7 Smart Tips to Avoid a Wedding Loan: Say I Do!

Wedding couple holding their hands.

You’re getting married? Yay! Congratulations!

Some days in life are just more special than others: getting a driver’s license, graduating high school and college, welcoming your babies into the world, and your wedding. The day I got married was one of the best days of my life. Family and friends were gathered to celebrate our union, and I could not have been happier to say, “I do!” It was a magical night, but I want to tell you a secret: we spent less than $100 on our wedding. You read that right. Less than $100 for a wedding yet I had a dress, he had a tux, and there was a cake, flowers, a musician, a photographer, and a beautiful venue.

Smart Tips to Avoid a Wedding Loan

Getting married is something to celebrate. Going into debt for it is not. In fact, walking into a marriage with debt is a rocky foundation to start on, especially since the majority of divorces are due to finances. The fact that little sheets of paper can destroy a union is a sad fact, but it happens. So while you cannot prevent everything bad from happening, you can give your marriage a better chance at succeeding by avoiding debt as much as possible.

If you are considering taking out a loan for a wedding, pump the brakes. I doubt you would be reading this if you were not at least curious about how you can avoid a wedding loan. It is more than possible to have a beautiful wedding without going into debt. If you are committed to doing so, I am going to walk you through some tips so you can avoid a wedding loan. Grab a notebook and pen to jot down ideas as they come. Ready? Here we go.

1. Master Your Mindset

I am about to drop a bombshell that someone may want to scream at me for, but somebody has to say it. That feeling, that love you feel, the joy of the union- that is what a wedding is all about. It is not about a dress or a limo or anything else. It is about two people promising to love and cherish one another for life. That’s all.

Imagine that you are baking a cake. Mixing the ingredients and putting it in the oven is the process. That is the process that produces the cake. Icing or glaze is added and the cake is decorated. These additions make the cake prettier and may add some extra flavor but they are simply additions. The cake remains a cake whether it is decorated or not. The foundation is what matters, not the embellishments.

The same is true about a wedding. The union is what matters, not the embellishments. Don’t get me wrong, I love a big beautiful wedding, and if you can afford it, go for it. I just want you to remember what really matters on this day as you move through this process. Keeping that in mind will help while you work to avoid a wedding loan.

Rear view full length young couple relaxing on couch in modern apartment

2. Talk About It

You and your future spouse should sit down and have a talk. What really matters to each of you on that day? This will be different for everyone, but if you had to choose the most important thing that you want at your wedding, what would it be? Keep these things in mind as you work on your plan. You should also decide on a budget together. How much are you truly willing to spend on your wedding? Agree to a number and commit to it. Do not forget the honeymoon, either. Maybe the two of you can agree on a lower budget for the wedding so that you can have a better or longer honeymoon.

3. Plan It

It is now time to begin the planning phase.

Get a Wedding Checklist

Trying to figure out what all you need to think about is anxiety-inducing. Everything is better and more clear if it is on paper, so look for a wedding checklist. You may find an eBook that contains one or you may find that surfing on the web. Either way, grab a checklist to help you stay on task. And then dream about everything you want! Imagine it, look for inspiration online, in magazines, everywhere you can find it.

4. Pare It Down

I hope you enjoyed the dreaming phase, but we have to come back to reality now. Do not fret, though. We are about to embark on a journey that will bring together your dream and your budget- as much as possible. If you are dead set on having an elephant to ride in on or an around the world cruise, I am not sure this will help. Otherwise, let us begin.

Gather Contacts

As you work through your plan, you should have a list of your contacts nearby as well as any specialties they may have such as baking or sewing, or even if one is a minister. This information needs to be handy.

Cut Costs

Most of the time when you hear this phrase, you are looking at a giant total that needs to be decreased. You are actually going to do the opposite- start with a bare bones wedding. As much as wedding planners and other professionals like to convince us that every single item on a checklist is imperative, it really is not. In fact, most of those things can be skipped if you choose to do so. Take the next four steps to start cutting down:

There are only five things that are absolutely necessary at a wedding:

  • the bride and groom,
  • a marriage license,
  • a witness,
  • someone to officiate and
  • somewhere to stand in front of him/her

That is all you need to officially get married. You do not have to have a dress, tux, rings, or even guests. This is what I mean by bare bones- just the absolutely necessary. Though the cost of this type of wedding is low, it still costs something. Start by finding out how much a marriage license is in your county and write that down. How much is left in your budget? That amount is what you have to work with for the rest of the items.

Now, take a look at your checklist. Which of the items on that list fit into the vision you already have? Which ones do not? Mark off the ones that do not- with a Sharpie. Once they are gone, pretend they were never there. Highlight the things that really matter to you- really matter. Now, mark off anything that is left because if it fits your dream, it would already be highlighted.

A very important note here: the only things that should be highlighted are things you and your fiancé want- not anyone else. Do not highlight things because it will make your mom happy or because your aunt Judy said you should. This day is about the two of you. If you have room left in your budget, you can add some things for others if you wish. However, for now, you are working hard to avoid a wedding loan. That is not going to happen if you do not keep your expenses down.

