How to Create a Wedding Finance Budget: Say I Do!

A third of couples getting married in 2019 plan to borrow over $10,000 to cover wedding bills, with sixty-one percent of engaged couples planning to charge the expenses to their credit card. Over the past few years, there has been a significant increase in the number of couples looking to finance their dream wedding through loans. While there is no problem with taking out a wedding loan, it is important to consider several factors before getting into debt.

As the demand for wedding loans increases, the wedding finance industry keeps growing. This has also led to a rise in the number of wedding loan lenders. While this presents borrowers with more options to choose from, it also makes it more difficult to make the right choice. The good news is that consumers looking for wedding financing can do their research through a third party that is not in the loan business. We make it possible for borrowers to find a lender easily and conveniently, effectively helping you to enjoy a hassle-free borrowing experience. However, it is also important to create and stick to a budget. Here is what you need to know about creating a wedding finance budget.

How to Create a Wedding Finance Budget

The importance of creating a wedding finance budget cannot be denied. However, you will need to come up with a realistic budget that you can stick to. Here are the steps to follow when creating a budget.

Determine the Type of Wedding You Want

The first step would be to determine the type of wedding you want. This means considering your guest list to decide whether it will be an indoor, outdoor, church, castle on the coat or destination wedding. If you are keen on saving, you should limit your guest list.

Choose Your Non-negotiables

As a couple, open and constant communication will help you understand what each of you wants from your wedding day. Think about what is important and what is not so important. As you begin the process of creating a budget, you should have a list of both the most valuable and most trivial items.

Have the Budget Talk

You should start by having the budget talk as a couple. Once you have done this, depending on your financial circumstances, you can have a conversation with your parents about their role in your wedding. If they are willing and able to help, you will need to know how much they intend to contribute.

Establish How Much You Need

Just like with any other expenditure, you will have to establish how much you need if you are to budget properly. Based on the dream you want and your non-negotiables, you will be able to arrive at a cost. A basic breakdown of what you should expect to pay includes reception, ceremony, attire, flowers, entertainment, photography, wedding rings, and transportation.

Prepare for Surprises

In order to ensure that the amount of money you set aside will be enough to cover your wedding expenses, you should prepare for surprises. Some of the items you budget for may end up costing more than you had expected. This is why you should have some money to handle any unexpected expenses.

Decide How to Raise the Money

Another important part of creating a budget will involve deciding how you will raise the amount needed. You can choose to save for the occasion, get a side hustle, request financial support from friends and family, or get a wedding loan.

Track Your Expenses

Lastly, creating a wedding finance budget will not be complete without tracking all expenses. Make sure you stick to the budget if you are to avoid frustrations and ensure your wedding is successful.

What is a Wedding Loan?

Before taking out a wedding loan, it is important to have enough knowledge about the product. This will help you make the right decision and ensure you understand the financial commitment you are getting yourself into. With the different alternatives that you can consider, knowledge of the loans will help you determine whether it is the right option based on your circumstances.

A wedding loan is simply a kind of personal loan that is designed for newlyweds. The loan is used to cover the expenses that couples are not able to handle at the moment but can afford it with a little time. Most of these loans offer special interest rates, terms, and bonuses in order to ensure that debt is manageable in the period following the vows. These loans have a specific term and are designed to be repaid in equal monthly installments.

Figuring out how to fund your dream wedding can make for a stressful and frustrating experience, especially if you do not have the money required to make immediate deposits or pay bills upfront. However, exploring the various wedding finance options can make it easy for you to have a successful occasion without increasing your debt burden.

Types of Wedding Loans

Once you have made the decision to take out a loan to finance your wedding, it will be necessary to familiarize yourself with the different types of wedding loans available. Choosing the right wedding finance option will require that you not only look at your needs but also consider your circumstances. In the end, the option you go for should let you enjoy your special day without causing financial constraints in the years that follow. Here are some types of wedding loans:

Unsecured personal installment loans are not backed up by any form of collateral. Instead, the loan is supported by the creditworthiness of the borrower, making this a flexible option. On the other hand, secured loans are issued and supported by collateral. Collateral is a financial asset such as a car, home, or stocks owned by the borrower. In the event that you do not repay the loan, the lender will have the right to use the asset as payment.

