Bad Credit Wedding Loans: Top Choices In 2021

Who doesn’t want to enjoy their wedding without any financial stress? Wedding loans help people finance their wedding so that they can focus entirely on the celebrations.

While getting a loan with good credit is simple, applying for wedding loans with bad credit can be extremely difficult. To make things easier for you we’ve compiled a list of companies that offer loans, their comparison, as well as the application process for such a loan.

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1. Upgrade

Upgrade is one of the best companies that provide personal loans with a competitive annual percentage rate (APR) along with a co-applicant option. The company also provides additional tools to help people manage and improve their credit scores. Full Review

  • Offers co-signed loans
  • The credit score required is only 580, so people with bad creidt can easily apply for wedding loans
  • The entire process only takes a week
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Upgrade is one of the best companies that provide personal loans with a competitive annual percentage rate (APR) along with a co-applicant option. The company also provides additional tools to help people manage and improve their credit scores. Full Review

Features

4.9/5

Fees

4.4/5

Ease of Signup

4.9/5

Ease of Funding

4.9/5

2. Upstart

Upstart is one of the few companies that provide wedding loans for people with bad credit. It covers the entire cost of the wedding day along with the honeymoon. The application process is easy and people with no credit history can also apply. Full Review

  • People with no credit history can also apply
  • Provides unsecured loans if your credit score is good
  • Covers each and every wedding cost, including the honeymoon
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Upstart is one of the few companies that provide wedding loans for people with bad credit. It covers the entire cost of the wedding day along with the honeymoon. The application process is easy and people with no credit history can also apply. Full Review

Features

4.9/5

Fees

4.8/5

Ease of Signup

4.9/5

Ease of Funding

4.4/5

3. Best Egg

Best Egg provides wedding loans with low interest that can cover the entire wedding cost from the wedding dress to the wedding venue. The loan gets approved within a few days and the amount is transferred quickly. The company is suitable for people whose wedding date is close and who wish to enjoy their wedding without worrying about the finances. Full Review

  • Extremely simple online application process
  • Funding time is only 1-2 business days
  • No minimum income required
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Best Egg provides wedding loans with low interest that can cover the entire wedding cost from the wedding dress to the wedding venue. The loan gets approved within a few days and the amount is transferred quickly. The company is suitable for people whose wedding date is close and who wish to enjoy their wedding without worrying about the finances. Full Review

Features

4.7/5

Fees

4.4/5

Ease of Signup

4.9/5

Ease of Funding

4.9/5

4. OneMain Financial

OneMain Financial makes the entire process of planning a wedding extremely simple. It provides loans to people with low credit scores with easy payment options. There are no hidden fees and the funds are transferred within 1-2 days. Full Review

  • Very short funding time
  • Provides wedding loans for poor credit as well
  • Customized loan plans
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OneMain Financial makes the entire process of planning a wedding extremely simple. It provides loans to people with low credit scores with easy payment options. There are no hidden fees and the funds are transferred within 1-2 days. Full Review

Features

4.9/5

Fees

4.8/5

Ease of Signup

4.7/5

Ease of Funding

4.9/5

5. LendingClub

If you’re wondering how to finance a wedding with bad credit, then LendingClub is definitely worth checking. They provide loans to people with a poor credit history. The company also allows people to apply jointly for a loan as co-applicants. Full Review

  • Provides loans to people with low credit
  • Allows a 15-day late payment grace period without charging any fee
  • Allows people to apply for the loan jointly
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If you’re wondering how to finance a wedding with bad credit, then LendingClub is definitely worth checking. They provide loans to people with a poor credit history. The company also allows people to apply jointly for a loan as co-applicants. Full Review

Features

4.6/5

Fees

4.4/5

Ease of Signup

4.8/5

Ease of Funding

4.9/5

6. LightStream

LightStream is best for people who have a wedding budget of more than $5,000. The company provides loans at very low interest rates and does not charge any additional fees. The entire process is completely transparent, and there are plenty of customer reviews. Full Review

