The most romantic day of your life can also be very expensive.
While some couples save up for their big day, or the bank of mum & dad steps in, you may be looking for alternate ways to finance your wedding.
Thankfully, there are a number of loans you can apply for, including personal loans.
What is a wedding loan?
A wedding loan is any form of credit that you use to finance your wedding. The most common type of wedding loan is a regular personal loan, but could also be a credit card, line of credit, a buy now pay later arrangement or even a loan from a family member or friend.
Is it wise to take out a wedding loan?
This will really depend on your individual financial situation and priorities. While plenty of people do borrow money (whether from a bank, family members or another source) to help finance their wedding, you should only do so if you're confident you'll be able to pay it off on time and have a plan for how to do so.
Like with any other type of loan you should never borrow more than you can afford to pay off.
How can I finance my wedding?
If you're looking for a loan to pay for your wedding, there are a number of options to choose from. The best loan for you is one that will suit your budget and covers your upcoming expenses. These include:
Personal loans. There are 2 types of personal loans: secured and unsecured. Secured loans generally have higher borrowing amounts and lower rates, but require an asset as collateral. An unsecured loan, meanwhile, has lower borrowing amounts and slightly higher rates, but does not require collateral. These loans don't come with restrictions on how you use the funds. You can use the loan to buy the dress, book a venue and even pay for your honeymoon. You can choose between a variable or fixed rate, and repay the loan between 1 and 7 years.
Lines of credit. A line of credit is useful if you want credit on a continuous basis, as opposed to a lump sum. You can also opt for it if you're unsure if you will need to borrow money. A line of credit allows you to borrow up to a certain amount, as and when you need it. You will be charged interest on the amount borrowed, and not your entire credit limit. While convenient, interest can be higher for a line of credit compared to a personal loan.
Credit cards. Depending on how much your credit limit is and what your upcoming expenses are, a credit card may be an option. You could look into a 0% p.a. purchase card or a 0% p.a. balance transfer card, depending on your circumstances. Note that interest will apply after the introductory period and that interest on credit cards is generally higher than on a loan.
Buy now, pay later. Depending on what you need the finance for, this may be an option. Some purchases, such as airline tickets, may come with a buy now pay later option. This means that you can stagger your payment over a period of time without being charged interest. While it may not be a suitable option for all your expenses, more vendors are increasingly offering this option.
Bad credit personal loans. If you have a few negative marks on your credit score, a bad credit personal loan may be an option. This can be either a secured personal loan, a guarantor personal loan, a low doc personal loan or a short or medium term personal loan. Short and medium term personal loans come with high fees and rates, so they work out to be expensive and these option should be a last resort.
What costs do I need to consider?
Whether it's a small ceremony or an all-out extravaganza, there are a number of items and services you will have to pay for. Some of these additions may cost more than you originally thought. In the table below are some of the expenses you can expect and their average costs, according to surveys by easyweddings.com.au1 and truebride.com.au2.
Note that these costs will differ based on where you live.
Consider the expenses below:
Expense
Average cost in Australia
Expense
Average cost in Australia
Wedding invites, thank you notes and placeholders
$675
Catering and wedding cake
$6,188
The wedding dress and accessories
$2,330
Flowers and decorations
$1,565
Groom/groomsmen suits and accessories
$1,446
Photography and videography costs
$3,320
Bridesmaids dresses and accessories
$854
Entertainment considerations
$1,693
Flowergirls, ushers and pageboys
$168
Makeup, hair styling and facials for bride and bridal party
$743
Wedding venue
$15,258
Transport to and from wedding
$675
Marriage celebrant
$794
First-night hotel stay
$315
Alcohol and beverages
$3,377
Honeymoon
$5,603
How much do guests spend for a wedding?
The hosts aren't the only ones out of pocket for a wedding. According to Finder research, 27% of Aussies have spent money attending a wedding between 2018 and 2023
On average guests are spending $1993 for each wedding.
