Is Getting a Wedding Loan With Bad Credit A Good Idea?

Chang Fu
Aug 24, 2020

What is a Wedding Loan?

A wedding loan is a type of personal loan (usually an unsecured personal loan), that can help you cover your wedding expenses. Typically, you’ll receive loan funding in a lump sum within a few days of approval, and you’ll repay back in installments over a couple of years. Wedding loans can be used at any time of wedding expenses, from vendors, hotels, wedding rings to travel, honeymoon, insurance, and more. The amount of a wedding loan can range from $1,000 up to $50,000, the term is usually 3 to 5 years, and the interest rates vary based on the lender.

When does a Wedding Loan Make Sense?

There are quite a few reasons when it might make sense for you to get a wedding loan. After all, the average cost of a wedding is almost $34,000 - who has that type of money lying around? Below are some example reasons you might want a wedding loan:

  • You haven’t saved enough for your wedding
  • Your vendor requires a large deposit
  • You don’t want your parents or your parents can’t pay for your wedding
  • You don’t want to use up emergency savings
  • Your credit card APR is too high or you’ve maxed out your credit card limits

Every couple’s situation is different and a wedding loan may or may not make sense for you. Borrowing money to fund your wedding is a complicated and personal decision and there’s no right answer here!

What’s Considered Bad Credit?

So you’ve decided you want a wedding loan, but how can you get one with bad credit? What’s considered bad credit by lenders, and what would disqualify you from a wedding loan?

Generally, for both FICO and Vantage credit scores, anything below 600 is considered “poor” or “bad.” If you’re in the 600s, you may be considered “fair,” but you’ll still have a difficult time qualifying for many unsecured personal loans at a reasonable APR. If you have “poor” or “bad” credit though, a $30,000 wedding loan is almost always out of the question.

How Much does an Average Wedding Cost?

As mentioned earlier, the average wedding costs almost $34,000 in 2019, including the rings, ceremony, and reception. According to a CNBC report, if you thought that’s expensive, the average cost in 2019 is a few hundred dollars lower than the cost in 2018.

But what if you’re considering borrowing for only parts of a wedding? According to TheKnot, here’s how much different vendors and parts of a wedding might cost on average:

  1. Photographer - $2,400
  2. Florist - $2,000
  3. Catering - $70 per person
  4. Engagement ring - $5,900
  5. Wedding dress - $1,600
  6. DJ - $1,200
  7. Reception Venue: $10,500

These are some big costs and sometimes, it may include large prepayments to the vendor. That’s where a wedding loan can come in clutch!

How to Qualify: Wedding Loans for Bad Credit 

So you know you have really poor credit, such as a below 600 FICO score, and you need funds for your wedding. How on earth are you going to qualify for a wedding loan without good credit? First, budget what you need and with your partner, think hard about what you must have vs what you can do without. It’s always hard to budget for your big day but you might be thankful later!

With bad credit, it’ll be tough to qualify for any loan that does a FICO or Vantage credit score check. Even common subprime lenders like OppLoans, Avant, NetCredit, and more may not approve you for a loan. But if you don’t need to borrow too much and just want to fill in some small budget gaps, payday loan alternatives and installment loans like Possible Finance might be a good option for $500. Borrow money in minutes without a credit score and repay over several months while building credit history. The best part? If your wedding is still a year or more out, you’ll get a chance to build credit history and perhaps qualify for other loans and credit products before your wedding day arrives!

Pros and Cons of a Wedding Loan


  • Unsecured loans don’t put prized possessions on the line
  • Terms and repayment can be flexible and up to 5 years
  • No need to compromise on your big wedding day
  • Many wedding loan lenders do a soft credit check rather than hard, so your credit score won’t be impacted


  • Taking on additional debt to start a marriage is not ideal
  • Borrower interest rates can be high depending on financial and credit situation
  • Money from the loan is often spent on upgrades or optional things

Need money for your wedding? Get a loan with Possible. 

