Wedding Loans – Why You Should Avoid Them

3 min read

taking out a wedding loan

Weddings are one of the most expensive things you’ll have to pay for in your adulthood! From the perfect venue, the perfect dress, DJ, oh and don’t forget the food, it all adds up to tens of thousands of dollars. Some are even shockingly more! So you’re probably wondering, is taking out a loan for a wedding a good idea? Nope! And I’ll tell you why.

What’s a wedding loan?

Taking out a loan for a wedding is simply taking out an Unsecured Personal Loan. This loan is what you would use to pay for a wedding. An individual can get up to $50,000 as an unsecured personal loan. The loan typically has an interest rate and payment terms over several years. The interest rates are determined by your credit score.

Why would you get a wedding loan?

The answer is simple! Weddings are getting more and more expensive to pay for. Let’s look at a typical wedding budget:

Budget ItemCost
Wedding Location$2,000
Reception Venue$15,439
Wedding Event Planner$2,000
Wedding Dress$1,631
Groom’s Attire$280
Hair and Makeup$250
Reception DJ$1,280
Rehearsal Dinner$1,290
Wedding Cake$580
Catering (150 people)$1,200
Flowers and Decor$2,480

Yikes. Over 30 grand for the wedding (conservative). According to, the average wedding nationwide is $33,900 so some are even higher. It’s clear then why most people opt to borrow money to finance weddings.


  • As long as you have good income and credit, qualifying for the loan is not very difficult
  • Lower interest rates compared to using credit cards
  • Little paperwork is required when filing your application


  • You’ll start off your new marriage with debt, potentially adding additional strain to you both
  • Because of interest, the wedding will end up costing more in the end than paying for it outright

Should you take out a loan? No.

Taking out a loan for a wedding isn’t an investment, but simply a clear sign to you that you’re living beyond your means. You should absolutely stay away from these loans.

Taking out a loan for a home is an appreciating asset and is something that’s doable. Taking out a loan to start a business is investing in yourself and could potentially earn you much much more. Taking out a loan for a one-day event is definitely not a good idea. Stay away.

There are much better things to consider when trying to find ways to finance a wedding.

What you should do instead

wedding loans stay away from them

Here’s the good news! Taking a loan isn’t your only option when paying for a wedding. Here are some alternatives you should consider instead. You can implement one, some, or all of the options.

Prolong your engagement and save more

Nobody ever said that an engagement should only last x amount of time. Your engagement can be as long as you want it to be, as long as both of you are in agreement. By prolonging your engagement, you can save much more and be able to pay more out of pocket for your wedding.

Create a wedding budget and stick to it

Here’s another fantastic trick. At the beginning of your wedding planning, create a budget of how much you’re going to spend on various items in your wedding (e.g Max venue cost, max wedding dress cost, etc.). Once you do that, the hard part is making sure that, whatever happens, you stick to this budget and you don’t change no matter what!

Automate your savings

As soon as you get engaged, make sure you open an account separate from your day to day checking accounts and start automatically saving for your wedding. Based on your savings rate, you can calculate how much you’ll have after a year or so of saving. My wife and I personally use Betterment to create safe high-interest savings accounts.

Check out Betterment

DIY instead

DIY wedding projects can save you thousands of dollars! For example, you could make your own centerpieces instead of buying expensive ones. Or you could buy your linen for super cheap at places like That’s where my wife and I bought our linen for our wedding. Saved us a ton.

Get a loan from friends and family

If all else fails, consider getting loans or even get some of your expenses covered from friends and family. It’s actually quite typical for family to contribute to your wedding, so don’t be afraid to ask.

If you do get a loan from them, then make sure you repay them so you maintain your relationship. Make sure you get a written loan agreement and have a third party person oversee it. Makes things go much smoother.

Final thoughts

So it’s clear that my stance with wedding loans is definitely a no go. The financial burden you place on yourself right before a wedding isn’t worth the stress and huge expenses that come with it.

Instead, you should consider doing the alternatives I listed, and if you avoid debt for your wedding, you’ll start off your marriage with a clean slate and much happier. Trust me 🙂

Let me know if you’ve got any other tips on ways people save money with weddings.

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