The top 5 biggest costs are travel ($759), accommodation ($556), clothing ($259), gifts ($240), and pre-wedding activities ($179).
Women ($257) are spending more than men ($53) on pre-wedding activities such as hens nights.
How can I compare wedding loans?
When you're comparing your loan options, there are a number of factors you need to think about.
How much does the loan cost? Compare interest rates across a number of loans to find the most affordable loan. Apart from interest, you should also consider fees and the comparison rate. A loan could have low interest but high fees, which will increase the cost of your loan. Check the comparison rate, which includes interest and fees. This will give you an idea of how much the loan actually costs.
Can I afford the loan? Once you've calculated how much the loan will cost you, you need to consider whether you can afford it. Check if your repayments fit comfortably within your budget.
How much can I borrow? Each lender will have maximum and minimum lending amounts. Does the lender offer the amount you want? How much you can borrow will also depend on your ability to repay the loan and your credit profile.
What's the loan term? The loan term is how long you have to repay the loan. Loan terms will affect your repayments. Shorter terms will mean higher monthly repayments in the short run. With a long term, you'll have smaller monthly repayments but the loan could cost you more on the whole. This is because you'll be paying interest for the entire time, the cost of which can add up.
Am I eligible? Do you meet the lender's minimum requirements to qualify for the loan? This can include income requirements and your credit score. Your application could be rejected if you don't.
What's the repayment schedule and is it flexible? Can the repayment schedule be tailored to suit your cash flow? Can you make free additional repayments to pay off the loan early, or will you face a penalty?
Pros and cons of wedding finance
Pros
Higher budget. Getting a loan instead of using your own savings potentially gives you access to a higher budget to fund the wedding you want.
Manageable repayments. Opting to finance your wedding with a loan allows you to pay it off in small, manageable chunks, rather than having to settle everything in one go.
Improve your credit. If you consistently meet your repayments on time, you can improve your credit rating and your chances of getting a loan in the future. This could be useful if you're considering buying a home with your significant other after the wedding.
Cons
Interest and fees. Most finance isn't free, so chances are that your wedding will end up costing you more in the long term if you opt for finance than it would if you paid for it out of your own savings or money from a relative.
Damage your credit score. In some cases, opting for finance might be detrimental to your credit rating. For example, if you fail to meet your loan repayments on time it will be listed on you credit file and lower your score.
Temptation to overspend. Taking out finance for your wedding might encourage you to spend more than you originally would have, and possibly more than you can afford.
Can I get a joint wedding loan?
A joint wedding loan is essentially a joint personal loan that you use to pay for a wedding. Both borrowers in a joint personal loan arrangement are equally responsible for loan repayments. This means that if one becomes unable to pay, the other must successfully meet the full loan repayments.
Applying for a joint wedding loan is a big decision for many couples (much like getting married!), so you may want to consider the following factors.
Reasons to consider a joint wedding loan:
May increase your chance of approval. In a joint personal loan application, the lender assesses the circumstances of both individuals who are applying for a loan. So, if you are self-employed, on a lower income or just want to increase your chance of approval, a joint personal loan can be a way to do it.
Higher levels of funding. When two people apply for a loan together, both of their incomes are taken into consideration. Often, this means that they can qualify for a higher level of funding than if just one of them had applied.
Commitment of both parties. If you're looking to spend the loan funds on a wedding for both of you, it may be important to you that you are both equally responsible for the debt incurred.
Reasons you may not want a joint wedding loan:
If you or your partner has bad credit. If either you or your partner has a bad credit rating and the other a good credit rating, getting a joint personal loan might not be the best option for you. This is because a lender may charge you more in interest/fees than if just the individual with a good credit rating had applied. It may also negatively affect your chances of approval.
Risk of over-borrowing. While it may be beneficial for some couples to combine two sets of earnings to qualify for a bigger loan, being able to access a higher level of funding might not always be a positive thing. This is because it can run the risk of encouraging you to borrow more than you can afford to repay.