  • The company offers a highly competitive annual percentage rate (APR)
  • Does not charge any additional fee
  • Offers fast application and approval of the loan
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LightStream is best for people who have a wedding budget of more than $5,000. The company provides loans at very low interest rates and does not charge any additional fees. The entire process is completely transparent, and there are plenty of customer reviews. Full Review

Features

4.5/5

Fees

4.9/5

Ease of Signup

4.9/5

Ease of Funding

4.4/5

7. PenFed

PenFed offers personal loans for weddings to people with lower credit scores and also allows people to apply jointly. It is suitable for people who have a limited wedding budget, as it offers small loans. The interest rates are also quite competitive. Full Review

  • Gives small loans starting at $600
  • Allows co-applicants to apply for the loan together
  • Provides financial hardship protection
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PenFed offers personal loans for weddings to people with lower credit scores and also allows people to apply jointly. It is suitable for people who have a limited wedding budget, as it offers small loans. The interest rates are also quite competitive. Full Review

Features

4.4/5

Fees

4.9/5

Ease of Signup

4.5/5

Ease of Funding

4.7/5

Our Methodology

We take various important factors into consideration while making our ranking list. Some of them have been discussed below.

  • Loan terms: A loan term is a set of conditions associated with borrowing money. Borrowers should carefully examine the terms to make sure they know what to expect.
  • Fees: There are several fees you would need to pay in the process of taking a loan, especially when it comes to loans for weddings. These include processing charges, verification charges, loan application fees, etc.
  • APR: The Annual percentage rate (APR) is the annual interest rate charges from borrowers. It calculates the percentage of the principal to be paid each year plus the additional charges.
  • Payment options: Payment options take into account the repayment terms, whether a fine is charged for early repayment, part pre-payment, etc.

Best Bad Credit Wedding Loans in 2021

Upgrade
Upgrade
Upgrade

People Who Have A Low Credit Score And Wish To Co-apply

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  • The credit score required is only 580, so people can easily apply with bad credit
  • Offers co-signed loans
  • The entire process only takes a week
  • Very limited repayment terms
  • Charges several additional fees along with a late payment fee

Upgrade offers personal loans through a simple online application. It also allows co-applicants for the loan if you want to get it with a lower interest rate. It doesn’t specifically offer loans for weddings, but you can use its personal loan for this purpose.

Here is the simple 3-step process of applying for a loan with Upgrade:

  • Visit the official website and enter the loan amount required. Check the rate as it will not impact your credit score.
  • Verify your identity and submit the necessary documents such as proof of identity, proof of income, and household income.
  • Accept the loan offer and get the loan amount within a few days after approval.

The minimum credit score for applying is 580, and the applicant should have at least 3 years of credit history. There is no minimum income required for the loan.

Customers who have applied for a loan with Upgrade are usually happy about the co-applicants option. It allowed them to benefit from the credit score of the co-signer. They also appreciated the ease of application for the loan on the website. However, some customers were unhappy about the additional fees charged by the company.

APR 5.94%-35.97%
Minimum credit score requirement 580
Loan term 3-5 years
Loam amounts $1,000-$50,000
Upstart
Upstart
Upstart

People Without Any Credit History

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  • Provides unsecured loans if your credit score is good
  • People with no credit history can also apply
  • Covers each and every wedding cost, including the honeymoon
  • Very limited repayment terms
  • Lengthy process to get the loan approved

Upstart is one of the very few companies which allow customers to get a loan for a wedding with bad credit or no credit history at all. The loan can be used for any wedding expenses from wedding rings to the honeymoon.

Here is the simple process of applying for a wedding loan through Upstart:

  • Visit the website and submit an online form to check your credit rate.
  • Fill in the necessary information like the amount of loan you need, proof of identity, education level, proof of income, and whether you have other savings or investments.
  • If the loan gets approved and meets your required interest rates, the amount will be transferred within 2-3 business days.

The basic eligibility requirement is a credit score of 580, but they do approve loans with lower credit scores as well. There is no credit history required.

