Personal loans for wedding expenses

By Nooreen B
Modified on June 7, 2023
Personal Loans for Wedding Expenses

Weddings are an exciting time for couples, families, and friends! However, along with those celebrations come expenses for the engaged couple. Depending on the type of wedding you are planning, you can be looking to pay thousands or even hundreds of thousands of dollars. 

Most people may not have those kinds of funds and will need to look at financing to cover those costs. Personal loans are some of the most commonly used loan options available that you can use for almost any expense, including your wedding. Continue reading to learn about different wedding expenses, along with more about personal installment loans to finance your special day. 

Different Types of Wedding Expenses That You Will Need To Pay For

If you haven’t been a part of wedding planning before, you may not be entirely sure about how much an average wedding costs and what items and services make up those costs. According to the Knot, the average cost for an American wedding in 2021 was $28,000. That does not include the cost of buying or financing a wedding ring for each partner! Depending on what you want, that average number can go up or down. To get an understanding of exactly how much your specific wedding is going to cost, it will be helpful to know about all the different things you will be paying for; here are a few with their average costs: 

The Venue 

The average cost of a wedding venue is $16,107. The venue will set the tone and ambiance of the wedding and can be one of the most memorable aspects of that day. And, of course, it needs to be big enough to fit the number of guests you invite. Venues also require deposits in most cases and are usually the first things couples look at so they can secure their date, so make sure you allocate your budget here first! 

Food and Drinks

One of the highest wedding costs will be catering and drink costs. The average cost for catering per person is $71, while drinks cost an average of $2,300. Good food and drinks are other memorable aspects of a wedding; of course, you want your guests to enjoy both! If your friends and family have special dietary requirements, the costs for food can go up quite a bit and your guest list will be a significant factor in determining your wedding’s food cost. 

Wedding Outfits

A huge part of wedding planning is finding the right outfits for both people. Except to pay anywhere around $2,000 to $4,000 for wedding attire. If you and your partner have expensive tastes, expect that to go up to a few thousand dollars—as some wedding dresses and tuxedos can cost thousands of dollars on their own.

Photography and Videography

You’ll want to have many pictures and videos to remember your special day! And so, hiring a professional photographer and sometimes a videographer is essential! The average cost for a photographer is $2,783, while a videographer’s cost averages around $1,995.

A Florist

Think about the last wedding you went to; one of the major decorations might have been the flowers, and you’ll probably want to have some too. Flower costs can range depending on color, theme, and abundance. The more flowers you want, the more your expenses will go up. The average florist cost for an American wedding is $2,534.


Centerpieces, lights, table and chair decorations, and other personalization are essential, especially for a themed wedding! And so, factor some of these costs into your wedding budget. You can expect to pay a few hundred up to a couple thousand dollars for wedding decorations. 

The Wedding Cake

No wedding is complete without a wedding cake! Expect to pay $582 for a classic tiered wedding cake. 


Whether you decide on a DJ or live band, there will be costs to pay. Most couples end up paying an average of between $300 to $700 for all their wedding music costs. 

Hair and Makeup

Everyone in the wedding party will want to look and feel their best. And so, hiring hair and makeup is recommended. Hiring a makeup artist and hair stylist will cost a few hundred dollars. 

The Officiant

All weddings need an officiant service to make things official. Expect to pay around $200 for an officiant at your wedding ceremony. 

Simple Ways To Cut Down on Wedding Expenses?

Trying to have your wedding on a budget? Here are some money saving and budgeting tips for couples planning to get married:

DIY and Thrifting Things

You can save a ton of money by doing things yourself and buying some items second-hand. Things like decorations, flower arrangements, and the wedding cake can all be done yourself or purchased as gently used. 

Have Your Wedding at Home

A wedding venue can cost thousands of dollars. And so, having your wedding at your home or another family member’s place can help you save that money or use it towards other wedding expenses. A backyard wedding can also feel cozier and more personal than an actual venue!

Rent Rather Than Buy and Ask About Hourly Services

You might be surprised at the different things you can rent rather than buy. But when it comes to weddings, you can rent all kinds of expensive stuff! For example, you can rent wedding clothes rather than buy them, saving you hundreds or even thousands of dollars. You should also consider booking services for a few hours rather than an entire day to save some cash! 

More Information on Personal Loans for Wedding Expenses?

Personal loans can be a great way to pay for your wedding. A standard personal loan is a type of loan product with fixed monthly payments. You can find personal loans at a bank, credit union, with private lenders, and online lenders in any state. Below, you will find more details about these loan options:

Personal Loan Approval 

Personal loan approval will be based on a few different criteria. Your credit score, credit history, income, and ability to pay the loan will all determine approval. There will be a soft credit inquiry for pre-approval and a hard inquiry for final credit approval. 

Amounts and Interest Rates for Personal Loans

Depending on the lender, personal loan amounts range between a few hundred to thousands of dollars. Remember that even if you are approved, you never have to borrow more than the minimum loan amount you need. Interest rates for personal loans are highly competitive; they usually range from 3% to 30%. Your specific interest rate will depend on your credit score, income, and ability to repay the loan. 

The higher your credit score and income, the more loan amount you can be approved for. And so, with an excellent credit score, you can look forward to a great deal and approval for a significant amount. On the other hand, if you don’t meet the minimum credit score requirements for a personal loan, you can add a cosigner or co-borrower. 

Documents Needed for a Personal Loan 

When you apply for a personal loan, you will need to have some documents with you: 

  • A driver’s license or a government-issued ID
  • Proof of income (pay stubs, bank statements. etc.)
  • Proof of residency (mail, bank statements, lease agreement, etc.)
  • Some lenders require references

Secured vs. Unsecured Personal Loans

Although a standard personal loan is unsecured, secured loan options are available. An unsecured personal loan does not require an asset, while a secured loan uses an asset as collateral. This asset can be anything of value a lender accepts, like jewelry or a car. If you have poor credit and need a large loan amount, adding an asset to your loan can increase your chances of approval. 

Fixed Rate Loan vs. Variable Loan

Standard personal loans come with fixed interest rates, meaning their monthly payments will stay the same throughout repayment. While variable interest rates can change throughout repayment depending on market trends. With varying interest, you could save money, but there is also the risk of paying more for your loan. 

Repayment for Personal Loans

Generally, repayment for a personal loan will start after 30 days of getting your loan proceeds— whether they are deposited in your bank account, mailed as a check, or picked up in-person. So, don’t forget about your debt payment obligations even if you are on your honeymoon!  

Most loan terms will have one monthly payment that is due on the same day each month. Before you pay your loan early, double-check your personal loan agreement for a prepayment penalty. As not all personal loans feature repayment terms that have flexibility for early payments. Once you start repaying your personal loan, it is crucial to make your payments on time, as late payments will come with fees and can hurt your credit scores. 

Why Personal Loans as Your Wedding Loan? 

Wondering why personal loans are the best wedding loans? Personal loans are flexible with loan terms, a variety of loan amounts, and come with highly competitive interest rates. With an affordable and manageable monthly payment, repaying your personal loan after your wedding can be stress-free. 

Wedding Ceremony Music Cost Guide | WeddingWire
How Much Does a Wedding Cost on Average (With Breakdown)? – The Street
Here’s How Much the Average Couple Spends on Alcohol for Their Wedding
This Was the Average Cost of a Wedding in 2021

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