Fixed-rate loans have a set interest rate that does not fluctuate over the term of the loan. This makes it easy to plan since the amount and number of installments remain the same throughout the period. Unlike fixed-rate loans, variable interest rates are where the interest rate on the outstanding balance can vary. This will usually depend on changes in market interest rates.

Just as the name suggests, a bad credit wedding loan is designed for people who have been turned down by the more conventional lenders due to poor credit. Most of these loans tend to have high-interest rates, making it important to determine how much you need before applying.

In case you have multiple loans and expenses, you can take out a debt consolidation loan to pay off old loans. This allows you to focus on a single loan, making it easy to track payments and ease the debt burden.

These loans are also known as character loans. They are given in good faith, with the borrower’s signature and promise to pay. Mostly, there has to be an existing relationship with the lender before you can qualify for this type of wedding financing.

Pros and Cons of a Wedding Loan

A wedding loan is a personal loan that people use to pay for their celebration. Depending on the lender you choose to work with, you may be required to indicate the purpose to which you intend to put the borrowed funds. Here are the advantages and disadvantages associated with these loans.

Pros of Wedding Loans

One of the main benefits of these personal loans is that they are typically installment loans. The fact that they have fixed repayment terms means that you will have a good idea of when you will be able to pay off the debt. Secondly, the different financial institutions offering these loans present borrowers with different options to choose from. With wedding loans, consumers enjoy the flexibility of selecting the amount they wish to borrow, and depending on your credit, there is a chance you will qualify for a lower interest rate on the loan.

Other benefits of wedding loans are that you will not need to dip into your savings account, and there will be less of a financial burden on your loved ones to help cover the costs. Applying for a loan to cover wedding expenses allows you to focus on planning the event as opposed to how to afford it.

Cons of Wedding Loans

For all the advantages associated with wedding loans, the wedding finance option is not without its downsides. A wedding loan will mean an extra monthly expense when you start repaying the loan. This is why you should ensure you can afford the loan before signing the personal-loan agreement. In case you have poor credit, you are likely to find yourself paying a higher interest rate. Secured loans use your property as collateral, giving the lender the right to sell the assets in the event that you are unable to pay the loan.

Reasons to Get Loans for Wedding Expenses

With the numerous risks associated with choosing loans as a wedding finance option, one may wonder why anyone would take out a loan for this purpose. Since wedding loans can be used to pay for any wedding expenses, there are different reasons why people choose to apply for these loans. The following are some of the reasons why a couple may choose to take out a loan for a wedding.

  • In case the bride wants a dress that you cannot afford, you can opt to take out a loan to supplement what you have
  • Wedding finance can also come in handy if you want to book your honeymoon but need to make payments upfront to reserve a room, flight or cruise ticket
  • There are times when you will have to pay for certain services upon booking. A quick loan can help cover the costs of the venue, photographer, band or DJ, florist, and other professionals
  • A couple may decide that taking care of all expenses at once and making payments is more convenient for them than having to do it a little at a time
  • If you have been trying to save but find it difficult to make progress, you may not want to wait. A couple may opt to take out a loan and commit to making payments over a period of time

The reasons why people get loans for wedding expenses vary from one couple to another. It is necessary to ensure that you have a good reason to take out a loan in order to avoid getting into unnecessary debt. Working with a financial expert will go a long way in ensuring you make the right decisions for your big day.

Factors to Consider Before Taking Out a Loan for a Wedding

There is no doubt that getting a wedding loan to finance your celebration is a huge commitment. This is why you should consider several factors before taking the step. Make sure you talk as a couple and agree prior to taking on debt.

Financial experts advise that you only get a loan if it is absolutely necessary. In case the wedding will not happen without the borrowed funds or the day is so important to you, you can consider getting a loan.

You will also have to find out if you qualify for a wedding loan. Some of the factors you will have to be mindful of include your credit score, employment stability, income, among others.

While you may qualify for the loan, you must ensure that you will be able to repay the monthly installments without straining financially. Delayed or missed payments will have a huge impact on your finances and credit.

Have you explored other options? Loans are accompanied by interest rates, the risk of impacting your credit negatively and in some cases attaching collateral as security. This is why you should turn to loans once you have explored other wedding finance options available to you.

Do you have a backup plan in case the unexpected occurs? Although nobody plans to lose their job or get a pay cut, you should always prepare for the unexpected. Make sure you have a backup plan on how you will make a couple of payments in the event of such challenges.