After you have your list down to the most important things, research the cost of those items. Does the total fit into your budget? If not, there is some more work to do. The following are some tips on how you can cut down on the remaining expenses so that you can avoid a wedding loan:

Your Resources
  • Look at your list of contacts. Do any of those people have specialties that you could use, like baking cakes or making clothes? Maybe your brother’s best friend is a part-time DJ. Your best friend may be great at making invitations. Maybe your uncle is a minister or photographer. If you see any people with these types of skills on your list, highlight them. You might ask your mom or best friend if they know anyone who does.
  • Talk to those contacts to see how much their services will cost you. Some may be willing to do what you need as a wedding gift. Some might trade their services for your babysitting or house cleaning services, or just give you a discount. Either way, you are likely to cut expenses tremendously in this area.
Your Guests and Reception
  • Limit your guests. Do you really need 500 people in attendance at your wedding? Or even 100? Remember that you are feeding the guests, so how much are you willing to spend to do that? This is not about being selfish. It is about being smart.
  • Get creative with the food you do serve. It is a wedding, a celebration. I have known people to even have barbecue sandwiches at their reception and all the guests loved it.
The Venue
  • If there is somewhere special you want to do get married, call the location managers and ask them when the least busy time is to have a wedding. You will likely pay less when it is not in high demand.
  • Do you have a friend, neighbor or family member that has a beautiful yard? Outdoor weddings are great, so consider asking to have the wedding there.
Your Look

Have you ever looked at the price tag of new wedding gowns? I have and it caused me to break out in a sweat. Wedding dresses can be ridiculously expensive, especially when you consider you will only be wearing your dress for a couple of hours on one day.

  • Does a family member have one you can use? Ask them if you can borrow it, then dry clean it so you give it back to them in good shape.
  • You might also save by shopping at consignment shops and second-hand stores. They tend to have wedding gowns fairly often and at very low prices. Often, second-hand stores and consignment shops will give you credit for bringing some of your own items in. Clean out your closet and use your credit for your dress.
  • Take a creative friend with you. I happen to be the creative one in my group of friends, so when my best friend needed a dress for a ball she was invited to, I went shopping with her. At a second-hand store, she found a plain black dress that actually looked like a very casual dress, but I had an idea. We went to a craft store to get some jeweled beads and a few other accessories. The dress turned out great with everyone asking where she bought it, and she spent a total of $10.
  • If you know a seamstress, like an aunt or grandmother, ask them to make your dress. You will then have even more control over how your dress will look.-Hair and makeup is another big area. Do you have a friend that is good at those things?

Those are just some ideas to get your thoughts flowing. Have a friend or your mom go over your checklist with you and brainstorm some ways you can save. After you have a complete list, make a budget and commit to it. Take the total amount that you need and divide that by the number of months you have until your special day.

The result- which is hopefully within your agreed-upon budget will be how much you need to save each month to pay for it all. If your total is $1200 and your wedding is in a year, you need to save $100 per month. Once you have this monthly amount, you know what to work toward. Remember your goal: avoid a wedding loan because those have pros but they also have cons.

5. Recruit the Dream Team

By now, you have at least an idea of who you want to recruit for certain tasks. It’s time to put them together to form your dream team. Finalize your list and book what you need as early as you can. The earlier you talk to them, be it a professional or a friend, the cheaper and easier it will be. And if you have a friend who is asking for more than your budget allows, do not feel bad about saying “no” to her. You are trying to avoid a wedding loan, not please everyone. You can always tell her your budget and ask if there is something she can do in that limit.

6. Work for It

At this point, you know what you have your planning and recruiting done. Your tasks are scheduled- if not, now is a good time to do that. You have done a lot, so take a breath and be proud of yourself. You know how much needs to be saved each month. If that is within your current budget, all you have to do is commit to saving it every month. If you are not really good at saving, get someone to help. Give the money to your mom, dad, or best friend- whomever you trust- put it away for you. They can then hold you accountable for saving it.

Some banks will even let you set up automatic withdrawals. You can tell them that you want a certain amount taken from your checking account at set times and that you do not want access to that money until a certain date. See if a bank in your area offers that option and put it to work if you can. No matter your method, be ruthless about sticking to your budget if you want to avoid a wedding loan.

7. Sweat for It

What do you do if the amount you need to save is outside of your current income? You work harder to get it. For example, I want to be in better shape physically but I am not good at forcing myself to do much. That is why I asked my husband to be my coach. He knows how to motivate me and how to push me when I would normally stop. He knows my limits so he keeps pushing until I reach them, and then he tells me to do two more. By the time our workout sessions are over, I am pouring sweat and sore. However, I start seeing results almost immediately. The sweat and tears pay off.

What does that have to do with a wedding? I am glad you asked. If you really want to avoid a wedding loan even with bad credit, you may have to push harder than you can imagine to get the money you need, and then go a little farther. Pushing and sweating for something is not easy, but the reward is great. The following are some ideas of how you may have to sweat more:

Side Hustles

  • Pick up a second job, even if it is just a few hours a week. Deliver pizzas, wait tables, clean houses, babysit, walk dogs, wash cars, anything you can do for some extra money.
  • Declutter your home, and your sister’s and your best friends and anyone else who will let you. Some people will let you clean out their homes or storage buildings for the items you find there. Gather it and have a huge yard sale. Your friends may even offer to clear out their own homes and help you with the yard sale. Make it a neighborhood yard sale if you can. The bigger the sale, the more attractive it looks. Be sure to advertise it, too, to maximize your number of customers.
  • Grow a vegetable garden and sell the produce at your local farmer’s market.
  • If you are artsy, make some jewelry, candles, or something similar and sell those items.
  • Those who can type well can apply to transcription companies.

