,000 on average to finance the perfect day. Unlike in the past, weddings today can cost an arm and a leg. Although modern life brings with it great financial demands, many people still dream of having the perfect wedding. One that will remain the memories of their guests. As such, people are increasingly turning to lenders to find the money they need to make their big day a success.

Just like with any other type of loan, borrowers must have the right information in order to make conscious and informed decisions. While getting a loan for a wedding is not a problem in itself, taking out the loan without taking important factors into account can get you into financial trouble. Whether you plan to pay for the wedding from your pocket or take out a loan, here are a few things to know about financing a wedding.

7 Money Mistakes to Avoid When Planning Your Wedding

Regardless of the source of money for financing a wedding, it is critical that resources are used in the best way possible. This will go far in not only ensuring that the event is a success but also minimize the chances of taking out a marriage loan to consolidate debt. Below are a few money mistakes wedding couples should avoid when planning their wedding.

1. Not Having a Budget

Just like with planning any other event, it is critical that you have a budget that will help you in knowing how much is required and how it will be spent. However, a good number of couples go through the process without coming up with a budget. Failure to create a budget may see you spending too much in one area and skimping through important things that you care about. You may also end up spending much more than you can afford, a factor that could get you into debt. Creating a budget will help to ensure that you are happy on your wedding day and the period afterward.

2. Underestimating the Cost of an Outdoor Venue

A good number of people choose to have an outdoor wedding since they consider this to be the less-expensive option. However, this is not necessarily true. It is important to factor in all the costs that you are likely to have if you settle on this option. These will include paying to use the property, renting chairs, bathrooms, tents, lights and maybe heaters or fans. The most critical thing is to ensure that any additional items that you will need are accounted for. This will help to minimize the chances of your budget being caught off-guard.

3. Waiting Too Long to Have the Money Talk 

Proper financial planning for a wedding requires the input of both parties. This means that the couple should strive to ensure constant and effective communication, especially when it comes to money matters. Waiting too long before having the money talk may result in a wastage of money or spending in non-priority areas. In the end, a couple may end up looking for money to ensure that everything is paid for. This is one of the reasons why couples that had not intended to take out a wedding loan end up in debt after the wedding.  

4. Spending Too Much Money on the Dress

This is a common issue when it comes to brides. Part of financing a wedding successfully involves balancing expenditure to ensure that all areas are allocated enough resources. This means that while the bride may want to look their best on their special day, they have to be realistic when it comes to the dress they want to buy. Besides the cost of purchasing the dress, couples should factor in the extra costs that come with it.

5. Inviting Too Many Guests 

How much does the avarage wedding cost?

Weddings are meant to be happy and festive events, making it understandable when couples want to share their happiness with a large number of people. While there is no problem in inviting loved ones to come and celebrate with you, you should always have your budget in mind. The larger the number of guests, the more you will have to spend to keep them happy and entertained.

6. Trying to Go it Alone

Today, weddings have become expensive affairs, with couples requiring a substantial amount of money to organize the perfect event. One of the mistakes that people make is trying to go it alone, without help from family and friends. Instead of spending so much only to end up in debt or financial struggles after the wedding, it would be wise to accept any help that your loved ones offer.

7. Forgetting to Focus on What Is Important

While this may not have an impact immediately, it is a mistake that could seriously affect relationships for years to come. People who are looking to get married should remember that beyond the wedding, they will be starting a life together. There is no doubt that the sticky topics that weddings stir up are bound to create tension between different parties. However, rather than focusing too much on money issues, it is important to be nice to each other to ensure the health of the marriage.

While you may have the money to finance a wedding, the importance of working with a financial advisor cannot be denied. It is important for couples to remember that there is life after a wedding and honeymoon. This means that there is always a need for long-term financial planning to ensure that the union does not suffer under the weight of a loan for marriage.

What Is a Wedding Loan?

Figuring out how to finance a wedding is one of the most stressful parts of planning the event. The good news is that starting early can help to reduce the frustration associated with the process. While taking out a loan for a wedding will ensure a successful day and let you repay the money over time, it is important to understand what these loans are.

A wedding loan is simply a personal installment loan that is used to pay for wedding expenses. As a personal loan, it has a specific term and is designed to be paid back in equal monthly installments. The interest rates on these loans can either be fixed or variable, depending on the terms of the loan.

In case you have already budgeted for various wedding expenses but do not have the cash to make immediate deposits or bills upfront, a loan can help you in financing a wedding. Today, consumers have numerous options to choose from when it comes to wedding loans. However, this also requires that one takes their time before taking on the related financial responsibility. This is particularly important for people with bad credit looking for wedding loans for bad credit since some lenders have predatory practices.

Types of Wedding Loans

Since wedding loans are technically just normal personal loans for wedding expenses, there are different types of loans that borrowers can go for. It is critical to ensure that the loan you apply for and take out is in line with your budget and will help meet your needs. Here are some types of wedding loans:

Unsecured Personal Loans 

These loans are supported by the borrower’s creditworthiness instead of collateral. The loans provide for a flexible way of financing a wedding.