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Lenders that Offer Wedding Financing Loans for Those with Bad Credit

Who are some lenders that offer wedding loans? Upstart, LendingTree, and SoFi might be good places to start for wedding loans if you have OK credit. These sites may offer or refer you to lenders who offer personal loans up to $10,000 or more at reasonable APRs for 3-5 years. But if you have bad or no credit history, you’ll be out of luck at these sites.

For those with bad or no credit, you’ll need to get “outside-of-the-box” for a bad credit wedding loan. What lenders offer a loan for those with bad credit?

Possible Finance

A Possible loan is an installment loan up to $500 that’s repaid over several months and builds credit history. If the gap in your wedding budget can be filled with $500, this may be a good option. Compared to traditional payday loans or cash advances, a loan from Possible is cheaper, more flexible, and better for you. You can apply and if approved, receive money in minutes directly in your checking account or on your debit card. Can’t make a loan payment? You can reschedule payments up to 29 days later directly in the Possible Finance app. Best of all, you can build credit history by repaying on time, allowing you to qualify for higher credit score products in the future.

Payday advance apps like Dave or Earnin

Payday advance apps aren’t really loans, but they act similarly to one. You can advance money early based on your paycheck and repay it later on your pay date. Because the amounts tend to be smaller than a loan, usually up to $200, they’re only useful to fill last-minute gaps in your wedding budget and unforeseen expenses. For example, don’t have enough cash on your wedding day for a taxi or for last-minute make-up? You’ll likely be able to advance some money from your next paycheck and get the funds you need fast.

Title loans

An online title loan is another way to get cash fast when you have bad credit. It’s a secured loan that uses your car as collateral for the loan. If you can’t repay the loan, you could lose your car. Therefore, be very careful with an online title loan. You might be able to borrow money to fund your wedding but you don’t want to end up not being able to drive to work because you can’t repay your loan!

Bonus - Credit builder loan

If you have plenty of time before your wedding, you could evaluate whether a credit builder loan to build your credit may qualify you for higher credit score loan products that have better APR and terms. A credit builder loan is a loan in which the amount you borrow is held in a bank account while you make payments thereby helping you build credit history. At the end of the loan term, the lender will return to you the loan principal plus interest. It’s a good way to build your credit plus save money.

Alternatives to a Wedding Loan for Those with Bad Credit

Maybe getting a wedding loan isn’t the best idea for you. What are some alternatives to getting a wedding loan with bad credit?

Borrow from friend or family

No one likes owing loved one’s money, but sometimes it might make sense to do so. After all, a wedding is a big expense and if your family helps contribute to your wedding, that may save you much debt and headaches for you in the future. If you need just a small amount to make your budget work and to prepay an expense, borrowing from family or friends could be the right solution depending on your circumstance.

Credit Repair or Counseling

Credit scores and credit history lasts a long time, and we know improving it is hard. But everyone has to start somewhere and credit repair could be an option. Everyone’s credit situation is unique and if you believe there’s errors on your credit report, you might want to dispute them yourself or hire a service to do so. By the time you resolve the dispute, you might see a large increase in your credit score and be able to qualify for better loan terms and a larger loan.

Better budgeting

Have you tried controlling your expenses and tightening your budget before looking for a bad credit wedding loan? If you need help, don’t worry - there’s quite a few budgeting apps to help you manage your budget better. Perhaps once you manage your budget, control a few expenses, and reduce expenses where you can, you’ll save enough to plug the cash hole you have for your wedding.

How to Improve your Credit

Have time to improve your credit before your wedding so you can qualify for better and cheaper products? First, you’ll need to understand the 6 factors that influence your credit score and what a FICO score is. As mentioned earlier, credit builder loans are a great way to improve your score, but there are other products out there like secured credit cards, Possible Finance, and more. Do you research and if you have the time before your wedding to improve it, get started so you don’t have to get a wedding loan for those with bad credit in the first place!

Chang Fu

Chang is an avid writer, among other things, at Possible. He grew up loving reading and writing, creating his own poems and even a book he's now hidden in an old closet, unpublished. His financial experience at a large bank along with his passion for technology to help underserved communities inspires him to write for Possible.

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