Cut Down Your Current Expenses

Cut the cable and use a streaming service like Netflix or Hulu. Take shorter showers. Turn off lights you are not using. Call around for better insurance rates. Trade your latte for home brewed coffee a couple of days a week. Have date night in your home or at a park instead of at restaurants and movie theaters. If you do go to the movies, go to a drive-in or to a cheaper matinee.

Apps to Try

There are apps that will earn you money. I have quite a few of them so I can say with certainty that the following three apps work:

  • Receipt Hog- You take pictures of your receipts on your phone and they give you coins that you can redeem as PayPal cash when you hit certain amounts, starting at 1,000 coins.
  • Ibotta– It is another receipt app that pays you cash at a certain amount.
  • S’more– You actually do not have to do anything with this one except download it. It runs ads on your phone when you are not using it and you get points that transfer into dollars.

There are many apps out there to make some cash from that do not require much from you. None of them will make you rich on your own, but they can be a little extra money. There is no guaranteed amount, but I have made up to $200 in a year from the three without even being serious about scanning all of my receipts.

Shop Smarter

A few years ago, I started using Ebates and have earned a good deal of money for buying things I needed anyway. This is how simple it is: Ebates is similar to a search engine. If I need to purchase something online, I go to the Ebates app or website and search for that item. A list of stores show up that carry what I need, and I click on the store I choose. If I purchase something from that store at that time, I will get cash back from Ebates. The amount depends on how much that store is offering back at that time. When you shop, find the cheapest way to do it. Clip coupons, use sites like Ebates or Honey, whatever saves you money.

There are many ways to save and make extra money. It just takes some creativity and commitment, but it will pay off when you get to start your marriage without the burden of debt upon you. Remember, you want to avoid a wedding loan so you have to be ruthless when it comes to reaching your financial goal.

Just In Case…

There are times when you do everything you can and it is still not quite enough. If you find yourself close to your wedding date and you do not have the funds you need, do not beat yourself up. And do not call off the wedding- that is a bit extreme and all hope is not lost yet. Any amount that you cut out or saved is great so pat yourself on the back instead of feeling bad about it.

There is a last resort. I know you are trying to avoid a wedding loan or using credit cards, but if you have done everything else that you can, you may have no choice. The key is to make a smart choice here, too. There are many different types of loans available but not all will be a good choice. Some charge high-interest rates and have short repayment terms. You do not want to be on your honeymoon worrying about making that first payment soon after you go home.


If you must get loans for wedding expenses, go for personal installment loans first. They typically charge much less interest and have longer repayment terms. Additionally, the interest is usually fixed into the total amount borrowed and spread out over your full repayment loan. This is much better than taking out a loan for a wedding that has compounded interest.

You also need to be smart about who you borrow from. Not all loan companies offer the same terms and benefits. Look instead for a reputable company that can connect you with reputable lenders. They have the lenders they trust consolidated so it decreases the number of lenders you see to ones that match your needs.


Pros and Cons of Wedding Loans: Debt Do us Part

Pros and Cons of Wedding Loans

Planning a wedding is exciting with all the details you fantasize about the big day. However, it’s also stressful with trying to find the best cake, decorations, limos, and so forth within a budget. One way to eliminate some of this stress is by taking out a loan for a wedding. There are pros and cons of wedding loans as with any type of financing. Nevertheless, you can make the best of this financing if you play your cards right.

Advantages and Downsides of Wedding Loans

Wedding loans are just personal loans that you decide to use for wedding expenses. Your credit is the major factor used for approval, but other factors play into a lender’s decision. Also, wedding loans are not secured; thus, you can’t use your home as collateral. You must also be employed or have established, steady income to be approved.

You can obtain a personal loan at practically all-full service banks or online lenders are now easy to access.

They won’t be advertised as wedding loans just personal loans. With personal loans you may be approve according to your credit, income and other factors. Also, you pay back personal loans based on monthly installments.

So, let’s review the pros and cons of wedding loans, starting with the advantages.

Pros of Wedding Loans

There are pros and cons of wedding loans just like all personal loans. You just have to make the best of these loans by shopping around for what works best for you and your situation. The following are the loans for wedding expenses pros:

  1. The interest rate is lower than most credit cards. In many cases, this is true. There are exceptions when it comes to bad credit loans.
  2. You can consolidate your debt. Pay off all your non-wedding debt expenses with a loan (if they give you the full amount needed for your wedding), and just pay one monthly payment to the financial institution.
  3. You will have cash flow freed up. This may give you some breathing room to work with your expenses with less strain.
  4. You’ll gain the chance to improve your credit score (.i.e. if you pay on time)
  5. A lot easier to manage your budget with fixed payments. This goes hand-in-hand with debt consolidation and breathing room to work out your expenses with less strain.
  6. Having predictable fixed interest rates. You won’t have unpleasant surprises.
  7. Relief of burden off of you and your family.
  8. Having a fabulous wedding. One thing for sure is that you will have a gorgeous wedding with the extra funding.

