Best Wedding Loans for Your Dream Nuptials

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Why We Chose It: Upstart stood out because its innovative approach to loan approval helps more people get approved at lower APRs than competitors. Because of this, Upstart provides options for people through the largest range of credit rankings (from new or low to excellent).

What We Like

• High customer satisfaction ratings on Trustpilot
• Uses AI resulting in 27% more approvals than traditional loans
• Data shows Upstart’s AI allows for 15 to 17% lower APRs
• more than half of all loans are fully automated
• No prepayment penalty

What We Don't Like

• Minimum loan amounts may vary by state
• The website requires a lot of Captcha security checks

Upstart uses AI to assess loan eligibility. The company says it uses over 1,600 data points to assess eligibility.

This innovative approach results in up to 29% more approvals than traditional loans and up to 16% lower APRs, saving you money in the long term. Customer service reviews are among the highest we saw among all our top picks, with 96% of respondents on Trustpilot rating Upstart as excellent. 

As of May 2022, loan amounts can be as little as $1,000 and go up to $50,000, which is a good upper limit for most weddings. If you decide you can afford to pay the loan off sooner than later, the company has no prepayment penalty.

Loans are offered on a fixed interest rate basis. In some states, such as Massachusetts, Ohio, and New Mexico, the minimum loan amounts will vary. An additional advantage of an Upstart wedding loan is that it offers fast service with personal loan funds available as soon as the next business day.

Although the application process is quick online, the user experience navigating the Upstart website is challenging at times. The site is heavily guarded by Captcha, with fairly frequent error pages. This can be annoying to navigate, so you are better off exploring everything in one session once you get past the Captcha.

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Why We Chose It: Earnest is a great place to explore many wedding loan options at once, which is why it earned a place on this list.

What We Like

• Provides an overview of multiple loans options in one place
• Offer a broad range of loans from $1,000 to $250,000

What We Don't Like

• May incur origination fees from the lender
• APR, loan terms, and amounts will depend on which lender you select

Earnest offers a variety of different kinds of loans; one of them is a special occasion loan.

Earnest works by giving you a series of questions, including what you need your loan for, and it will search all the available options based on the answers you provide. Expect to enter all kinds of information (including your address, email, and annual income) before seeing the options. 

To qualify for a loan, there is no minimum credit score specified. As of May 2022, APRs start at 2.49%, with loan amounts ranging from about $1,000 up to $250,000 (up to 144 months).

Earnest has high customer service ratings on Trustpilot, with 85% Excellent and 4.7 stars overall.

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Why We Chose It: LightStream also offers low APR. The flexibility and savings are why LightStream made our list.

What We Like

• Rate beat program
• No fees and no prepayment penalty
• Same day loan acceptance and funding possible

What We Don't Like

• No option to pre-qualify on the website
• If you do not choose auto-pay, your APR is .5% higher
• Excellent credit required for their lowest rates
• Uses a hard credit inquiry with TransUnion or Equifax

LightStream offers loans as a division of Truist Bank (formerly SunTrust Bank). The company ranked number one for overall customer satisfaction in the 2020 J.D. Power U.S. Consumer Lending Satisfaction Study.  Although we did not find mention of a minimum credit score on its website, the service focuses on good to excellent credit scores, tailoring its best rates to those with excellent credit. 

Rate advantages with LightStream include no fees, a .5% lower APR when you choose autopay, a rate beat program, same day loan, and acceptance possibilities. LightStream outlines all of its rates in easy-to-use tables. As of November 2022, APRs range from 7.99% to 22.49%* with autopay and loan amounts go from about $5,000 to $100,000 (from 2 to 7 years).

It's important to note that there is no pre-qualified soft credit check option, so if you decide to qualify for one of its loans, the company will do a hard credit inquiry, which can impact your credit score.

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Why We Chose It: When you have credit issues or poor credit, finding a lender can be challenging. We chose OneMain because it offers pre-approval online but will work with you to find a solution for your wedding budget.

What We Like

• Checking for wedding loan offers online will not impact your credit score
• Fixed interest rates and monthly payments
• No prepayment fees
• You can go to a local branch for personalized service and advice

What We Don't Like

• Branches not available in six states
• Maximum unsecured loan amount varies by state
• Rates are high compared to other lenders
• Loans are subject to an origination fee  

OneMain has been offering personal loans since 1912 and is highly ranked for excellent customer satisfaction on Trust Pilot. The service approaches loans slightly differently than others on our list with hands-on counseling, so you can review your needs in person at local branches. 

OneMain has fixed interest rates and monthly payments which can help you budget your loan payback and no prepayment fees (if you decide to pay your loan back early). However, minimum loan amounts and eligibility for secured vs. unsecured loans vary by state, as well as whether you are an existing OneMain customer or not. This is the only wedding loan company on this list that requires collateral (such as a fully owned car) for larger loans, and maximums for unsecured loans.

As of May 2022, APRs are 18% to 35.99% with loan amounts ranging from roughly $1,500 to $20,000 (for 24, 36, 48, or 60 months). One thing to look out for is the fees involved when you take out a loan with OneMain. Loans are subject to either a flat origination fee (from about $25 up to $500) or a percentage-based origination fee, which can range from around 1.5% to 10% of your loan value.

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Why We Chose It:  Prosper stood out for its fixed loan and interest rates, as well as its goal to help consumers with their financial health.

What We Like

• Checking your loan rate does not impact your credit score
• Easy to use online tool to help select your loan options
• Monthly payments with fixed interest rates

What We Don't Like

• It may take a few days to receive funding
• Origination fees are between roughly 2.4% and 5%
• Only offers 3- and 5-year loans

Established in 2005, Prosper has facilitated over $21 billion in loans using peer-to-peer lending models with a mission of advancing financial well-being. It was the first peer-to-peer marketplace in the U.S. and currently provides unsecured loans through WebBank. 

Prosper allows you to explore different loan options online without impacting your credit score and offer fixed interest rate loans with fixed monthly payments. As of May 2022, APRs range from 6.38% to 35.36% and from roughly $2,000 to $35,000 (for 3 or 5 years). Loans can take up to a day to receive after approval, which is a little longer than competitors and they also have origination fees, which add to the APR. 

Prosper scored below average in the J.D. Power Consumer Lending Satisfaction Study. The reason for this difference may be in the limited number of options. Prosper offers compared to others on the list, with three- and five-year loans, with limits up to about $40,000. Comparatively, Prosper has excellent reviews from clients on Trustpilot with a 4.7-star rating.