Personal loans for wedding expenses (2023)

Weddings are an exciting time for couples, families, and friends! However, along with those celebrations come expenses for the engaged couple. Depending on the type of wedding you are planning, you can be looking to pay thousands or even hundreds of thousands of dollars.

Most people may not have those kinds of funds and will need to look at financing to cover those costs. Personal loans are some of the most commonly used loan options available that you can use for almost any expense, including your wedding. Continue reading to learn about different wedding expenses, along with more about personal installment loans to finance your special day.

Different Types of Wedding Expenses That You Will Need To Pay For

If you haven’t been a part of wedding planning before, you may not be entirely sure about how much an average wedding costs and what items and services make up those costs. According to the Knot, the average cost for an American wedding in 2021 was $28,000. That does not include the cost of buying or financing a wedding ring for each partner! Depending on what you want, that average number can go up or down. To get an understanding of exactly how much your specific wedding is going to cost, it will be helpful to know about all the different things you will be paying for; here are a few with their average costs:

The Venue

The average cost of a wedding venue is $16,107. The venue will set the tone and ambiance of the wedding and can be one of the most memorable aspects of that day. And, of course, it needs to be big enough to fit the number of guests you invite. Venues also require deposits in most cases and are usually the first things couples look at so they can secure their date, so make sure you allocate your budget here first!

Food and Drinks

One of the highest wedding costs will be catering and drink costs. The average cost for catering per person is $71, while drinks cost an average of $2,300. Good food and drinks are other memorable aspects of a wedding; of course, you want your guests to enjoy both! If your friends and family have special dietary requirements, the costs for food can go up quite a bit and your guest list will be a significant factor in determining your wedding’s food cost.

(Video) How wedding loans work

Wedding Outfits

A huge part of wedding planning is finding the right outfits for both people. Except to pay anywhere around $2,000 to $4,000 for wedding attire. If you and your partner have expensive tastes, expect that to go up to a few thousand dollars—as some wedding dresses and tuxedos can cost thousands of dollars on their own.

Photography and Videography

You’ll want to have many pictures and videos to remember your special day! And so, hiring a professional photographer and sometimes a videographer is essential! The average cost for a photographer is $2,783, while a videographer’s cost averages around $1,995.

A Florist

Think about the last wedding you went to; one of the major decorations might have been the flowers, and you’ll probably want to have some too. Flower costs can range depending on color, theme, and abundance. The more flowers you want, the more your expenses will go up. The average florist cost for an American wedding is $2,534.


Centerpieces, lights, table and chair decorations, and other personalization are essential, especially for a themed wedding! And so, factor some of these costs into your wedding budget. You can expect to pay a few hundred up to a couple thousand dollars for wedding decorations.

The Wedding Cake

No wedding is complete without a wedding cake! Expect to pay $582 for a classic tiered wedding cake.

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Whether you decide on a DJ or live band, there will be costs to pay. Most couples end up paying an average of between $300 to $700 for all their wedding music costs.

Hair and Makeup

Everyone in the wedding party will want to look and feel their best. And so, hiring hair and makeup is recommended. Hiring a makeup artist and hair stylist will cost a few hundred dollars.

The Officiant

All weddings need an officiant service to make things official. Expect to pay around $200 for an officiant at your wedding ceremony.

Simple Ways To Cut Down on Wedding Expenses?

Trying to have your wedding on a budget? Here are some money saving and budgeting tips for couples planning to get married:

DIY and Thrifting Things

You can save a ton of money by doing things yourself and buying some items second-hand. Things like decorations, flower arrangements, and the wedding cake can all be done yourself or purchased as gently used.

(Video) Manage your wedding expenses with a Personal Loan with simple eligibility criteria

Have Your Wedding at Home

A wedding venue can cost thousands of dollars. And so, having your wedding at your home or another family member’s place can help you save that money or use it towards other wedding expenses. A backyard wedding can also feel cozier and more personal than an actual venue!