Cons of Wedding Loans

The wedding finance cons are as follows:

  • The lender can come for you if you default on the loan.
  • The fees could be costly.
  • There is a prepayment penalty for some loans.
  • There could be high-interest rates especially if you have bad credit.
  • Personal loans could be a temporary crutch.
  • Debt which is straining on a couple is incurred at the beginning of your marriage

Even though it feels good paying off debt so you can move forward with your spouse, many financial institutions frown on prepayment cause they are in the business to make money. They make money through interest. And with prepayment, the interest will be limited, meaning less money for the institution.

Are Wedding Loans Worth It?

The average wedding expenses for 2022 and 2023 will be in a range from $24,000 to $26,000, according to the Wedding Report. With this amount and with being on a budget, you may think a wedding loan is worth it at first glance. However, you must weigh out the pros and cons of wedding loans along with your financial circumstances instead of moving hastily.

One thing to note is that there are different types of personal loans with different terms. Some loans are short-term loans. Then there are some that are installment loans. The short-term loans must be paid in full more quickly than other personal loans. So, you will pay off the interest quicker and put the debt behind you then with other kinds of loans.

The installment loans may take years to pay off. It all depends on which type of loan is for you. Some may prefer installment loans because the monthly payments are not as high as loans that require a quicker payoff. Other than that, there are fixed interest rate loans that are self-explanatory in that your interest rate and payment remain the same throughout the life of the loan.

Wedding car with plate "just married".

How Wedding Loans Work

As you researched the various loans in the market which you can easily find online and by calling different financial institutions, you will see how these different loans work. The repayments start shortly after receiving the money. Upon being approved for the loan, it is disbursed as a lump sum via direct deposit in your bank account or via a check. Your income, credit score, and other factors determine your interest rates. Also, some loans typically have terms of 36 months, but some loans possess terms that last up to 84 months.

Upon researching and weighing the pros and cons of wedding loans, some realize that taking out a loan for a wedding is not a good idea. These people saw that putting wedding expenses on a credit card is their best bet. There are pros and cons to credit cards as well. Once again, it just depends on all the factors already mentioned.

You can also determine whether you can deal with the disadvantages for a bigger budget for that special big day. Another way you can see the pros and cons of wedding loans is by talking to your partner. Any major decision must be made between you and your spouse-to-be anyway to cut down on a potential strain in your marriage.

Another thing you can do is to prioritize and list your life goals. Doing this will give you a clearer view of where a dream wedding will be in comparison to being free from debt.

Otherwise, things to do include reading various wedding finance articles and talking to family and friends who paid for their weddings using different methods. You can also learn from your loved ones’ mistakes by getting a loan or certain types of loans.

Wedding loans are just personal loans that you decide to use for wedding expenses. Your credit score is the major factor used for approval. Also, these loans are not secured; thus, you can't use your home as collateral.

Pros and Cons of Wedding Loans for Bad Credit

Additional bad credit loans for wedding expenses pros consist of these loans being easier to obtain, usually have better interest rates than bad credit cards, and lenders usually respond faster. The additional wedding finance cons for these loans include the following: Additional loan repayment with your current debt load and interest rates are higher than other personal loans. With all this in mind, you must take into consideration all the ramifications in obtaining these loans.

These loans are also personal loans that you choose for wedding expenses, but they approve people who have bad credit. The pros and cons of wedding loans for bad credit simply mean you could pay more for the loan. Having a spotty employment record or a poor credit score generally isn’t attractive to lenders. However, some lenders will approve even with bad credit.

These loans generally have the same pros and cons as other personal loans. Additional bad credit loans for wedding expenses pros consist of these loans being easier to obtain, usually have better interest rates than bad credit cards, and lenders usually respond faster.

The additional wedding finance cons for these loans include the following: There will be additional loan repayment with your current debt load, and interest rates are higher than other personal loans. With all this in mind, you must take into consideration all the ramifications in obtaining these loans. If you don’t you can gain much headache and stress instead of building a life together and happily with your mate.

Credit Card vs. Wedding Loan

As mentioned before, there are pros and cons to credit cards as well. The pros include using what is needed, no interest promotions, online access, and the opportunity of the balance transfer consolidation. The cons include additional fees, high APR, a high credit score for the best offers, and separate fees and interest on cash back.

We’ve written about wedding loans vs. credit cards and the short answer is it depends on your situation. Credit cards usually carry higher APRs, but they can be used for one-off purchases. Credit cards also work as a revolving line of credit.

On the other hand, wedding loans have predictable installment payments, but you’re tied to that payment schedule for the most part.

How can I Afford a Wedding Without Debt?