Customers were satisfied with the easy online application process as well as the lenient eligibility requirements and an AI-based underwriting model. The company also provides guidance on how to get a wedding loan with bad credit. However, people disliked their reviewing process which asks for a lot of details.

APR 7.68%-35.99%
Minimum credit score requirement 580
Loan term 3-5 years
Loam amounts $1,000-$50,000
Best Egg
Best Egg
Best Egg

People Who Want An Unsecured Loan At A Low APR

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  • No minimum income required
  • Extremely simple online application process
  • Funding time is only 1-2 business days
  • Although they work with bad credit, you still need a minimum credit score of 600
  • Best Egg charges an orientation fee

Best Egg is an online lending company that offers personal loans with competitive interest rates. The company provides quick loans and there are no charges for early pre-payment of the loan. Its personal loans can be used for a variety of purposes including wedding expenses.

Best Egg’s online application process for applying for personal loans for weddings is extremely simple.

  • Check the eligibility or prequalification criteria required for the loan. Best Egg offers loans to people with a minimum credit score of 600. They should also have a credit history of at least 3 years.
  • The second step is to apply on the official website and submit the required documents. If the loan is approved, the amount will be transferred within 1-2 working days.

Here are the documents and information required:

  • Name, Social Security number, address, date of birth, and contact information
  • Reason for applying for the loan; for example loans for a wedding
  • Household income and proof of income
  • Debt information

The company also checks your credit report before confirming the loan.

Many customers appreciate the ease of applying for a loan and the quick transfer of the loan amount. Best Egg also provides loans at a lower annual percentage rate (APR) depending on the creditworthiness of the person. However, a few of the customers expressed their concerns regarding the company’s customer service.

APR 5.99%-29.99%
Minimum credit score requirement 600
Loan Term 3-5 years
Loan amounts $2,000-$50,000
OneMain Financial
OneMain Financial
OneMain Financial

People With A Poor Credit Score Who Wish To Settle The Loan In A Short Period Of Time

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  • Provides wedding loans for poor credit as well
  • Very short funding time
  • Customized loan plans
  • Other companies provide better APR options
  • Only offers loans up to $20,000

OneMain Financial is one of the companies that offer the best wedding loans since they provide customized plans as per the customer’s wedding budget and willingly work with people who have bad credit scores. They offer fixed interests as well as fixed monthly payments.

Here is the process of applying for a loan with OneMain Financial:

  • Fill in your basic details on the website to determine if you qualify for the loan.
  • The company will connect you to a loan provider who will guide you through the entire process and will ask for documents such as proof of identity, proof of income, employment, and collateral (if required).
  • The amount will be transferred after the loan is approved.

The company’s credit score requirement is not specifically mentioned, but OneMain does provide wedding loans for bad credit.

The customers were happy with the fixed payments without any hidden fees. A few customers were unsatisfied with OneMain Financial’s customer care services.

APR 18%-35.99%
Minimum credit score requirement 580
Loan term 24, 36, 48, or 60 months
Loan amounts $1,500-$20,000
LendingClub
LendingClub
LendingClub

Co-applicants With A Lower Credit Score

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  • Allows people to apply for the loan jointly
  • Allows a 15-day late payment grace period without charging any fee
  • Provides loans to people with low credit
  • Charges 3%-6% origination fees
  • Usually gives loans with higher interest rates

LendingClub is yet another wedding loan company that provides loans to people with a poor credit score. It also allows two people to become co-applicants for a loan, increasing their chances of getting a better APR.

Here is the process of applying for a wedding loan on LendingClub:

  • Check your credit rate on LendingClub’s website. It will not affect your credit score.
  • If you qualify, apply for the loan on the website. The company will ask for certain documents like proof of identity, employment, proof of income, etc.
  • Once the loan gets approved, it will be transferred to your account within 2-3 business days.

The minimum credit requirement is not mentioned, but the company does provide loans to people with bad credit scores. The interest rates may be higher in such a case.

The majority of the customers are happy about the customer service provided by LendingClub, saying that the employees were extremely helpful in guiding the customers through the process. The only complaint that customers had was the high late payment fees charged by the company.