Rent Rather Than Buy and Ask About Hourly Services

You might be surprised at the different things you can rent rather than buy. But when it comes to weddings, you can rent all kinds of expensive stuff! For example, you can rent wedding clothes rather than buy them, saving you hundreds or even thousands of dollars. You should also consider booking services for a few hours rather than an entire day to save some cash!

More Information on Personal Loans for Wedding Expenses?

Personal loans can be a great way to pay for your wedding. A standard personal loan is a type of loan product with fixed monthly payments. You can find personal loans at a bank, credit union, with private lenders, and online lenders in any state. Below, you will find more details about these loan options:

Personal Loan Approval

Personal loan approval will be based on a few different criteria. Your credit score, credit history, income, and ability to pay the loan will all determine approval. There will be a soft credit inquiry for pre-approval and a hard inquiry for final credit approval.

Amounts and Interest Rates for Personal Loans

Depending on the lender, personal loan amounts range between a few hundred to thousands of dollars. Remember that even if you are approved, you never have to borrow more than the minimum loan amount you need. Interest rates for personal loans are highly competitive; they usually range from 3% to 30%. Your specific interest rate will depend on your credit score, income, and ability to repay the loan.

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The higher your credit score and income, the more loan amount you can be approved for. And so, with an excellent credit score, you can look forward to a great deal and approval for a significant amount. On the other hand, if you don’t meet the minimum credit score requirements for a personal loan, you can add a cosigner or co-borrower.

Documents Needed for a Personal Loan

When you apply for a personal loan, you will need to have some documents with you:

  • A driver’s license or a government-issued ID
  • Proof of income (pay stubs, bank statements. etc.)
  • Proof of residency (mail, bank statements, lease agreement, etc.)
  • Some lenders require references

Secured vs. Unsecured Personal Loans

Although a standard personal loan is unsecured, secured loan options are available. An unsecured personal loan does not require an asset, while a secured loan uses an asset as collateral. This asset can be anything of value a lender accepts, like jewelry or a car. If you have poor credit and need a large loan amount, adding an asset to your loan can increase your chances of approval.

Fixed Rate Loan vs. Variable Loan

Standard personal loans come with fixed interest rates, meaning their monthly payments will stay the same throughout repayment. While variable interest rates can change throughout repayment depending on market trends. With varying interest, you could save money, but there is also the risk of paying more for your loan.

Repayment for Personal Loans

Generally, repayment for a personal loan will start after 30 days of getting your loan proceeds— whether they are deposited in your bank account, mailed as a check, or picked up in-person. So, don’t forget about your debt payment obligations even if you are on your honeymoon!

(Video) How Do wedding loans work? The Money Show

Most loan terms will have one monthly payment that is due on the same day each month. Before you pay your loan early, double-check your personal loan agreement for a prepayment penalty. As not all personal loans feature repayment terms that have flexibility for early payments. Once you start repaying your personal loan, it is crucial to make your payments on time, as late payments will come with fees and can hurt your credit scores.

Why Personal Loans as Your Wedding Loan?

Wondering why personal loans are the best wedding loans? Personal loans are flexible with loan terms, a variety of loan amounts, and come with highly competitive interest rates. With an affordable and manageable monthly payment, repaying your personal loan after your wedding can be stress-free.

Wedding Ceremony Music Cost Guide | WeddingWire
How Much Does a Wedding Cost on Average (With Breakdown)? – The Street
Here’s How Much the Average Couple Spends on Alcohol for Their Wedding
This Was the Average Cost of a Wedding in 2021


Personal loans for wedding expenses? ›

Yes, personal loans can be used for wedding financing — and for financing any of life's big events. Because you can choose both your repayment term and your loan amount, from $2,500 to $40,000, a personal loan can cover wedding costs now while you get fixed monthly payments that work with your budget.

Can you get personal loans for weddings? ›

Yes, personal loans can be used for wedding financing — and for financing any of life's big events. Because you can choose both your repayment term and your loan amount, from $2,500 to $40,000, a personal loan can cover wedding costs now while you get fixed monthly payments that work with your budget.

