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The Pros & Cons of Wedding Loans

The average cost of a wedding has shot up to around $33,000.

That’s quite a chunk of change, especially for young couples who are just beginning to build their careers and are focusing on saving up for the future. Between the venue deposits, dress, food, and other miscellaneous costs, you might find yourself struggling to figure out where the money is going to come from. That’s when the idea of a wedding loan might pop into your head, but before you sign the papers you should think over the good and bad.


1. You can afford the wedding you want.

Waterfront wedding table at sunset

Obviously, this is the reason you’re going after a loan in the first place. With a wedding loan (or, more accurately, a personal loan that you use for wedding costs), you’ll have more choices and be able to make selections that might have been off limits. You can choose a better venue, prettier dress, invite more guests...the list goes on.

2. You can get the money quickly.

Bride holding floral bouquet

One big advantage of personal loans is how quickly you can apply, get approved, and receive your money. This is a huge bonus when the time to put down deposits is quickly approaching and you need to make decisions fast.

3. Paying off the loan can boost your credit score.

Welcome sign at wedding venue

Here’s a fun bonus of getting the money to put together the wedding of your dreams—you just might be able to give your post-wedding credit score a boost! That is, of course, if you stick to your payment terms and pay it all off in a timely manner.

4. Loans are generally better than credit cards.

Bride and groom

If the decision is between a loan and credit cards, definitely choose the loan. A loan is what’s called a fixed debt, while credit cards are revolving debt. You’ll have a set schedule and payment for a personal loan that also has a fixed interest rate, while your credit card isn’t bound by such terms.


1. It’s not a good idea to take out a personal loan.

Decorated wedding table

You probably already know this, but it’s worth pointing out. You really don’t want to take out a personal loan unless you have to. Your credit score will take a hit, you’ll be bound by payment terms for the duration of the loan, and it’s easy to get yourself into financial trouble.

2. It can encourage overspending.

Bride and groom kissing

So you suddenly have all this extra money to spend on your wedding. Should you carefully budget it to make sure you allocate the right amount to the important aspects and possibly have some left over to start repayment? Absolutely. Will you do that? Maybe, but you sure as heck will be tempted to blow it all.

3. You’ll be in debt.

Bride and bridesmaids holding floral bouquets

An obvious but important point to remember is that a loan is debt. You will be in debt when you take on the loan, and that can be stressful. If you already have student loan debt, credit card debt, or a mortgage, this extra bit of debt probably won’t feel all that great hanging over you, and it definitely won’t look good on your credit report.

4. Debt can put a financial strain on a marriage.

Waterfront wedding reception venue

Starting a new life with your future spouse is about the last time you want to introduce any form of stress or strain. That’s exactly what the financial burden of a loan can present, and while taking on a loan together can be a good way to learn how you’ll address finances in the future, it can also show you just how different your views on money are.

Bonus Tip for Saving Money

What's the average cost of engagement rings and wedding bands?

According to a study done by The Knot, the average cost of an engagement ring in 2019 was $5,900. That same study found that the bride's wedding band added on another $1,100 and the groom's averaged around $510.

More and more brides are turning to affordable and inexpensive engagement rings and wedding bands! These rings are made of high-quality simulated diamond stones that look & shine like their real diamond counterparts. There are complete wedding sets that you can score for less than $300! The extra money you save on your rings can go towards your wedding, your honeymoon, your future house – anything you have your heart set on!

Woman's left hand wearing The Victoria and The Zoey on ring finger

 Rings: The Zoey, The Victoria

In the end, the decision is entirely up to you.

Wedding loans can offer a lot, but they can also turn into sources of stress and confrontation if you’re not careful. Acknowledge the consequences, weigh the benefits, and you’ll make a decision that feels right to you.