Getting a Wedding Loan with Bad Credit

It can be frustrating if you do not have enough money to fund your wedding and cannot access loans due to your credit score. You can still get a loan to finance your big day even if you have bad credit. Bad credit wedding loans are designed for people who have poor credit and have been turned down by conventional lenders. There are a number of steps that borrowers can take to increase their chances of being approved.

Today, there are certain lenders who offer bad credit wedding loans. However, if you have poor credit, lenders will consider you a high-risk borrower. This may see you paying higher interest on the loan. Since some of the bad credit loans tend to have predatory characteristics, you should go through the loan agreement carefully to make sure that you do not end up in financial trouble.

Improve Your Credit Score

Also, you should consider working to improve your credit score. This may involve paying your bills on time, reducing debt, and adopting healthy financial habits. Generally, improving your credit score will help to increase the loan opportunities available to you, ensuring you can access money in case of a financial emergency.

Other options you can think of include getting a co-signer or putting up collateral as security for the loan. In order to make the process of getting a loan with bad credit easier, you should consider working with a third party that is not in the lending business. We make it possible for borrowers looking for wedding finance to find lenders so that they can have their dream wedding.

Final Thoughts

Although wedding finance is central to ensuring a successful day, it takes much more to make the event perfect. Financial education and literacy will ensure that you make informed and conscious decisions, regardless of whether or not you take out a loan for a wedding. Such knowledge will also be important when it comes to comparing the various wedding financing options and settling on the right one. If you decide to get a loan, you can work through us to make the process of finding a lender easier.


Taking Out a Wedding Loan with Bad Credit: Married to Debt

Getting a wedding loan with bad credit is possible. Depending on your score and financial situation, it might take a little extra work to find a loan- especially compared to those with great credit scores. In this article, we talk about everything you need to know about wedding financing if you have bad credit.

Should I Apply for a Wedding Loan with Bad Credit?

You are the only one who can answer this question as it really comes down to your financial situation. For instance, if your budget is already stretched to the max, trying for wedding loans with bad credit probably is not the best idea. To help you decide, here are some pros and cons for getting a wedding loan with bad credit:


  • You can pay for all or the majority of your wedding upfront and pay it back over time.
  • If you get the loan early enough, you might get discounts for booking the venue and services early.
  • Paying the wedding loan back on time will help improve your credit, which is great if the two of you are hoping to buy a house or car in the near future.


  • Many times, getting a wedding loan with bad credit means high-interest rates and not so favorable repayment terms. This is not always the case, though, so do not let this scare you from checking out options.
  • You are walking into your marriage in debt.
  • It is debt- need I say more? Debt is not fun, even when you get into that debt for a good reason, like a wedding. And getting wedding loans for bad credit might prove a headache for some.
  • You might be tempted to overspend if you are approved for more than you thought.
  • Sometimes getting a wedding loan with bad credit means needing to have some form of collateral. Again, this is not always the case, but it is something to consider.

What to Look for When Applying for a Wedding Loan with Bad Credit

If you choose to carry on and get a loan for a wedding with bad credit, there are some particular things you should look for:

Loans with Fixed Repayment Schedule

You want a loan with a fixed repayment schedule. This means that you know when you will be paying the loan off. In fact, you will likely receive a payment schedule from your lender showing you when each payment is due, including the last ones. These are great loans because the interest is fixed into those payments. These are especially good as a wedding loan with bad credit as they give you a chance to affordably put something on your credit.

Loans with No Prepayment Penalties

With diligence, persistence, and a plan, you can pay your loan off long before it is due. However, some lenders charge a prepayment penalty. Be sure that the lender you are looking for has no prepayment penalties so that you are free to pay it off early.

Loans with Low Interest and Affordable Payments

You do not want to get a loan for marriage that you cannot afford or repay. Look for loans with low-interest rates. Also, go for a loan with low monthly payments. It is wise to check your budget prior to looking for a wedding loan with bad credit so that you know what type of payment you can afford.

Where Can I Get a Wedding Loan with Bad Credit?

The three basic places to find a wedding loan with bad credit are:

  • Local banks or credit unions– Banks will be the more difficult ones while credit unions are more likely to provide loans to those with bad credit.
  • Other stand-alone financial institutions– Places like World Finance
  • Online– The most convenient option that provides the highest approval odds thanks to a large number of lenders.