You most likely can have a dream wedding without incurring debt. It takes careful planning and preparation. Obviously, you wouldn’t need to worry about the pros and cons of wedding loans if you didn’t finance your big day. Thus, the following includes ways to obtain a spectacular wedding without breaking the bank:

  1. Start Saving Ahead of Time
  2. Set a Budget and Stick to it
  3. Talk to Family
  4. DIY
  5. Prioritize
  6. Shop Around
  7. Throw an Off-Season Wedding

Best Ways to Save Money on Your Wedding

After doing your research, asking around, and saving, you now can decide the best ways to save on your wedding. You must start with a budget. By making a list and prioritizing, you can determine how much you can afford, and what you want to spend. You must list your wedding needs. You must determine your must-haves. Do this by starting on what you need to wear and what place you will have your wedding. You may also need a friend or a particular family member to tie the knot. Also, a church or other religious body is needed to perform the ceremony.

Once you wrote down your necessities, you can start listing your wants for the wedding. This could be food, music flowers, a venue, and decorations. Write down all your wants without holding back. You can cross off your lists later if you must. You then must prioritize your list of needs and wants for your wedding. Rank each item to determine which is most important to the least important.

Afterward, you must think and probably Google to start figuring the price for each item on your list. Once you have gotten the estimated costs, add all the costs together. If the total is more or less than your budget you can adjust accordingly to what is the next most important and what is least important on your list.

Final Thoughts

After doing your research, asking around, and saving, you now can decide the best ways to save on your wedding. You must start with a budget. With making a list and prioritizing, you can determine how much you can afford, and what you want to spend. You must list your wedding needs. You must determine your must-haves. Do this by starting on what you need to wear and what place you will have your wedding. You may also need a friend or a particular family member to tie the knot. Also, a church or other religious body is needed to perform the ceremony.

Otherwise, you most likely can have a dream wedding without incurring debt which takes careful planning and preparation. There are other alternatives to get that amazing wedding without taking out a loan or paying with a credit card. Perhaps, you can get a smaller loan, if needed, after you cut down on your costs the very best you can. The bottom line is there are various ways to have a dream wedding regardless if you need a personal loan or not. And furthermore, if you must use a personal loan or use a credit card, you don’t have to incur that much debt if you play your cards right.


Are Wedding Loans Worth It? Couples say, I do.

The best way to determine if a wedding loan is right for you is to take the time to learn about wedding finance and all the options available. Reading up on the pros and cons of loans for wedding expenses is a great way to start.

In the U.S., the average cost of a wedding for 2021 is between $22,000 and $25,000. If you’re a planner, you may be one of the few who’s been saving for this major life event for years but many are not so well-situated. If you’re one who doesn’t have healthy savings account earmarked for this purpose, you may be considering a wedding loan. When you’re considering financing your wedding, you are probably asking “are wedding loans worth it”?

I’ll answer that question in full detail below. Before I do, I think it’s important to define wedding loans first.

What Are Wedding Loans?

If you’ve never heard of a wedding loan, you’re not alone. Wedding loans are actually just personal loans used to pay for a wedding. You don’t need to prove you’re getting married to get one, and you can spend any money left over after paying for the big day on whatever you like. (Did someone say honeymoon?) The amount you can borrow, and the interest rate you’ll pay, will be based on your credit score and debt-to-income ratio. If you can’t qualify on your own, you may be able to use a cosigner.

Are Loans for Wedding a Good Idea?

Is taking out a wedding loan a smart thing to do? Put another way, are wedding loans worth it? It depends. While it’s always better to pay cash if you can, weddings can cost more than many couples have on hand. If you are going to borrow, research your options. A wedding loan instead of a credit card may be a better choice, but there are pros and cons of both. Interest rates on credit cards are often higher than those on personal loans.

On the other hand, if you can put your wedding expenses on a credit card with an introductory interest rate of 0% – and pay the debt off quickly, before the rate goes up – that may make more sense.

There are different types of wedding loans. Do your research to determine which type makes the most sense for you:

Unsecured Loans

Unsecured loans don’t require collateral, which means you’re not at risk of losing your property if something happens and you can’t repay the loan.

Short-term Loans

Short-term loans are just what they sound like: loans you must repay more quickly than others. With these, you are paying interest for a shorter amount of time, and putting the debt behind you faster, than with other types of loans.

Loans with Fixed Interest

Fixed interest rate loans give you the security of knowing what your payment, and interest rate, will be for the life of the loan.

The internet is a great resource for information about wedding loans. You can even research lenders and apply for loans online. Loanry is one of the best places where you can look for loans.

Pros of Wedding Loans

Are wedding loans worth it? Consider the positives of wedding loans:

  1. Less burden on a family. If relatives feel responsible for helping you pay for your wedding, a wedding loan may take some of the pressure off them.
  2. Less burden on you while you plan your wedding. You can use the loan money to book a venue, caterers, and even honeymoon travel. You can shop for a dress, decorations, the cake – without worrying as much about cost. The freedom a wedding loan gives you during the planning phase can certainly make the process more fun.
  3. Possibly lower interest rates. In many cases, wedding loans come at lower interest rates than credit cards.
  4. A fabulous wedding. The additional money a wedding loan gives you allows you to do more to make it exactly the way you want. Whether this means better food, a more elegant venue, more guests or something else completely, is up to you.

