When struggling with financing the reception, the honeymoon, and even buying wedding rings, bad credit wedding loans can be the solution that you need. This form of personal loans has become quite popular due to their convenience.
In order to present you with the top options for financing your white wedding, we have compiled a list of potential financial solutions according to:
- The APR
- The loan amount
- Minimum credit score requirements
- And term length
Interested to know more? Then take a quick look at the table below!
Top 5 Wedding Loan Providers in 2021
We may earn a commission on sales made from partner links on this page. This doesn’t affect our research and evaluation process. Read our full Affiliate Disclosure. 1. LightStream
Best for Big Weddings
- Same-day loans
- No fees
- Rate Beat Program
- Available in most states
2. Upstart
Best for Its Underwriting Model
- Accepts first-time borrowers
- Uses advanced AI for its underwriting model
- Set your own payment date
- Direct payments to creditors
3. Prosper
Best Peer-to-Peer Lending Platform
- Peer-to-peer lending model
- Quotes don’t affect credit score
- Easy-to-use online tools
- Joint applications are also available
4. Avant
Best Minimum Credit Score Requirement
- Soft credit check when pre-qualifying
- Outstanding customer support
- Mobile app
- Option to change your payment date
5. LendingClub
Best for Debt Consolidation
- Helps with debt consolidation
- Soft credit check when pre-qualifying
- Offers a Member Center
- Fully transparent
Detailed Wedding Loan Reviews
1. LightStream
Best for Big Weddings
- Loan amount: $5,000–$100,000
- Estimated APR: From 4.98% with AutoPay
- Minimum credit score requirement: 660
- Term length: 1–12 years
Overview — Truist Bank’s LightStream division provides top-notch wedding financing for larger events. Not only that but it also offers fast wedding loans for bad credit; provided you have a credit score of at least 660 and have a long credit history.
What’s more, the company received the highest overall customer satisfaction rating in J.D. Power’s US Consumer Lending Satisfaction Study.
Features — You’ll be happy to get same-day loan acceptance and funding with LightStream. Moreover, the brand will offer unsecured loans with a rate 0.10% lower than any competing lender with their amazing Rate Beat Program.
What we also liked about LightStream is that you can borrow a substantial sum (up to $100,000), making it one of the best personal loans for wedding expenses that are higher up.
It’s worth mentioning that LightStream does a hard credit check, which may lower your credit score. So, make sure you qualify before applying to avoid any adverse effects.
Bottom Line — As previously stated, LightStream is perfect for borrowers with bad credit who need bigger loans without delay.
Pros
- + Same-day loans
- + No fees
- + Rate Beat Program
- + Available in most states
Cons
- − No website option to pre-qualify
2. Upstart
Best for Its Underwriting Model
- Loan amount: $1,000–$50,000
- Estimated APR: From 6.95%
- Minimum credit score requirement: 580
- Term length: 3–5 years
Overview — Upstart is yet another company that offers superb wedding financing for bad credit. However, what makes Upstart truly special is its underwriting model that uses highly sophisticated AI algorithms.
In fact, the company claims to use more than 1,600 data points (such as college education, work history, place of residence, etc.) to evaluate eligibility.
Features — What we liked about Upstart is that it provides a good loan amount range (from as low as $1,000 up to $50,000), making it ideal for most weddings. Borrowers with a FICO score of at least 580 are eligible for the loan. Thus it’s a lot easier to qualify compared to LightStream.
Better yet, you won’t have to wait long for your loan — funds are available as soon as the following business day. Plus, there is no prepayment penalty if you decide to pay off your loan sooner rather than later.
Last but not least, the loans are available with a fixed interest rate. However, note that Upstart’s minimum bad credit loans for a wedding may differ in some states, such as Ohio, Massachusetts, and New Mexico.
Bottom Line — Overall, they are great for people with high earning potential who wish to pay off their loan early, need money quickly, and don’t want to handle their loan using a mobile app.