Starting married life with debt. Prospective joint wedding loan applicants should be aware that sharing financial responsibilities can put strain on a relationship. You might not want to start your married life with a debt hanging over you.
Can I get a wedding loan if I have bad credit?
If you have a poor credit history, it can make qualifying for a wedding loan more difficult. However, there are a number of personal loans that are specifically designed for people with a bad credit score. Prospective applicants for bad credit personal loans should be aware that these loans:
Can be more expensive. Because you pose more of a risk to a lender as an applicant with a poor credit score, your lender will usually charge you a higher rate and/or fees than someone with a good credit score.
Have shorter loan terms. You will often have a shorter period in which to repay your loan. While standard personal loans have terms from 1 to 7 years, bad credit personal loans generally have terms from 16 days to 1 year. However, some may have terms of 2 or 3 years.
May require security. You may be required to provide asset security if you are applying for a bad credit wedding loan. Common security types include home equity, commercial property and vehicles. Asset security mitigates the risk posed to the lender by a bad credit applicant, as the lender can reclaim the loan funds by selling your property if you fail to meet your repayments.
Who can apply for a wedding loan?
Technically, anyone can apply for a personal loan to pay for someone's wedding – it doesn't necessarily need to be the betrothed couple themselves. Some parents, guardians or even siblings may wish to apply for a loan on behalf of the married couple in order to pay for, or help to pay for, their wedding.
Please be aware that in order for someone to qualify for a wedding loan for themselves, or on behalf of someone else, they must be:
Aged 18 or over
A citizen or permanent resident of Australia
Employed/have a regular income (applicants who receive Centrelink payments may be able to qualify if Centrelink makes up less than 50% of their income)
How can I apply for a wedding loan?
🤔 Work out how much you need to borrow and what you can afford. You can use a personal loan calculator to help you. 🔎 Start comparing lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use the comparison table on this page. ✅ Select a lender. Click "Go to site" to be directed to the lender's page, or "More info" if you want to read about the lender. 🖨️ Organise and prepare the required documentation. This will make the application process easier. 📱 Apply. Most lenders have their applications online.
Why compare personal loans with Finder?
Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest.
Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.
Frequently asked questions
When you start to repay a loan will depend entirely on the type of finance that you opt for and your arrangement with the lender in question. Usually, you will be required to start making repayments on a loan within 30 days of taking the loan out.
This will depend on whether or not the personal loan you choose offers a redraw facility. If your wedding loan offers this feature and you're eligible for it then you can increase your loan amount. However, if you have an existing wedding loan and your lender doesn't offer a redraw facility, there are still other options you can take when you require further funding. For example, you can opt to refinance your personal loan.
Rebecca Pike is Finder’s senior money writer, with over 10 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise, A Current Affair, 9News, and Sky News, and contributes expert analysis to publications like Yahoo Finance and The Latch. Rebecca previously served as Editor of Mortgage Professional Australia. She has a Master’s degree in Journalism as well as ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, which comply with ASIC guidelines. See full bio
Rebecca's expertise
Rebecca has written 236 Finder guides across topics including:
hi,sourcing a loan for our upcoming marriage in march 2017, regards
steve
Finder
DeeDecember 27, 2016Finder
Hi Steve,
Thanks for reaching out.
If you are looking to apply for a loan to fund your wedding, you can check and compare your options in the above comparison table. Please click the name of the loan product you are interested in to check the eligibility criteria and requirements to apply before clicking the “go to site” button to submit your application.
Finder's experts look into our database of over 170 personal loans each month to bring you our Top Picks across 5 key categories.
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Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest. 
Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.
hi,sourcing a loan for our upcoming marriage in march 2017, regards
steve
Hi Steve,
Thanks for reaching out.
If you are looking to apply for a loan to fund your wedding, you can check and compare your options in the above comparison table. Please click the name of the loan product you are interested in to check the eligibility criteria and requirements to apply before clicking the “go to site” button to submit your application.
Cheers,
Anndy