Secured Personal Loans

Just as the name suggests, these loans are supported by collateral. These are financial assets such as a car, a home, or stocks. The assets can be used as payment in the event that you do not pay back the loan.


With these loans, the interest rate does not fluctuate over the entire term of the loan. This allows for proper planning on the part of the borrower.

Variable Interest

Unlike fixed rate loans, the interest rate charged on these loans varies depending on changes in market interest rates.

Bad Credit

People who have poor credit and cannot access the more conventional loans can still apply for a marriage loan. A bad credit wedding loan is designed to cater to this market segment.

Signature Loans

Also known as a character loan, these personal loans are usually given in good faith. They are supported only by the borrower’s signature and their promise to pay.

Anyone interested in financing a wedding using a loan should familiarize themselves with the options available. At the same time, you should establish the type of loan that you qualify for.

Pros and Cons of Wedding Loans

If you are thinking of taking out a loan for the purpose of financing a wedding, it would be important to look at the advantages and disadvantages of doing so.

Pros of Wedding Loans

If you are successful in approaching and convincing wedding loan lenders to provide you with the financing you need, here are some of the advantages you may enjoy.

  • In most cases, the interest rates charged on wedding loans are lower than most credit cards
  • The low can free up your cash flow to allow you to handle your expenses with less strain
  • Responsible use and repayment will allow you to improve your credit score
  • Predictable interest rates and fixed payments make it easier to manage your budget
  • Extra funding lets you have a fabulous wedding and pay back the loan over time
  • Getting a loan to finance a wedding at the lender’s site is quick and safe

Cons of Wedding Loans

For all the advantages associated with financing a wedding through a loan, the decision is not without some downsides.

  • The associated fees can be costly
  • Some of the loans have prepayment penalties
  • Defaulting on the loan can damage your credit score and result in more fees
  • A loan can encourage you to spend much more than you had planned for. This may include taking wedding ring financing for bad credit, leading to more debt

Types of Wedding Loan Lenders

Apart from knowing the different types of wedding loans for financing a wedding, it will help if you familiarize yourself with the various types of loan lenders. This will not only allow you to know where to turn to when in need, but also make it easier to make comparisons.


These for-profit institutions make their money by selling products to consumers. If you are looking to finance a wedding and want a convenient and fast approval process, you should consider applying for a loan from a bank.

Credit Unions

Unlike banks, credit unions are non-profits institutions where account holders are considered to be members as opposed to customers. Credit unions offer comparatively lower interest rates and provide personalized attention to members.

Peer-to-Peer Lenders

People looking to take out a loan for marriage can also work with peer-to-peer lenders. This option has a different lending structure that allows borrowers to connect with individual lenders directly. Peer-to-peer lenders are convenient and a good alternative to payday loans and credit cards.

Online Lenders

Today, there are more online lenders than ever before. Apart from the convenience of being able to apply for a loan from the comfort of your home, online lenders also have fast and easy approvals. If you’re looking for a way to finance your wedding, you should definitely consider recommendations by our partner Fiona. Put in your information, and you may get the best loan offers for you.

Factors to Consider Before Getting a Wedding Loan

It can be very frustrating when your application gets rejected by wedding loan lenders, especially if you have limited time to the designated day. This is why you should ensure that you have everything in place before applying for the loan. Here are a few things you should consider before taking out a loan for financing a wedding.

Credit Score

One of the factors that lenders look at to determine whether you qualify for a loan, how much you qualify for, and the terms they should offer is your credit score. Generally, you are likely to get a loan faster and more easily if you have an above-average credit score. This is why it is important for consumers to work to improve and maintain their credit scores constantly.

Debt to Income Ratio

You can get this ratio by dividing your monthly debt payments by your gross monthly income. This ratio is important because it allows lenders to determine whether you are able to manage the monthly payments associated with the amount you want to borrow. Most lenders will want you to have a debt to income ratio lower than 35%.

Employment History

When it comes to your employment history, lenders will look at several things. Borrowers are likely to be approved if they have a high income, work for a big company, and have a full-time job. It is also important to note that lenders consider a person who does not switch jobs frequently as having stable employment.

Credit History

Most lenders will want to know if you have carried revolving or non-revolving credit. They will look at the amount of each loan as well as your credit card limits. Other factors that will be important to lenders are whether you repay your loans in time and if you have had cases of foreclosure, bankruptcy, or other negative marks.

Financing a wedding to ensure it is a success is no mean feat. As such, you should consider different options when thinking of how to finance a wedding.

Getting a Wedding Loan with Bad Credit

Although having bad credit will make it difficult to find a loan for financing a wedding, it does not make it impossible. People with poor credit can also get a loan to pay for their big day. However, since the interest on the loans is likely to be higher, it is always advisable to avoid such loans whenever possible.