If you’re considering going for an online lender, we think that’s an amazing idea. Not only is it less demanding on your time, it is also very simple to shop for a loan and apply. The key is finding a good lender.

Alternatives to Getting a Wedding Loan with Bad Credit

Though a loan can be helpful, there are alternatives to getting a loan with bad credit or even cutting down the amount you need to borrow. With enough creativity, you can have an extremely affordable wedding. Gather your girlfriends and brainstorm some ideas. Here are a few to get the ball rolling:

An increasingly popular way to help pay for a wedding is actually through loved ones. It has been a long-standing tradition to receive wedding gifts, but many couples would much rather get help paying for their wedding or honeymoon than receive a crockpot or new knife block. It is not that those things are not awesome- they are.

Instead of waiting for the wedding, though, ask your loved ones to contribute to your wedding with either a service or cash beforehand. If Aunt Betty is an excellent cake decorator, ask her to bake your wedding cake as your present. If your pops was going to give you $500 on your wedding day, ask him to give it to you now or prepay for the venue. Yes, there is always a chance someone will say no, but it never hurts to ask.

It is not ideal, and I am sure that it is not something you want to do, but consider pushing your wedding date off- just for a little while. Even waiting an extra three or four months gives you extra time to save. In a minute when we talk about how to discuss expenses, you will probably see that changing your wedding date is the best idea, anyway.

Many couples do not own a home yet, so if you cannot do this, don’t feel bad. You are most definitely not alone. However, if you do own a home or are currently paying for one, you may have some equity in it. You might consider getting a home equity line of credit.

Yes, I did say alternatives to a loan, so you may be wondering why I put this here, but there is a good reason. There is a chance that a HELOC will cost you a lot less than personal loans for a wedding. The reason? Your home is a pretty nice piece of collateral, so there is a chance that you will get a lower interest rate and/or better repayment terms with a HELOC than with wedding loans bad credit.

While I tend to say that credit cards should be avoided as much as possible due to the compounded interest, there are times when they are the better option. Before you just start swiping away, though, you need to be sure that it is the best option. Basically, does it offer you the lowest interest? Will you be able to repay it with ease? Look for low-interest credit cards. Better yet, use a card that charges 0% interest for the first six months or year, and chip away at the bill to pay it off before that time is up.

Unless you have an unlimited supply of money- well, even if you do- you should set a budget so you do not spend more than you need or want to. Sit down with your fiancé- and parents, if they are going to help with expenses- and work out a budget. How much can you all contribute? What is the max you want to spend?

Figure all of that out now because we are about to break costs down and it will be up to you to decide what you want to cut back on. Then, get creative to fit everything into your wedding budget. Do not let it overwhelm you, though. Being creative is really fun, and you can always get your best buds to help you with it.

Ways to Cut Back on Expenses

$33,000. That, my friends, is a very large amount of money- agreed? Sure, it would not last forever, but that could be a nice down payment on a house. Actually, there are some homes in my area for around that amount, so it could potentially cover an entire home purchase. In addition to that, you could buy a very nice low-cost car, take a vacation, save an emergency fund, and a lot more.

If you are researching getting a wedding loan with bad credit -that is the reason you are here, right?- I am going to assume that you do not have $33,000 under your mattress. Before you go for the loan, take a look at how to cut down on wedding costs, starting with a breakdown of specific costs.

Breakdown of Wedding Costs

Though these costs will vary, the Knot reports these as recent wedding costs (please note that these prices may fluctuate according to season and other factors):

  • Reception Band- $4,156 (What is wrong with a DJ?)
  • Ceremony Musicians- $755
  • Venue-$16,107 (That could literally pay for half of a home purchase.)
  • Photographer- $2,783
  • Florist- $2,534
  • Wedding Dress- $1,564
  • Groom’s Attire- $280 (Whew! Thank you for not needing so much, guys!)
  • Wedding Cake- $582
  • Videographer- $1,995 (There was a time when we had what was known as home movies- for free. Can we bring that back?)
  • Reception Site- $2,197
  • Rehearsal Dinner- $1,378 (Not even the actual dinner- the rehearsal.)
  • Invitations- $462
  • Catering- $71 per person
  • Engagement Ring- $6,163

I am going to stop there because I am getting overwhelmed, and I am not even the one planning a wedding. I hope that by seeing these prices for separate items, though, you can find at least a few areas you would like to focus on cutting down costs with some of these tips:

Dollar Stores and Thrift Stores

If you have never been to a thrift store or Dollar Tree, I urge you to do so as soon as possible. They tend to get a bad rap, but these can be incredible stores for any occasion. The Dollar Tree carries all types of party décor, including weddings. And thrift stores? You can actually usually find a wedding dress and bride’s maid’s dresses in them, and in good shape.