How much of a loan can I get for a wedding? ›

While loan amounts vary by lender, offers can range from $1,500 to $100,000. Just keep in mind that the loan amount you qualify for can depend on many factors, including your credit.

What is the best way to finance a wedding? ›

How to finance a wedding
  1. Boost your credit score. Pay down debt and keep on top of any bill payments. ...
  2. Rate shop lenders. Look for the best interest rates and loan terms. ...
  3. Read the fine print. Carefully study the conditions of each lender's offer to make sure you're getting the best deal possible.
  4. Budget carefully.
Feb 18, 2023

How do most people pay for their wedding? ›

Keep in mind that, on average, couples pay for about 47% of all wedding costs, with nearly half of them reporting paying for their wedding from savings. If your family is contributing to any of your wedding expenses, you won't need to save the full amount the day will cost.

What is a wedding loan? ›

You'll repay the cost of the wedding in fixed monthly payments over a set period of time. Paying for your own wedding gives you more control over your big day. Some lenders offer zero fees on their wedding loans. Cons. You'll pay interest on your wedding expenses.

Can I ask for cash for my wedding? ›

There's no rule that says you can't ask for money as a wedding gift. It may feel like a wedding faux pas, but these days there's no need to stick with tradition when it comes to your big day. Communicating your wishes and desires is never a bad thing — after all, it's your celebration.

Is $10,000 enough for a wedding? ›

Yes, You Can Have a Wedding for $10,000 or Less... Here's Your Wedding Budget Breakdown: Your $10,000 wedding budget breakdown begins with a written plan for stretching your funds as far as possible. The following areas included in your wedding budget will give you a clear picture when allocating your wedding expenses.

Is $30,000 a lot for a wedding? ›

In a 2022 survey of 12,000 couples across the country, The Knot found the national average for a wedding is $30,000. However, the average in many individual states is much higher, with New York and Massachusetts topping out at $46,000 for the big day. “You can set a budget, but if it's completely unrealistic…

Is $5,000 enough for a wedding? ›

If you've started to look at venues, you've probably already realized that $5K is a small wedding budget. You'll need to cut expenses and do some DIY, but if you're committed, you can definitely plan a great wedding under 5000.

How can I pay for my wedding if I have no savings? ›

How to Pay for a Wedding with No Money
  1. Get a personal loan. Depending on the lender, you'll be able to borrow from $1,000 to $100,000 for wedding expenses (or pretty much anything else). ...
  2. Take out a home equity loan. ...
  3. Use credit cards. ...
  4. Have a simple wedding. ...
  5. Ask family for help. ...
  6. Ask guests for money. ...
  7. Crowdfund. ...
  8. Enter a contest.
Jan 30, 2023

What is a good amount to save for a wedding? ›

Wedding costs in 2022

The average wedding held in 2022, including both the ceremony and reception, cost $30,000, according to The Knot. That's the most couples have spent since 2018 ($33,931), before COVID-19. It's also $2,000 more than the 2021 average, which totaled $28,000 for the ceremony and reception.

How much should I save monthly for a wedding? ›

If you have an overall budget of $30,000 and 10 months until you plan to get married, for example, you'd need to save $3,000 a month to hit your goal, assuming you have not put aside anything for your wedding yet.

Is $100 too cheap for wedding? ›

They suggest the following breakdown: coworkers or distant relatives should spend 50 to 75 dollars. Friends or relatives, 75 to 100 dollars. For close friends, family, or if you are in the wedding party, you should spend 100 to 150 dollars—or more.

How much do most parents pay for a wedding? ›

According to the WeddingWire Newlywed Report, parents pay for 52% of wedding expenses, while the couple pays for 47% (the remaining 1% is paid for by other loved ones)—so parents are still paying for a majority of the wedding, though couples are chipping in fairly significantly.