There are certain lenders who offer bad credit wedding loans. In case poor credit is getting in the way of your successful wedding, you can consider taking out these loans. However, you should be prepared to pay high interest on the loans as lenders will consider you to be a high-risk borrower.

To increase your chances of getting a loan you can consider taking certain steps. These include putting up collateral, getting a co-signer, and paying down existing debt. Another way to make the process of getting wedding loans with bad credit easier is to work with a third party that is not in the loan business. Such companies will not only make it fast for you to find a lender but also connect you with reliable lending companies.

As much as it is possible to access loans with bad credit, the long-term solution would be to work on improving your credit score rating early on. Regardless of whether you will need a wedding loan or not, focusing on the best practices for better credit scores will allow you to start a whole new life.

How to Plan Ahead

With the stress and frustrations associated with planning a wedding, it is important to put in place strategies to make the period more bearable. This is especially true when it comes to financing a wedding, whether you have enough money at hand or will take out a wedding loan.

Make a Budget

The first step when it comes to financial planning is to make a budget. This will involve creating a list of all the items and services you will need and their prices. A budget will give you an idea of how much you will pay for the wedding of your dreams.

Start Early

When it comes to weddings, doing things at the last minute can mess up a day that would have otherwise been happy and beautiful. This is why wedding couples should start planning early enough to allow room for delays and making adjustments.

Keep Track of Expenses

In addition to making a budget, it will only be wise to stick to it. With the numerous bills that you will have to pay, keeping track of expenses will make it easy for you to monitor what is going out.

Look for Bargains

If you start planning in good time, you will have enough time to shop around and look for bargains. Such deals can save you a lot of money in the long run, making it easier to plan for how the wedding will be financed.

Accept Help from Friends and Family

You do not have to do everything alone. There will be friends and family members who are willing to help. Instead of taking on debt, you can accept both financial and non-financial support from your loved ones.

Work With a Financial Advisor

Since you will have to think of your future beyond the wedding, you can consider working with a financial advisor to help you put a financial plan in place.

Before thinking about a loan for covering wedding expenses, you should get creative as a way to cut down on expenses. Since most bad credit wedding loans can have predatory characteristics, this will help you save money both in the short and long term.


Finding the Right Wedding Loan

Once you have made the decision to take out a loan for financing a wedding, you will have to think about finding the right wedding loan. Considering the numerous loans you can apply for, here are some factors you should be mindful of if you are to get the right loan.

The interest rate plays a central role in determining the cost of borrowing. As such, borrowers should ensure they look at the interest rate offered on the loan. This will help them to calculate whether they will be able to afford the loan.

In addition to the interest rate, it would also be important to find out whether there are additional fees and charges. Rather than relying on what the lender tells you, you should go through the fine print to make sure the loan is right for you.

Once the amount you borrow hits your account, you will need to start paying it back after some time. In order to plan properly, you have to know the structure of the scheduled repayments. Even as you do this, you should keep in mind that the period after the wedding brings with it a new set of responsibilities and challenges.

One of the best ways to determine whether the loan you intend to take out is right for you is to consider your needs. Look at the loan amount you need and calculate whether the loan will help you have the wedding you have always dreamt of. However, it is important to be yourself and avoid getting into debt that will bring frustrations and financial trouble.

You will also have to decide whether to finance wedding with a secured or unsecured loan. The choice you make will depend on factors such as your financial circumstances and the urgency with which you need the money.

There are different loans for a wedding available in the market today. However, you should ensure that you are making the right decision before taking out any loan.

Tips for Saving Money on Your Wedding

Even as you look at the different options when it comes to financing a wedding, you should also think of ways to save money. There are many ways to do this, especially if you choose to be flexible about the options available. Here are some tips to help you save money as well as the stress associated with thinking about how to pay for a wedding.

  • In case you are working with a tight budget, you can consider renting or buying a used wedding dress. You can also borrow from a friend or family member.
  • Instead of spending a lot of money to pay for a commercial venue, you can ask a loved one to host the wedding at their home. Saving money may also require that you choose an unpopular time of the year for your wedding.
  • Other great ways to save money would be to create your own invitations and keep the cake pretty simple.
  • Rather than inviting thousands of people, fewer guests will help you achieve an intimate setting.

Looking out for deals and bargains is also a great way to avoid extra costs. This can be a great alternative to taking wedding loans for poor credit.


Weddings are happy occasions and everyone dreams of a perfect wedding. While there are many different options for consumers looking for loans for a wedding, starting early will see you coming up with more creative ways of financing a wedding. However, if you find yourself in a situation where getting a loan for a wedding is inevitable, you choose the one that works best for you. We make it easy for consumers to find lenders easily and quickly when they need a loan. If you are looking for a wedding loan, kindly consider working with us for a hassle-free borrowing experience.