How to Get a Wedding Loan with Bad Credit?

Expert Verified

Kathryn McCoach Feb 12, 2025

A wedding loan can help you finance your big day and reduce the financial burden, allowing you to cover the cost in affordable monthly payments. This unsecured option can be used for a wide range of related expenses, from wedding rings to dresses, venues, or catering.

While credit issues make it more challenging to qualify for the needed amount at favorable terms, options still exist. We have prepared an ultimate guide on how to get a wedding loan with bad credit, including its pros and cons, potential rates and terms, and tips on increasing your approval chances.

Table of Contents

1. What Is a Wedding Loan?
2. Pros and Cons of Wedding Loans
3. Steps to Get Personal Loans for Wedding with ASAP Finance
4. How Much Does a Wedding Loan Cost?
5. How to Finance a Wedding – Other Options to Consider
6. Ways to Qualify for Wedding Loans with Bad Credit
7. Tips on Improving Your Credit Score
8. Frequently Asked Questions

What Is a Wedding Loan?

A wedding loan is a type of personal loan designed specifically for wedding-related expenses. This borrowing option provides you with a lump sum of up to $100,000 that is then repaid in a series of monthly installments over 12 to 84 months. Wedding loans are usually unsecured, meaning that you don't need to provide collateral to receive the funds. An approval decision is made based on your creditworthiness and repayment capabilities.

Loans for wedding expenses typically have fixed interest rates that don't fluctuate following the lending market conditions. This adds more predictability, making it easier to budget for repayment. APRs usually range from 5.99% to 35.99%, with the lowest range being offered to applicants with good to excellent credit scores (680+).

Pros and Cons of Wedding Loans

While a wedding loan may be a smart solution for situations when your savings fall short, it's also associated with starting your married life with debt. Therefore, you need to carefully evaluate all the pros and cons before making the final decision.

Pros:

• Low APRs for good credit. Borrowers with credit scores of over 680 are likely to benefit from moderate interest rates and save money in the long run.
• Manageable payments. Instead of paying a large sum out of pocket, you can spread the total cost over a convenient period, making your wedding a budget-friendly event.
• Upfront financing. -Loans allow you to get the needed amount right away without waiting for years until you save the sum to make your big day happen.
• Credit-building opportunities. By making on-time payments, you can improve your credit rating and unlock more favorable loan terms in the future.

Cons:

• Long-term borrowing. Wedding loans create a debt load that will press your newly-formed family long after your big day ends.
• High APRs for bad credit. If your credit is less-than-perfect, your loan APR may be close to 36% or even exceed this number.
• Extra fees. Besides interest rates, lenders may also charge processing, late, and prepayment fees that can increase your total loan cost.
• No financial gains. While some borrowing products, such as mortgages and home improvement loans, allow you to create a solid investment portfolio, wedding loans come with no potential money returns.

Steps to Get Personal Loans for Wedding with ASAP Finance

ASAP Finance offers a quick and easy way to get a personal loan for a wedding, regardless of your credit score. Here's what you need to apply:

1. Submit your application. Fill out an online form via the website when it's convenient for you. The process is about 5 minutes long and requires just your basic details, including your ID, SSN, bank account information, proof of income, and proof of address.
2. Get instant approval. Our system will review your application data via alternative means to estimate your financial situation. Bad credit is not an obstacle to approval. In most cases, a loan decision arrives in 15 minutes to 1 hour.
3. Read the terms. If approved, you'll get a loan offer via email. Check out your interest rate, fees, repayment terms, and other loan details, and e-sign the agreement if the conditions are suitable.
4. Get the funds. Access the money in your bank account within 1 business day. Same-day funding may be available for applicants approved before 10 am on a working day.

How Much Does a Wedding Loan Cost?

The cost of your debt depends on two key factors: an APR and a repayment period. An annual wedding loan interest rate is determined based on your creditworthiness, state, loan amount, and the lender's policies.

The table below shows an approximate wedding loan APR you can expect to get depending on your credit score, based on the data provided by Bankrate:

The repayment period also influences the borrowing cost by affecting the total interest amount you'll pay over the loan's life. The longer the loan term, the more you will have to overpay, although your loan payment will be more manageable.

Additionally, the state you're going to marry in plays a role. The average cost of a wedding varies widely by your location. Thus, borrowers who finance 100% of their wedding expenses in New Jersey, New York, New Hampshire, Rhode Island, and Vermont typically pay over $10,000 in interest in just 3 years. These calculations are made based on the average cost of a wedding in the states and the median APR for a mean credit score in the US.