Pros
- + Accepts first-time borrowers
- + Uses advanced AI for its underwriting model
- + Set your own payment date
- + Direct payments to creditors
Cons
- − No mobile app
3. Prosper
Best Peer-to-Peer Lending Platform
- Loan amount: $2,000–$40,000
- Estimated APR: From 6.38%
- Minimum credit score requirement: 640
- Term length: 3–5 years
Overview — One of the oldest and most reliable loan providers for the wedding day is Prosper. They’ve been on a mission to help those in need of financial aid since their foundation back in 2005; Up until now, this company has accredited more than $18 billion in loans using smart peer-to-peer lending strategies.
Features — What we liked the most about Prosper is that it offers plenty of wedding ring financing options. That is, Prosper doesn’t offer loans directly but works on a peer-to-peer principle.
In other words, the lending company will make your application information available for others to see after which individuals can choose whether or not to invest in your loan.
As a result, you’ll get a lot more lending options than you normally would, thus increasing your chances of getting a loan (fast).
And apart from providing bad credit loans for a wedding, Prosper lets you compare loan options online without affecting your credit score. Best of all, it gives fixed-rate loans with fixed monthly payments.
However, due to the intricate nature of these peer-to-peer loans, payments may take a while longer (up to three days) compared to Upstart and LightStream.
Bottom Line — All things considered, Prosper is a highly reputable peer-to-peer lending platform that is ideal for all those looking for specific wedding loans with bad credit, including wedding rings, gifts, etc.
Pros
- + Peer-to-peer lending model
- + Quotes don’t affect credit score
- + Easy-to-use online tools
- + Joint applications are also available
Cons
- − Origination fees
4. Avant
Best Minimum Credit Score Requirement
- Loan amount: $2,000–$35,000
- Estimated APR: From 9.95%
- Minimum credit score requirement: 550
- Term length: 2–5 years
Overview — However, what sets Avant apart from other lending companies is that pre-qualifying enables you to view the designated loan rate and loan amounts.
Features — For one, pre-qualifying can help you figure out how these loans match your monthly budget. Moreover, it has no impact on your overall credit score (it’s a soft credit check). Still, once you do apply, a lender may pull your credit report, which will result in a few points being taken from your score. So be prepared for that.
In addition to that, same-day deposits are also possible, which is a huge plus in our book. Better yet, you get to choose your own payment date at the start of your repayment term.
Just note that Avant is allowed to change it up to two times over the course of your term. And compared to other lenders — who might allow you to set your initial payment date — Avant would adjust it more frequently if your cash flow changed unexpectedly.
Now, bad credit wedding loans for your precious occasions aren’t the only thing this reputable lender has to offer. Namely, there’s an exceptional Avant mobile app where you can make payments, change payment dates, and view your payment history.
To top it all off, customer service is available 24/7 and is always happy to help.
Bottom Line — Overall, Avant is a great option for those with a less-than-perfect credit score. Not only because of the low minimum credit score requirement but also due to the fact that pre-qualifying for Avant’s loans doesn’t hurt your already low credit score.
Pros
- + Soft credit check when pre-qualifying
- + Outstanding customer support
- + Mobile app
- + Option to change your payment date
Cons
- − No co-signed, secured, or joint loan option
5. LendingClub
Best for Debt Consolidation
- Loan amount: $1,000–$40,000
- Estimated APR: From 7.04%
- Minimum credit score requirement: 600
- Term length: 3–5 years
Overview — Although not specifically designed for wedding loans for people with bad credit, LendingClub has a lot to offer. For instance, LendingClub will distribute the revenues of your loan to up to 12 creditors, paying off your debts and making the debt consolidation process a lot smoother in general.
Features — Good news! Those that can apply for a credit card with a 600 credit score are also eligible for this lender due to its fairly low credit score requirement.
Additionally, LendingClub is perfect for borrowers with fair credit who need help developing credit and managing their finances. It can be used as wedding ring financing for bad credit borrowers.
Apart from that, LendingClub allows borrowers to make flexible payments, and you can even check your rate on their website; this will only do a soft credit pull, so you needn’t worry.
However, once a loan does get approved, LendingClub will run a hard credit check. So keep that in mind.
What we liked about LendingClub, in particular, is their Member Center feature. Namely, besides offering affordable loans, LendingClub will also help you manage your finances and credit. Here, you can easily check things like your debt-to-income ratio, credit utilization, and credit score.