Cons of Wedding Loans

Are wedding loans worth it? Suddenly having enough in your pocket to create your dream wedding may feel like, well, a dream come true. But before you sign on the dotted line, be sure to consider the negatives:

  1. It’s debt, incurred at the start of your marriage. Debt can put a strain on a couple, and you may not want to begin your life together with that burden.
  2. You may need to put other plans on hold. Starting your life together with wedding debt may force you to delay things like buying a home or traveling.
  3. A higher cost wedding. Because you will pay interest on your loan, you will end up paying more for your wedding than if you had paid for it out of pocket.

To answer the question, “Are wedding loans worth it?” ask yourself if you are willing to accept these downsides in order to have a bigger budget for your big day.

The Verdict – Are Wedding Loans Worth It?

This is a very personal question. The answer depends on what is most important to you, in the grand scheme of things. If a lavish wedding ranks high on your list and you can’t afford to pay for it up-front, you may very well decide to say “I do” to a wedding loan. Though we can’t answer the question “Are wedding loans worth it?” for you, we can offer some suggestions. For starters, if you’re wondering if you should finance a wedding, try doing the following:

  1. Talk to your partner. Ask them the question, “Are wedding loans worth it?” If, like you, they don’t know the answer, do the rest of these steps together!
  2. List and prioritize your life goals. See where a dream wedding falls in comparison to being debt-free.
  3. Talk to friends and family who’ve paid for their weddings in different ways.
  4. Read a variety of articles about wedding finance.
  5. Research lenders and loans.
  6. Consider your credit score and options it gives you
  7. Make a budget to see whether you can save for a wedding instead of financing it

The more you learn about wedding finance and wedding loans, the better position you will be in to answer the question, “Are wedding loans worth it?”

Why Would a Couple Take Out a Wedding Loan?

Everyone of course has their own reasons. But we all want our wedding to be perfect. And that costs. Weddings can be one of the more expensive events in a person’s life.

According to a recent survey conducted by the credit check company ClearScore, 31 is the age at which people, on average, spend the most money – and the largest expense of the year is their wedding! When you consider that people take out loans for major expenses, such as buying a home or paying for college, it seems logical they might think of taking out a loan for a wedding as well.

The website Student Loan Hero surveyed 1,000 people planning to marry within the next 12 months. They found a whopping 74% planned to incur debt to pay for the nuptials.

Based on those statistics, you are hardly alone in asking are wedding loans worth it.

What Happens When a Couple Takes out a Wedding Loan?

So what happens after I am approved for one? Wedding loan terms vary by lender, but loan funds are typically disbursed as one lump sum, via a check or direct deposit into your bank account. Repayment usually begins shortly after you receive the money.

Interest rates vary based on your credit score and other factors. Your regular loan payment will be determined by the principal, interest rate and loan term. Loan terms vary. A term of 36 months is typical but some loans have terms as long as 84 months.

Best Ways to Save Money on Your Wedding

After doing your research and thinking about your priorities, you may find yourself answering “No” to the question “Are wedding loans worth it?” If so, know that it is possible to save money on your wedding with any budget. Sure, a $100 wedding will look very different from a $50,000 wedding but both will result in a married couple! The internet abounds with sites that offer creative ideas for reducing the cost of your wedding. Google away and get inspired!

Begin with a Budget
  1. The first thing to do is make a budget. How much can you afford to spend? What do you want to spend?
  2. List your wedding necessities. What are absolute must-haves? To start, you will need to wear something and you will need to have your wedding somewhere so clothes and a place. Other necessities vary from person to person. For example, you may need a particular family member or friend to be there when you tie the knot, while your significant other might need a representative of a church or other religious body to perform the ceremony.
  3. Once you’ve written down your necessities, start listing the things you’d like your wedding to have. This may include things like food, flowers, music, decorations, and a venue. Don’t hold back. You can always cross things off later, if you have to.
  4. Next, prioritize your list of wedding needs and wants. Rank each item from most important to least.
  5. Now put your thinking cap on (and maybe do a bit of googling) and start figuring out how much each item on your list might cost. Again, don’t hold back. If there’s a dress you’ve got your eye on and it’s $1,000, go ahead and write that down.
  6. Once you’ve got an estimate next to each item, add them all up.
  7. Is your total more or less than your budgeted amount?
  8. If it’s more, look at each item on your list and thinking of creative ways to spend less. Identify the items you’re willing to do without, if necessary in order to spend a bit more on something that’s more important to you.
  9. Keep doing this until the total you plan to spend matches the total you want to, or can, spend.

This sounds simple, and it is. Simple, but not easy. At the same time, this process can be fun because it forces you to be creative. They say necessity is the mother of invention. If you’re determined to stick to your budget, chances are you will come up with some fantastic ideas you wouldn’t have otherwise!

Piggy bank, people figures and label tag written with wedding budget.
Wedding Savings Success

Many couples who have done their weddings “on the cheap” remember the day as a special one filled with personality, if not a lot of frills.

One couple who had a budget of $3,000 and managed to stick to it remembers their wedding fondly.

We tried to keep it small, but our guest list just kept getting longer and longer. Every time we thought we had everyone, we would think of someone else w just had to invite! We ended up with about 80 guests.

As their guest list grew, they realized that most of their budget would need to go to food and beverages. Which meant there wasn’t much left for venue, clothing and music. Fortunately, the bride’s grandparents’ home had a large backyard, and they were willing to host. The bride found a wedding dress she loved for only $200 at a discount bridal shop, and the groom rented a tuxedo. Rather than a live band, they asked a teenage relative to play DJ and he was thrilled to oblige!

