wedding places, seats for guests

Wedding Loans: Everything Couples Need To Know

Apply for a
Personal Loan

Apply online with Rocket LoansSM and see prequalified offers within seconds. Same-day funding is available if you're approved.

Explore your mortgage options

NMLS #3030

*Connect with a mortgage specialist

We teamed up with Rocket Mortgage to help you get house-hunting sooner. Answer a few questions and an agent will reach out to discuss your options.

Get Started by selecting an option below

What kind of loan are you interested in?

What to expect

Tell us what you need and a representative from Rocket Mortgage will give you a call. You’ll have support at every step.

What kind of property do you want to purchase? What kind of property do you own?

Why we’re asking

Rocket Mortgage® can provide a more accurate rate estimate if they know what kind of property you’re interested in.

NMLS #3030
How do you use your property? How would you use this property?

Why we’re asking

Having a little more information upfront helps Rocket Mortgage® provide a personalized rate faster.

NMLS #3030
When are you planning to buy?

Still House Hunting?

Hope you find your dream home soon! In the meantime, it’s never too early to know your rate.

NMLS #3030
Are you a first-time home buyer?

It’s all good:

Whether it’s your first – or second property – Rocket Mortgage® can provide you with a rate estimate.

NMLS #3030
Do you have a second mortgage?

It’s all good

If you have a second mortgage, it’s no problem. Letting us know helps to customize your rate.

NMLS #3030
What is your credit score?

Don’t know your score?

Don’t sweat it! Make your best guess. Credit scores range from 300 (low) to 850 (excellent).

NMLS #3030

Tell us a bit more about you

What happens next?

A representative from Rocket Mortgage® will be in touch to discuss your commitment-free, personalized rate. Then you can decide whether you’d like to lock it in!

NMLS #3030

Enter your contact info so Rocket Mortgage® can get in touch!

By providing your contact information and clicking the "Agree & Send Information" button below, you agree to our Terms of Use and Privacy Policy. You also expressly consent by electronic signature to receive telephonic sales, promotional, marketing and other calls and text messages, including any calls and messages sent by any automated system or other means for the selection or dialing of telephone numbers, or using an artificial or prerecorded voice message when a connection is completed, from Rocket Mortgage, its Family of Companies, our partner companies and our marketing partners at the telephone number you have provided, even if that telephone number is on a corporate, state, or national do-not-call list or registry. Your consent and agreement to receive such calls or text messages is not a condition of purchasing any property, goods or services from us, our Family of Companies or any of our partners.

NMLS #3030

The average wedding costs about $29,000.[1] To help cover expenses, more and more couples are considering wedding loans.

But what exactly are wedding loans? Is taking on debt to pay for a wedding really a good idea? We’ll answer those questions and more in this article.

See What a Personal Loan Can Do for You

Our partners at Rocket LoansSM are ready to help.
Checking your options won’t affect your credit score.

What Are Wedding Loans and How Do They Work?

Personal loans are one of the most flexible types of loans. They can be used for almost anything. Often, people refer to personal loans by what they’re used to pay for. This is where the term wedding loan comes from – it’s a personal loan used to pay for a wedding.

The term vacation loan uses the same logic. It’s simply a personal loan used to pay for a vacation.

The way these personal loans, or wedding loans, work is straightforward. The borrower applies for a loan with a lender, usually an unsecured personal loan (meaning no collateral is required). The lender reviews the application and decides whether or not to issue the loan.

If the loan gets approved, the borrower will receive the funds in a lump sum. Once they receive the funds, they can spend the money how they like, whether it’s on flowers, the venue or upgrading to a steak dinner for their guests.

After receiving the funds, the borrower will be responsible for paying the loan back via monthly payments. How much they’ll owe in interest and how long they’ll have to repay the loan will be laid out in the loan terms as part of the loan agreement.

Pros and Cons of Using a Personal Loan for a Wedding

Now that you know what a wedding loan is and how it works, should you get one? There’s no one-size-fits-all answer, so here are some pros and cons to consider.