Yes, there are lemons that you will have to dig through, but I have seen beautiful wedding gowns for under $100. You will need to get it cleaned and find someone to do alterations, but you can cut down on a lot of expenses by utilizing these stores. And here’s a secret: The reason all of those dresses are at the thrift stores is because a decade after their wedding, many women figured out that there was literally no reason to keep them. When on earth will you wear the exact same wedding dress again? So, really, there is no reason to spend thousands on a dress that you will just be giving away in a little while.

Cut Back on the Guest List

I mean, do you really need 500 of your closest friends and family members around? I must say, I do not know how people have the time to make and cultivate so many friendships. Sure, I have met more than 500 people in my lifetime, but calling them close friends is a bit of a stretch. Try to minimize the list as much as possible. If you only have 10 to 50 close friends and family- like most of us- stick with those people.

A note to the mommas of the lovebirds: I say this will all be due to love and respect- this is not your wedding. It is your kid’s wedding. They should not be obligated to invite Great Aunt Sherry whom they have only met once in their lives. The wedding is supposed to be a union of two people, not a family reunion. If you choose to invite anyone over the people your kids want to invite, be sure that you are paying for the extras- not the kids.

Choose the Most Wallet Friendly Times to Get Married

Many times, the time of year and time of day you get married can greatly affect the costs, but you can make it work in your favor by following these tips:

Saturdays in general are going to be more expensive because they are in higher demand. The most popular months to get married are May through October. Try to steer clear of these. Instead, pick January, March, April, or November as these are slower times.

Again, Saturdays are popular wedding days. Sunday and weekdays are not so popular. If you can work your wedding into any day but Saturday, you will save some money.

Guests expect to be fed dinner when you have an evening wedding. Catering and drinks for dinner cost a lot more than anyone really wants to pay. Consider choosing a lunch, breakfast, or late afternoon wedding. That way, you can serve finger foods instead of entire meals.

Book the Photographer for a Set Number of Hours

Unless you just really want a photographer following you around for hours and hours and hours more, you do not really need him all day, right? Find a photographer that will work by the hour or offers half-day packages.

Wedding photographer photographs brides sitting on the lake

Choose Flowers That are In Season

I am not 100% sure why it costs over $2,500 for a wedding florist. That is not an industry I am familiar with. However, I know a little something about things that grow from the ground. Just like fruits and veggies, different flowers grow at different times of the year. By choosing flowers that are in season and abundant, you can probably chop this cost down.

Send Out Invites Online

Ok, really, $462 for invitations that are going to be thrown in the trash? Sure, a few people might keep it, but most will not. It is literally throwing your money away. Either choose some much cheaper invites or send the invites out in an email. Or do like many people now and announce the event on Facebook, inviting everyone there.

We live in a digital age- there is no reason to stay with something traditional unless you just want to. If there are some people that you know will want to save your invitation, like parents and grandparents, siblings, and best friends, order just enough paper ones for those people and go digital with the others.

The Rings

This is the one area I would be willing to spend a higher price in, though not by over $6,000. However, of everything you pay for the wedding, the rings are usually the most permanent ones. By that, I do not just mean that they last a long time- I mean you continue to wear them long after the wedding day.

If you are willing to spend thousands and you do not have it saved, you may need to look at wedding ring financing for bad credit. It is possible to find this through external lenders, though many jewelry stores provide financing, as well. Another option is to shop for a ring somewhere that does layaway. You can make payments every month until you pay it off. This would save you from needing to take out a wedding loan with bad credit.

Wedding Budget


There is no arguing that your wedding day will be one of the most important days of your life, but it does not have to be the most expensive one, too. It is perfectly possible to have a beautiful and enjoyable wedding without going into debt. Try getting creative first. Then, if you still need funds, revisit the idea of applying for a wedding loan with bad credit