What does a groom's parents pay for? ›

As a guide, here's a list of the expenses traditionally covered by the parents of the groom: the wedding rings, officiant's fee, marriage license, the bride's bouquet, boutonnieres and corsages for the immediate family, music (band/DJ), liquor at the reception and the honeymoon.

Should I go into debt for my wedding? ›

Unless you're getting financial support from family or have lots of personal savings, going into wedding debt isn't out of the question. Borrowing money may seem like the only solution to fund your nuptials, but is it a good idea to spend more than you can afford? According to financial experts, the short answer is no.

Do people pay for weddings on credit? ›

And financing a wedding can be a matter of uncertainty for some people, but there are a few options available. Some couples may opt for a personal wedding loan to fund their big day, while others may rely on credit cards, savings, or monetary gifts to pay expenses.

How long are wedding loans? ›

Wedding loans offer repayment terms that allow for long-term financing (typically between two and seven years).

What do you call a cash fund for a wedding? ›

Honeymoon Funds 101

A honeymoon fund works very similarly to a wedding registry, except instead of giving gifts, wedding guests gift cash. Honeymoon funds are so popular that sometimes couples will explicitly ask wedding guests for honeymoon cash in lieu of traditional wedding gifts.

Is $100 cash a good wedding gift? ›

The average wedding gift amount hovers right around $100, which is a great place to start, and you can increase or decrease that based on how close you are.

How do you word a cash fund for a wedding? ›

For example, if you would prefer cash gifts, you might say something like, “We would be thrilled to receive monetary contributions towards our future together.” If you're hoping for more traditional gifts, you might say, “We can't wait to start our lives together and are grateful for any gifts that help us do so.”

Is $20,000 too much for a wedding? ›

What we found is that the median budget for those planning a wedding is $20,000. Of course, a lot of different factors go into budgeting for a wedding, including where you live, who will be contributing, how many people you plan to invite, et cetera.

Is $40000 a lot for a wedding? ›

Zola, the online wedding registry and planner, surveyed thousands of engaged couples who planned to marry this year. It found that 27% of couples in 2022 budgeted between $10,000 and $20,000 for their big day, and 31% budgeted between $20,000 and $40,000.

Is $15000 a lot for a wedding? ›

If your budget is $15,000, you can still have an amazing wedding. With a $15,000 budget, the key is to keep the guest list to 50 people or fewer. Other ways to keep costs within your budget include sending invitations through email or choosing a venue's buffet package rather than a plated dinner.

Is 100 guests a lot for a wedding? ›

These numbers may vary a little depending on who you're speaking with, but a small wedding typically includes 50 people or under, a medium wedding has a guest list of anywhere from 50-150 guests, and a large wedding has over 150 attendees.

Is $400 too much for a wedding gift? ›

That all depends on whether the gift is off the registry, an experience, or cash. Upon consulting the experts, a wedding gift should range from $75 to $750—but most agree that $300+ is the sweet spot.

How to budget for a 20 000 wedding? ›

$20,000 Wedding Budget Breakdown
  1. Ceremony: $600.
  2. Reception, venue, catering, and rentals: $9000.
  3. Photography and/or videography: $2400.
  4. Reception music/entertainment: $2000.
  5. Wedding rings: $400.
  6. Wedding attire: $1800.
  7. Flowers & decor: $2000.
  8. Stationery: $600.
Dec 14, 2022

What is considered a small budget for a wedding? ›

If you have a very limited budget, the easiest way to stay within your financial comfort zone is to limit your guest list. For traditional weddings with a ceremony and dinner reception, most of my clients are spending between $500-$700 per person (on top of a fixed cost of $10k for an estimated elopement).

What is a budget for 100 guest wedding? ›

A 100 person wedding costs between $20,000 – $30,000.

This cost can be found by comparing it to the average cost of a wedding in the United States (which is slightly above $30,000 for 125 guests) and by using the Loud Bride Wedding Budget Calculator which estimates the cost to be $20,000 for the basics for 100 people.