“Our wedding was so informal, the focus was really on the people that were there, and everyone enjoying each other’s company,” the bride said years later. “For us, it was perfect.”


Your wedding is perhaps the most personal event you will ever plan and pay for. It is truly all about you and your betrothed, and what is most important to both of you. Are wedding loans worth it? Only you and your soon-to-be spouse can decide. The good news is there are plenty of resources to help you figure it out. So grab your partner, fire up your computer, and sharpen your pencils! And, hopefully, by doing this exercise together, you will come to know each other better and love each other more.


Taking out a Loan for a Wedding: Diamonds to Debt

While weddings can be done at reasonable costs, many are extremely expensive. Since the day of marriage is one of the – if not THE – biggest days of your life, it’s no wonder that you want it to have all of the trappings. A great dress or suit, the perfect venue, top-tier decorations and catering…it all adds up to a significant sum. If long-distance travel is involved, costs go even higher. Because of this, it’s no wonder if you’ve considered taking out a loan for a wedding or for travel finance.

Before taking out any loan, you should always consider whether it’s a good idea in the long term. Many say that you actually should not get loans for wedding expenses. The Balance explains that the biggest issue of contention in a relationship is money, and that starting out your new life with a pile of debt can bring unnecessary friction. They suggest having a smaller wedding celebration and using the money that would have gone to loan payments for other options. The loan payment money could go to things like saving up for your first house, retirement, or investments.

What is a Wedding Loan?

In almost all cases, a wedding loan is just a personal loan that you’ve decided to use to pay for wedding expenses. It is unsecured, so you can’t lose your house if you don’t pay it back. Legally speaking, the term “wedding loan” is just a colloquialism.

As with other personal loans, your credit score is the main determining factor for approval. Your employment history will typically factor in, as well. If you’re unemployed, lenders are unlikely to be interested in financing your plans.

Should You Take Out a Personal Loan for Your Wedding?

Though some advisers are against the idea, others say that there are pros and cons to the idea of wedding finance. The goal is always to find ways to save money on your wedding rather then borrow it for the big day. Pros of taking out a loan for a wedding include:

  • It’s easy to get a loan if you have a good credit score and stable income
  • Interest rates are typically lower than that of credit cards
  • It usually just takes a bit of paperwork to get the loan
  • You’ll be able to pay for a bigger or more extravagant wedding

There are, however, some cons to keep in mind:

  • It can be hard to start a marriage with more debt
  • If you already have a lot of debt, the new payments can seriously pinch your finances
  • Interest makes it so you have to pay back much more than you borrowed
  • Those with bad credit will have to pay much more interest

Other Options to Consider

Farm Bureau Financial Services says that there are several other options to consider. These include saving up over a longer engagement, creating a wedding budget to stop feature creep, downsizing your guest list, and shopping around. It's always a good idea to shop around anyway, but if you're trying to avoid taking out a loan for a wedding, you may need to do more of it.

Are Wedding Loans Worth It?

Only you know if taking out a loan for a wedding will be worth it. That’s because you know your finances, employment status, and your own tolerance to debt. For a wedding, be sure to talk to your partner as well. Even if you’re fine with the debt, there’ll be problems if he or she is against it.

With that in mind, the answer is, as they say, a definite maybe. If you’ve spent your life dreaming of a big, flashy wedding, you’ll be disappointed with a small one. You surely intend on your wedding to be a one-time event, so it can be worth it to make it extravagant.

On the other hand, if you loathe having to pay bills, it makes sense to avoid adding one to the pile. The same is true if you know that you’re likely to have periods of unemployment or underemployment. Then, it’ll be worth it to save up so you can avoid the stress.

Wedding decoration

Can You get a Personal Loan for an Engagement Ring?

Engagement rings are typically more affordable than wedding rings, but they can still be expensive. Because of this, the idea of taking out a loan for one may come to mind.

The short answer to this is “yes.” You can take out a personal loan for pretty much any legal purchase. As with a wedding loan, the approval will depend on your credit history and employment status.

In 2021, the average cost of an engagement ring was between $4,700 – $5,600

Whether you should borrow money for an engagement ring depends on the same factors as taking out a loan for a wedding. It’s always a good idea to consider alternatives to loans. Note that you should also look for ways to keep the cost of your engagement ring down, such as shopping online.

Most popular diamond shapes

Banks that Offer Wedding Loans

Since a wedding loan is a personal loan, you can get one at almost any full-service bank. Banks often do not advertise them as “wedding loans,” but if their underlying product is a personal loan with no real limitation on use, you can get one for your wedding.

According to Student Loan Hero, there are several online banks that can provide the needed funding. These include Prosper, Earnest, and LightStream. Loanry is another excellent source for all types of funding needs that include helping you find a lender.


Taking out a loan for a wedding is quite common, to the point that some financial institutions specifically list this purpose in their “reason for loan” drop-downs. As we have discussed, there are benefits and drawbacks to this solution. They can allow you to have a bigger or more extravagant wedding without the need to save up. On the other hand, they are debt, and debt of any sort involves interest and repayment.