APR 8.05%-35.79%
Minimum credit score requirement 580
Loan term 3-5 years
Loam amounts $1,000-$40,000
LightStream
LightStream
LightStream

People Who Want A Bigger Loan At A Low APR

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  • Does not charge any additional fee
  • Offers fast application and approval of the loan
  • The company offers a highly competitive annual percentage rate (APR)
  • The minimum loan amount is quite high
  • The company also requires a long credit history

LightStream provides personal loans at very competitive rates. It is a division of Truist Bank, one of the few banks that offer wedding loans. It also does not charge any origination fee, late payment fees, or pre-payment fees.

Here is the quick and simple application process:

  • Visit the website and apply for a loan by filling in the details.
  • The company asks for a few documents like proof of income, debt-to-income ratio, proof of identity, etc.
  • Once submitted, the company will send you their offer. If the rates are approved by you, the amount will be transferred within 1-2 days.

The credit score required to qualify easily is 660, which is a bit higher when compared to other companies.

The majority of the wedding loan reviews of LightStream were positive. Customers like the quick application process and approval of the loan. The company also gives $100 to customers if they can prove that its offer is not the best they’ve had. Still, a few of the customers were dissatisfied with the high credit score requirement.

APR 5.95%-19.99%
Minimum credit score requirement 660
Loan term 3-7 years
Loam amounts $5,000-$100,000
PenFed
PenFed
PenFed

People With Bad Credit Who Want A Smaller Loan

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  • Allows co-applicants to apply for the loan together
  • Gives small loans starting at $600
  • Provides financial hardship protection
  • Must be a PenFed Credit Union member to apply
  • It may not be suitable for higher loan amounts

PenFed offers personal wedding loans for people with bad credit. The minimum loan amount is as low as $600. The company also allows co-applicants and provides financial hardship protection against job loss.

Below is the process of applying for a loan at PenFed:

  • Visit the website and fill in the required details asked by the company.
  • Documents like proof of identity, employment, proof of income, etc.
  • After the application, you will be asked to join the PenFed Credit Union.
  • Once the application is approved, you will receive the check with the amount within 2-5 days.

The minimum credit score required is 580, but the company works willingly with a lesser credit score as well. The option of a co-signer also helps significantly.

The customers are extremely happy with the customer care services and the small number of loans offered by PenFed. However, some customers were unhappy with the long process of applying for a loan.

APR 5.99%-17.99%
Minimum credit score requirement 580
Loan term 6-60 months
Loam amounts $500-$20,000

Apart from wedding loans, some companies also offer wedding insurance. During the COVID-19 pandemic, many weddings had to be canceled due to various reasons. Companies started offering options for wedding insurance during coronavirus to assist people during the tough times.

Wedding Loans: Buyer’s Guide

It’s very important to know the basics of how wedding loans work before applying for one. Below we discuss some of the most important things to keep in mind.

What is a Wedding Loan?

Loans for weddings are personal loans that a couple may take to finance their wedding. A wedding is an expensive occasion which usually includes paying for caterers, engagement rings, the wedding reception, etc. Taking out a loan can help the couple enjoy their special day without worrying about the finances.

How Does a Wedding Loan Work?

Wedding loans give the borrowers their required amount in one go. The borrowers then have to repay it over the years as monthly payments, usually within 3-5 years. The repayment also includes interest charged on the principal amount, as well as additional fees in most cases.

Eligibility Requirements for Wedding Loans

Here are some of the basic eligibility requirements you need to fulfill to get loans for a wedding. These may vary from company to company.

  • Minimum annual income: There are no specified minimum income requirements for a wedding loan. Creditors usually check the credit report before giving out loans. However, a higher income makes it easier for the application to get approved.
  • Minimum credit history: Credit companies usually ask for a minimum credit history of 3-4 years. It allows them to determine the right interest rates and spending habits of the borrowers.
  • Length of credit history: A longer credit history is preferred. The longer it is, the lower the offered interest rates.
  • US citizenship: US citizenship is a must for anyone applying for a wedding loan in the US. The companies will ask for proof of identity, e.g. Social Security number.
  • Being more than 18 years old: This is also a must for applying. The borrower must be 18 or above.