Pros of wedding loans

Access to cash

Personal loans usually range from $2,000 to $45,000. That amount of money can make a significant difference in any wedding budget.

Fast approval

Personal loans can be approved quickly, sometimes in as little as one business day. If you’re in a crunch and the big day is approaching, a personal loan could get you help fast.


Personal loans can be used to pay for almost any expenses associated with the wedding, from the food to the dress to the venue. Whatever aspect of the wedding you’d like to upgrade, a personal loan can most likely help.

You could help your credit

If you make your monthly payments on time and in full, you can actually help your credit score in the long run.

[Personal Loan CTA]

Cons of wedding loans

Interest and fees

You’ll need to pay lender fees as part of the loan and you’ll also owe interest on your monthly payments. Personal loan interest rates are usually higher than other types of loans (like mortgages), so over the life of the loan, you could pay a significant amount in interest.

Taking on debt

Taking on a personal loan means taking on debt. In addition to having to pay the loan back, it will also affect your ability to qualify for other loans. How much debt you have is something lenders review. For example, if you are considering getting a mortgage to purchase a home, your personal loan debt could impact that application.

You could spend more

Sometimes, having money makes people more likely to spend it. You may find yourself upgrading things about the wedding you didn’t intend to, thereby spending more on the wedding than you planned simply because you have access to the funds.

You could hurt your credit

If you aren’t able to pay back the loan, you could do significant damage to your credit score. This could hamper your financial situation for years to come. If you plan to take out a personal loan, make sure you can pay it back.

What Do You Need To Qualify for a Wedding Loan?

Here are the main factors a lender will review when assessing whether or not you qualify for a personal loan.

Wedding loan requirements

Credit Score

This is one of the most important factors. Lenders will review your credit score, and most have minimum credit thresholds that you’ll need to hit in order to qualify. These vary by lender.

Debt-to-income ratio

Debt-to-income (DTI) ratio is a calculation that allows lenders to consider all of your monthly expenses weighed against how much you earn. The lower your DTI ratio is, the better. Usually, if you meet the credit score and DTI ratio lender standards, you’ll be issued the loan.


Some personal loans are secured loans, meaning that you’ll have to put up an asset, known as collateral, in order to qualify. Secured personal loans can come with higher values and better interest rates. For these loans, the nature of the asset you put up and its value will be considered as part of your loan application.

Alternatives To Wedding Loans

Personal loans aren’t the only way you can finance a wedding or stretch your dollar further. Here are some different options you should at least consider before committing to a wedding loan.

  • Credit cards: These usually have higher interest rates than personal loans, but some offer 0% intro annual percentage rate (APR) periods. That means if you can pay off the balance within that period, you’ll have essentially borrowed the money without paying extra for it.
  • Tapping into your home equity: If you and/or your partner own a home, you can borrow against the equity in the home through either a home equity loan or a home equity line of credit (HELOC). The process takes longer than getting a personal loan, but you can usually get better interest rates and access to higher loan values.
  • Cutting costs: We’re not saying you need to get married at the courthouse, but you can almost always find ways to scale back on expenses. A less glamorous big day could set you up for a stronger financial future.

Final Thoughts on Wedding Loans

Like almost any financial decision, wedding loans are about tradeoffs. They can be a fantastic tool to help you afford the wedding of your dreams; just understand that it will affect you in the future, and it’s important to prioritize repaying it.

Get Prequalified for Loans from $2,000 to $45,000

Rocket LoansSM offers personal loans from $2,000 – $45,000. From debt consolidation to unexpected expenses, we’ve got you covered.

Checking your options won’t affect your credit score.

The Short Version

  • The term “wedding loan” refers to a personal loan that is used to pay for a wedding
  • Pros of using a personal loan for a wedding include access to cash, fast approval and flexibility with what you can spend the money on
  • Credit cards, home equity loans and cutting expenses are some potential alternatives to taking out a wedding loan
Back to top of page

  1. Zola. “How Much Does the Average Wedding Cost in 2023?” Retrieved November 2023 from

You Should Also Check Out…

Our team of financial experts write, review and verify content for accuracy and clarity.