Representative Example for Bad Credit

Let's calculate the cost of a $35,000 wedding loan, which represents the average nationwide cost of a wedding. Suppose that you get a loan with a median APR for bad credit borrowers equalling 30.25%. Here's how much you will have to pay:

Thus, bad credit borrowers can expect to pay half to twice and a half more in total than they have initially borrowed.

How to Finance a Wedding – Other Options to Consider

Besides loans, there are a few more ways to pay for your wedding-related expenses. Here are some options that may work better for your situation:

0% APR Credit Cards

A credit card with an interest-free introductory period, which is typically between 6 and 21 months, can help you save money on interest if you manage to pay off your balance within this time. Once the period ends, you will be charged interest on the outstanding balance. Note that credit card APRs are usually higher compared to loans, and you may face lower credit limits.

Buy Now, Pay Later

A BNPL loan can be a good way to pay for things like a wedding dress, wedding rings, accessories, shoes, and other important attributes. They allow you to split the cost of your purchase, typically without charging any interest. However, you typically need to make a first payment upfront. Additionally, the BNPL repayment periods are usually short, ranging from 2 to 6 weeks. This will increase the amount you need to pay bi-weekly.

Family or Friends

Borrowing money from your loved ones can help you avoid interest rates and get more convenient terms. However, they may not be able to lend you a high amount. Additionally, you need to make a clear agreement regarding the repayment schedule and due dates and stick to it so as not to ruin your relationship.

Saving in Advance

Start planning your wedding early. Create a special fund and set aside a certain amount for your future marriage each month. This will help you avoid debt or at least reduce the amount you need to borrow to cover the cost of your wedding. Start small and be consistent. Track your progress and increase the sum you save each month once your income grows. 

Ways to Qualify for Wedding Loans with Bad Credit

Here are a few steps you can take to increase your approval chances and potentially seek better loan terms with bad credit:

• Add a cosigner. Cosigned loans usually come with lower interest rates and are easier to get due to an extra guarantee. This is because a cosigner will be responsible for repaying the loan if you default.
• Consider a secured loan. Options with collateral offer better loan terms to people with bad credit and increase their chances of approval. Just note that you may lose your property if you fail to repay the funds.
• Increase your income. When your credit is bad, income becomes one of the primary factors lenders look at to ensure you can afford this potential debt. A high income combined with a low debt-to-income ratio can help you qualify for a wedding loan even with a less-than-perfect rating.

Tips on Improving Your Credit Score

While bad credit doesn't automatically exclude you from getting a loan, your options will be limited. It can also visibly affect your borrowing terms and result in owing twice more than you initially obtained. Here are a few ways to increase your FICO rating before applying for wedding financing:

• Take out a credit-builder loan. This option required you to make monthly payments upfront, with each of them being reported to major credit bureaus. This can boost your FICO rating, provided that you will pay on time.
• Use a secured credit card. This card requires you to make a security deposit that will serve as your credit limit. Then, it can be used just like a regular credit card, helping you build credit if managed responsibly.
• Pay on time. Whether it's a bill or a loan payment, meet the due dates to avoid late payments. Otherwise, your credit score will fall even lower.
• Reduce your credit utilization. Try to use no more than 30% of your available credit card balances to demonstrate healthy spending habits.

Frequently Asked Questions

How much does an average wedding cost?

According to The Knot review, a nationwide average wedding cost is about $35,000. The total price tag can vary by state, ranging from approximately $17,000 in Utah to about $55,000 in New Jersey.

Is a loan for a wedding worth considering?

A wedding loan may be a smart way to pay for your big day if you assess its pros and cons, plan for repayment, and can qualify for a reasonable interest rate. Bad credit borrowers may want to increase their FICO ratings before applying.

Does a wedding loan impact my credit score?

Most wedding loans will temporarily affect your credit score due to a hard credit check performed. Over time, you can increase your rating by managing your debt responsibly. Some lenders may also offer wedding loans with no credit check via major bureaus. These products won't affect your rating as long as you repay on time. However, they come with higher interest rates and fees.

What is the easiest loan to get with bad credit?

Payday loans are typically considered one of the easiest options to qualify for with bad credit. However, they offer limited loan amounts of up to $1,000 and need to be repaid by your next paycheck. Additionally, their APRs often exceed 400%. If you're looking for a bad credit loan for wedding financing, consider personal loans for poor credit offered by ASAP Finance.

Do banks offer wedding loans?

Sure, many banks offer personal loans that can be used for wedding expenses. Borrowers can get between $5,000 and $100,000 for 12 to 84 months. APRs are typically reasonable, ranging from 5.99% to 35.99%. Still, traditional financial institutions often have strict credit score requirements and longer approval and funding times compared to alternative lenders.

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