Things to Know About Wedding Loans

Here are a few additional things to know about wedding loans. Understanding the different costs, fees, and repayment terms will help borrowers make a wiser decision.

  • Loan amount: The wedding loan amount varies from wedding to wedding. Some companies focus on providing small loans starting at $600, while others start at $5,000. It can go up to $100,000.
  • Late payment: Late payments of loans come with an additional late payment fee. It is charged by most of the creditors. Some provide a 15-day grace period before charging any fee.
  • Repayment terms: The repayment term is the time period from taking the loan to settling it. It can range from anywhere between 6 months to 6 years, depending upon the loan and company.
  • Funding time: It is the time taken by the wedding loan lenders to deposit the amount into your bank account. While some take only one business day, other companies may take 1 week.
  • Origination Fee: This is a fee charged by most lenders to process the new loan application. It is a small percentage of the loan amount and has to be paid upfront.

Alternatives to Wedding Loans

There are several alternatives available, in case you wish to opt for another type of loan. Some of them include:

0% credit cards

0% credit cards allow users to not pay any interest on the transactions for a promotional period of time. Normally, the time period is between 12 to 21 months. Only the monthly payments have to be paid on such credit cards. They can be beneficial for people with a small wedding budget. If this sounds like a good option, you might want to check out some of the best no-interest credit cards.

Cashback and rewards credit cards

Cashback credit cards or rewards credit cards can be used for paying for things like a wedding dress or the honeymoon. They offer cashback on the payment or offer discounts.

Secured loans

Secured loans require collateral, which is often asked if the loan amount is high or if the borrower wishes to get a loan for a wedding with bad credit. The companies will retain the collateral if the debt is not paid on time.

There are other companies offering wedding registry services as well. Among other things, it includes the option for the couple to let the wedding guests know their gift preferences.

Finally, if you’re willing to wait a bit, you can always fix your credit score alone or with some help, and apply for loans with better terms.

Top 7 Wedding Loans With Bad Credit At A Glance

Company Best For Loan Amount Loan Terms APR Min. Credit Score 
Upgrade  People who have a low credit score and wish to co-apply $1,000-$50,000 3-5 years 7.68%-35.99% 580
Upstart People without any credit history $1,000-$50,000 3-5 years 6.95%-35.99% 580
Best Egg People who want an unsecured loan at a low APR $2,000-$50,000 3-5 years 5.99%-29.99% 600
OneMain Financial  People with a poor credit score who wish to settle the loan in a short period of time $1,500-$20,000 24,36,48 or 60 months 18%-35.99% 580
LendingClub Co-applicants with a lower credit score $1,000-$40,000 3-5 years 8.05%-35.79% 580
LightStream People who want a bigger loan at a low APR $5,000-$100,000 3-7 years 5.95%-19.99% 660
PenFed People with bad credit who want a smaller loan $500-$20,000 6-60 months 5.99%-17.99% 580

Wrap Up

Wedding loans are a type of personal loan which allows people to finance their wedding. It covers the entire wedding cost and people can repay it over the course of 3-5 years in most cases. Many companies also provide wedding loans for bad credit, but the APR is usually high in such cases. Most of these loans are unsecured and do not demand any collateral. Wedding loans can be a good option for people who have limited savings to cover the cost of the wedding.

FAQ

How can I get help paying for my wedding?

You can always take a wedding loan to cover the cost of the wedding. Many of these loans are offered at a low APR and do not ask for collateral. Some even allow the loan balance to be pre-paid.

Are wedding loans a good idea?

If you cannot pay the entire cost of the wedding from your savings, then wedding loans may be a good idea. They allow you to get the loan amount upfront, and you can repay it in the coming years. The APR is generally low if you have a good credit score.

How can I get a wedding loan with bad credit?

There are several companies that offer wedding loans with bad credit such as OneMain Financial or Upgrade. The APR is usually high in such cases, but they willingly work to find solutions for people with bad credit.