Whether taking out a loan for a wedding is right for you depends on whether you are more attracted to the idea of the fancy wedding or to being debt-free. Think wisely before making your choice, and you should be satisfied with the results either way.


Everything You Need to Know to Save Money on Your Wedding

You can have the wedding of your dreams without breaking the budget. But you’re going to have to plan ahead to do so. The strategies below can help you save money on your wedding without sacrificing everything you’ve dreamed of. You can shop around, compare costs, and downsize these things to stretch your budget further, though.

How Much Money Do You Need to Save for a Wedding?

The Knot Real Wedding Study for 2021 revealed telling information about the costs of weddings with the average wedding ringing in at nearly $22,500 (without the honeymoon) and the average “per guest” spend coming in at $307. The good news is that your wedding doesn’t need to be nearly as extravagant as these weddings for you to have an amazing experience your friends and family (not to mention the two of you) will cherish for many years to come.

The key is to decide on a budget and create the best possible wedding within those budgetary constraints. The last thing you want to do is create the wedding of your dreams that becomes a financial albatross as you are beginning your new lives as husband and wife.

How to Save for a Wedding in a Year?

It’s quite possible to save for a wedding in one year’s time – as long as you’ve created a budget that works with your goals and expectations. Obviously, if your dream wedding costs more than your annual income, you’re going to have to make some adjustments.

The Knot recommends using simple math to plan your wedding budget. If your goal is to spend $20,000 for your wedding and you plan to get married in one year, then you need to save $1,700 per month to make it work.

If you can’t manage to save that much, look for big ticket items you can eliminate from the budget or extend the amount of time you plan to save for your wedding.

What kinds of things can you eliminate from your budget? Consider the following:

  • Switch wedding venues
  • Create a smaller guest list
  • Reduce the size of your bridal party
  • Slim down the menu

Any of these things can help you save more effectively for your wedding by reducing the overall costs of it.

Wedding Budget

How do I Save Money on My Wedding Cake?

While you are working out ways to cut costs on your wedding, the last thing you want to do is go broke on your wedding cake. Consider these recommendations from Wedding Wire to keep the costs of your wedding cake under control:

  • Ditch elaborate cake designs. The bride should be the prettiest thing in the building after all. Plus, something simple is sometimes supremely elegant
  • Go with slimmer slices. This helps stretch your cake and your budget further without stretching as many waistlines in the process
  • Choose a small, tiered display cake and a larger sheet cake to serve your guests. The best part is they’ll never know the difference

Little tricks like these can help you save big on your big day. This will either leave more money in your budget for a honeymoon or help you develop life-long habits for saving money and stretching dollars.


is the average honeymoon costs.

How do I Save Money on My Wedding Dress?

There are plenty of things you can do to save huge amounts of money when buying a wedding dress. These are just a few options available to you from low costs (as low as the costs of slight alterations) to moderate costs:

  • Borrow from a family member of similar size. It might not be your first choice, though in some families it’s a tradition. With the average costs of a wedding dress above the $1,500 mark, it’s a good tradition to start
  • Shop vintage and second hand. There are some wedding shops that specialize in second-hand wedding gowns. Not only is it budget-friendly, it is also planet-friendly
  • Buy last year’s designs. This is one of the more expensive options for cutting costs, but it is highly effective and can save you hundreds of dollars, if not more

There is always the option of borrowing money for your dress or asking for your mother to help pay for it as a wedding gift to you since wedding finance is no laughing matter.

Wedding setup.

How Can I Save Money on My Wedding Venue?

There are many ways you can save on your wedding venue. One thing to consider is whether you need a specific venue hot spot or if you have a friend or relative that will allow you to celebrate your big day on their property. This eliminates the venue fees freeing up precious funds for other things.

However, you can save big on your venue by thinking outside the box. For instance, The Knot Real Wedding Study reports that fall and summer are the most common times of year for weddings, accounting for 37 percent each, of all weddings Saturday is the most popular day of the week for weddings. This means you can save money on your favorite venues by getting married in winter or spring and planning your wedding for a day other than Saturday.

Wedding Photographer Cost

An average wedding photography prices vary from $2,500 to $5,000.

How to Pay for a Wedding with No Money?

For starters, keep your wedding small. It’s hard to plan a big event when you have little to no extra money in the budget. This might be a case where you opt for a small civil or religious ceremony, and then consider a less formal party or event to celebrate with your friends and family. Offbeat Bride suggests you can have a low budget wedding with as little as $100. It might not be the day of your dream, but the important thing is that you’re marrying the spouse of your dreams.

Another thing you can do to is to ask for help. Explain to friends and family members that you’re trying to save for your wedding. Ask that they consider donating to your wedding fund in lieu of Christmas, birthday, and other annual gifts.

Thinking about taking out a loan for a wedding? You’re not alone. Many couples consider getting wedding finance help in the form of personal loans and other finance options. Some opt to pay for weddings out of pocket and seek travel finance help to fund dream honeymoons once the main event is over.


Financing a wedding is hard work. Our goal is to help you understand your loan options ahead of your big day. Contact us to learn more about the services we provide and the many ways we can help you manage credit, taxes, and more to get your financial affairs in order as you begin your new lives together.