How much should I save for a 100 person wedding? ›

Most receptions for 100 people cost between $6,000 - $12,000, with $8,000 being the average cost. Here's a general estimate of what you can expect to pay for food, service/staffing, alcohol, and rentals for a wedding of this size.

Can I withdraw 401k for wedding? ›

For clients determined to finance their wedding, Slagle recommends a 401(k) loan. This loan lets you borrow money from yourself — in this case, your retirement savings — and comes with one of the lowest interest rates available, even if you have fair or bad credit.

How can I save money for my wedding fast? ›

How to Save for a Wedding
  1. Average Cost of a Wedding.
  2. Define Your Wedding Budget.
  3. Reduce Monthly Expenses.
  4. Increase Income With a Part-Time Job.
  5. Know When and How to Invest.
  6. Be Willing to Make Big Sacrifices.

How do you have a wedding without breaking the bank? ›

How to Throw the Wedding of your Dreams Without Breaking the Bank
  1. Agree on a financial vision for the wedding.
  2. Set a realistic budget.
  3. Give the guest list another look.
  4. Thinking differently can be a smart financial choice.
  5. Attention to detail can equal huge savings.
  6. Some things are worth spending money on.
Oct 12, 2021

What is the most expensive cost of a wedding? ›

What is the most expensive part of a wedding?
  • The Venue. The location of a wedding may make or break the budget. ...
  • Catering. Most wedding budgets are blown not just by the location but also by the caterer. ...
  • Photography and Videography. ...
  • Wedding Attire. ...
  • The Wedding Cake. ...
  • Flowers and Decorations.
Mar 7, 2023

Who usually pays for the wedding? ›

Traditionally, the bride's family pays for the wedding, but that custom is rapidly changing. Couples are increasingly choosing to handle at least half of the wedding expenses on their own. Early planning and a written budget can help avoid miscommunication when deciding who pays for what.

How much should a married couple have saved by 30? ›

By age 30 : Aim to have at least one year's combined salary saved in a retirement account by the time you and your spouse are 30 years old. By age 40 : Aim to have three times your combined salary in retirement savings by the time you and your spouse are 40 years old.

Is $200 enough for a wedding? ›

For acquaintances and coworkers, giving the couple a gift of $50 may be appropriate. However, if a guest is closer to them, they may want to aim for at least $75 to $100. If a guest has a close relationship with the couple, $200 is an excellent cash wedding gift amount.

How much money should I give my daughter for her wedding gift? ›


She offers these guidelines to wedding-goers wherever they might be: A distant relative or co-worker should give $75-$100; a friend or relative, $100-$125; a closer relative, up to $150.

How much do you give at a wedding 2023? ›

On average, guests in 2023 are spending around $100 per person on a wedding gift. When considering an appropriate amount to spend on the wedding gift, the main factors are your relationship with the couple, how fancy is the reception, and how many pre-wedding activities are you invited to.

Why is everything for weddings so expensive? ›

The main reason why weddings cost more is the huge amount of time each client takes up. As a wedding photographer, I am one of the first vendors to be booked, typically right after the venue. My relationship with the client begins when they are newly engaged and might last one or even two years.

What does mother of the bride pay for? ›

The bride's parents pay for the wedding dress. They also pay for any other elements of the bride's outfit, such as shoes, veil, hair accessories and jewellery. It's also the responsibility of the bride's mother to accompany her while dress shopping, and help her choose a gown.

What does the bride pay for? ›

Traditionally, the bride and her family are responsible for paying for all wedding planning expenses, the bride's attire, all floral arrangements, transportation on the wedding day, photo and video fees, travel and lodgings for the officiant if he comes from out of town, lodging for the bridesmaids (if you have offered ...

Who pays for the honeymoon? ›

Who Typically Pays for the Honeymoon? The person who pays for the honeymoon traditionally is the groom (or groom's family), since the bride's family traditionally pays for the wedding.