Bottom Line — LendingClub is an exceptional lending option for those looking to consolidate wedding reception debt, as well as for those who need some additional help via their incredible Member Center.
Pros
- + Helps with debt consolidation
- + Soft credit check when pre-qualifying
- + Offers a Member Center
- + Fully transparent
Cons
- − Cannot be used to refinance another personal loan
Choosing the Best Wedding Loans for You and Your Partner
Unless you’re opting to use crowdfunding to get the finances in order, here are a few things you should keep in mind before you can pick the best personal loan for your (most probably) once in a lifetime wedding event. In the following section, we’ll go more in-depth about all the essentials you need to know and help you select the right one to pay off the venue, the reception, and even the honeymoon costs.
Prerequisites for Approval
If you want your wedding loans to be approved for bad credit, you must first meet the minimum credit score requirements.
Namely, every lender has its own set of criteria for accepting potential borrowers. Most often, these include factors such as your income, credit score, and debt-to-income ratio.
Distinctive Features
Next, you should make sure that your lender allows loans for your intended purpose; in your case — a wedding. Otherwise, you’ll get rejected by default, despite meeting the other criteria listed above.
For instance, some lenders only allow personal loans for debt consolidation, so be sure to check some bad credit wedding loans reviews before making your application.
Annual Percentage Rate (APR)
In short, the annual percentage rate is your loan’s base interest rate plus any additional costs rendered over a yearly percentage.
As such, the APR will indicate just how much your loan will cost when all expenses are taken into account. This is why APR is often used to compare “prices” between different lenders.
Wedding Loan Fees
When your credit score is far from perfect, you need to watch out for any additional fees that might increase the cost of your loan. For instance, some lenders charge an origination fee — a one-time, upfront fee for processing a loan.
More often than not, the cost is around 1% to 10% of the loan amount and it is typically deducted from your loan proceeds by your lender.
In addition to that, some lenders may even charge you a repayment fee if you pay off your debt faster than intended as they expect to be paid interest for the whole duration of the loan.
Consequently, the costs of your wedding financing could be calculated as a percentage of your payoff balance, a fixed rate, or the remaining interest you would have owed.
And seeing how the average bridal gown in the US costs around $1,600, every penny counts. So, make sure you don’t lose money on any unnecessary fees.
Loan Term
A loan term refers to the period during which you have to repay the loan. Usually, personal loans such as a wedding loan are available with terms ranging from 12 to 60 months.
However, keep in mind that the longer the term, the more you’ll pay back due to the interest rate; don’t get fooled by the cheaper monthly payments.
Customer Service
When browsing through wedding loans for bad credit reviews, taking a closer look at a company’s customer service is never a bad idea. Especially if you prefer in-person to online help.
Conclusion
At the end of the day, weddings cost a small fortune (rings, dresses, cakes, decorations, honeymoons, photographer… you get the picture). Hence, it’s no wonder that so many people opt for personal loans for wedding costs.
We hope our quick guide helps you pick the right lender for your specific needs and that all goes well with your wedding planning; you can select any one of the lenders placed on our list as we highly recommend all five of them.
FAQs
How can I get a wedding loan with bad credit?
Even if you have a bad credit history, you can afford a wedding. Look for a lender that has lower minimum credit score requirements or for a lender that specializes in bad credit loans.
More often than not, these will be unsecured loans that you can get within a few business days (sometimes same-day loans are also possible, depending on the lender).
What credit score do you need for a wedding loan?
You can get approved for a wedding loan even if you have a suboptimal score. In general, anything above 550 is considered viable.
Is it bad to take a loan out for a wedding?
No, there’s no real reason as to why you shouldn’t take a wedding loan if you have to and you are eligible for one.
The alternative is to wait a few years until you save up enough money or you could simply cut corners and make your wedding smaller and less exciting. Borrowing from your or your partner’s family is also one of the options.
Can you get personal loans for a wedding?
Yes, a wedding loan works the same way as any other personal loan you would normally take. Naturally, the only difference being that it should be used exclusively for a wedding (and not for buying a car, for instance).