Who buys the brides dress? ›

The bride's side of the family traditionally pays for the bride's wedding dress and the bridesmaids' dresses. Increasingly, however, bridesmaids are paying for their own dresses.

Who walks the mother of the bride down the aisle? ›

The mother of the bride is traditionally escorted by her son if she has one. Otherwise, any close male relative, the best man, or a groomsman walks with the mother of the bride during the procession.

Who finances a wedding? ›

Traditionally, the bride's family pays for the wedding, but that custom is rapidly changing. Couples are increasingly choosing to handle at least half of the wedding expenses on their own. Early planning and a written budget can help avoid miscommunication when deciding who pays for what.

Can a non married couple get a loan together? ›

Yes. You can find a lender that will allow you to apply for a home loan with your partner. However, you'll run into different challenges than married couples based on the current legal framework. Take the time to determine whether you and your partner should apply for a loan together.

Do brides pay for their own wedding? ›

Ultimately, the way you decide who pays for the wedding is up to you, your partner, and your families. You might be aware that the bride's family is expected to cover the majority of the wedding day costs, while the groom's family pays for a variety of extra activities, like the rehearsal dinner and the honeymoon.

How do couples afford a wedding? ›

Wedding Payment Options

Personal savings. Credit cards, keeping high-interest rates in mind that can lead to extra debt. Wedding loans, which are also subject to interest and repayment timeframes. Your retirement account however you can be subject to early withdrawal penalties.

Who pays the most for a wedding? ›

Traditionally, the bride's family was responsible for most costs associated with the wedding, including everything from invitations and the cake to accommodations for bridesmaids.

What are the groom's parents responsible for financially? ›

Traditionally, the groom's parents' financial responsibilities include paying for the rehearsal dinner and honeymoon. In some parts of the country, it may be tradition for the groom's family to pay for the alcohol at the reception.

Can I get a loan if I dont work but my husband does? ›

You can use someone else's income for a loan only if they agree to become a co-borrower on the loan. That gives them equal ownership of the funds, and also equal responsibility for paying back the loan. This is a common arrangement between spouses, and between a parent and child.

How should unmarried couples share finances? ›

One of the most common ways for couples to combine finances is by opening a joint bank account where both parties can deposit and withdraw funds. You can open a joint bank account regardless of your marital status. Although keeping joint accounts works well for some couples, it can be risky for others.

Can I take out a loan without my husband? ›

In a common-law state, you can apply for a mortgage without your spouse. Your lender won't be able to consider your spouse's financial circumstances or credit while determining your eligibility. You can also put only your name on the title.

What's the average time between a proposal and a wedding? ›

While research shows the average length of engagement for most couples in the United States is between 12-18 months, you shouldn't let this influence your decision. Some couples have shorter engagements and others wait closer to two years before tying the knot.

How long is a full day wedding? ›

The more detailed you can make the plan, the better. As a rule of thumb, wedding ceremonies typically last 30 minutes to an hour—although short and sweet wedding programs are okay, too—and most wedding receptions typically last four to five hours.

How long is the average wedding engagement? ›

Though according to experts the average engagement length in the United States is between one and two years, there is no ideal amount of time to be engaged to ensure a successful marriage. Some couples get engaged and race to the altar on the same day, while others can take a decade.

What does a groom's family pay for? ›

The groom's family traditionally paid for all costs associated with the rehearsal dinner and honeymoon, wedding day transportation, and the officiant. The groom paid for the bride's engagement ring, wedding ring, and groomsmen gifts. It is also common for the groom's family to pay for the alcohol at the reception.

Who pays for honeymoon? ›

Who Typically Pays for the Honeymoon? The person who pays for the honeymoon traditionally is the groom (or groom's family), since the bride's family traditionally pays for the wedding.

How much money should the groom's parents give? ›

Splitting wedding costs equally between the couple and their families is becoming more common across the board: The Knot 2021 Real Weddings Study found that couples pay approximately 49% of their wedding costs, with their families covering the rest at 51%.


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