Lately I’ve noticed a growing conversation about wedding loans, and as a personal finance writer, that trend concerns me.
Weddings are exciting. You imagine celebrating with family and friends, enjoying great food, dancing, and making lifelong memories. But at some point the question becomes: how will you pay for it all?
Too many couples are turning to wedding loans to finance their big day. I’m seeing more advertising aimed at normalizing these loans—even options marketed to people with poor credit. Others put wedding expenses on credit cards, which is risky when average credit card interest rates exceed 21%.
For many people a wedding is deeply important—some have dreamed about it for years. Yet with an average wedding cost of $29,858 in 2019, the price tag for a dream wedding can be staggering. In some places the average is much higher—New York City averages $88,176 and South Florida $51,073.
Some couples plan and save for years, and many receive financial help from parents. But if you don’t have the funds, it’s tempting to take out a loan to “afford” the celebration. I want to caution against that choice: starting married life with debt can create arguments, stress, and long-term financial strain. It can even foster resentment between spouses, which is not how anyone should begin a marriage.
Debt has become normalized in our culture—people accept it for clothing, furniture, vacations, and weddings. That normalization doesn’t make it smart. Weddings can be expensive, but they can also be affordable. You can get married on any budget. In fact, you can legally marry for the cost of a marriage license if you choose.
If you’re considering a wedding loan, please read on before making a decision you may regret.
Related content:
- 7 Expenses To Never Put On A Credit Card
- The Danger Of Normalizing Your Debt – Stop Living Like Everyone Else
Why I recommend avoiding wedding loans
It’s another monthly bill
Business Insider reports that 28% of couples go into debt for their wedding. Taking out a wedding loan or charging the event to a credit card creates a new recurring payment—a monthly obligation that can last months or years. If you already have student loans, a mortgage, or car payments, adding wedding debt increases financial stress and reduces flexibility.
Ask why an expensive wedding matters to you
Consider why you feel compelled to spend so much. Lenders market wedding loans to people who view their wedding as a once-in-a-lifetime event that must be lavish. Social pressure can make expensive weddings feel normal, but your wedding will be meaningful regardless of its cost. Defining what you truly want helps you prioritize and avoid spending beyond your means—perhaps the money would be better used for a home, travel, starting a family, or retirement.
Wedding debt can add stress to married life
Starting a marriage with debt brings avoidable stress. Financial problems are a leading cause of conflict between partners. Debt can hinder retirement savings, delay other goals, reduce leisure time, and create constant worry about bills. Living debt-free gives you more control and less day-to-day financial strain.
High interest charges make wedding loans costly
Wedding loans are not cheap. Interest rates commonly range from about 6% to 35%, depending on creditworthiness and lender terms. That increases the true cost of the event. For example, a $30,000 wedding loan at 17% over five years would cost roughly $44,735—nearly $15,000 more than the principal. Even a 7% rate can add several thousand dollars in interest over the life of the loan.
Remember: it’s one day
Your wedding is a special day, but it’s still a single day. Financing that one day with long-term debt is a major decision. Over time, many details of the wedding fade, but the financial consequences of debt remain. You and your partner will have a lifetime of memories ahead—many of which cost little or nothing.
Research suggests cheaper weddings link to longer marriages
A study reported by CNN found couples who spent less on weddings were more likely to have longer-lasting marriages. Weddings over $20,000 were associated with higher divorce rates, while those who spent $1,000 or less had the lowest divorce rates. The reasons aren’t fully clear—whether related to couple characteristics or the stress of debt—but the findings are worth considering.
Expectations around weddings are becoming unrealistic
Weddings today often include extended celebrations: destination weekends, elaborate bachelorette/bachelor events, and extensive personalization. Social media amplifies those displays, making it easy to feel you must replicate them. But you rarely see the full financial picture behind someone else’s celebration—the help they received or loans they took out.
Affordable alternatives to wedding loans
Instead of financing a wedding, consider more affordable options. You can have a meaningful celebration without a huge price tag. Ideas include:
- Skip the big wedding: You don’t need a large ceremony to be married. A courthouse ceremony followed by a small gathering at a restaurant or someone’s home can be just as meaningful.
- Have a smaller guest list: Fewer guests greatly reduces costs.
- Set and stick to a budget: If you want a larger celebration, save and plan for it instead of borrowing.
- Elopement or combined honeymoon: An elopement in a destination can combine wedding and honeymoon costs more affordably than a traditional wedding.
- Choose affordable rings: Wedding rings can be an expensive line item—more affordable choices can save thousands without impacting the marriage itself.
- DIY elements: Many couples save money by DIYing decorations, invitations, or favors. DIY can also add personal touches that make the day special.
- Delay the celebration: If you prefer a lavish wedding, consider postponing until you’ve saved enough to pay cash.
Ways to save for a wedding
There are many practical ways to save for a wedding: side income, savings challenges, and apps that automate saving. A deliberate plan helps you avoid expensive financing. Useful approaches include budgeting strategies, targeted savings challenges, and finding extra income streams.
- The $20 Savings Challenge
- The Ultimate Guide of Over 50 Money Saving Tips
- How To Save Money Fast
- 75+ Ways To Make Extra Money
- The Sites & Apps That Can Help You Save And Make Money
With so many options to save and earn, a wedding loan is often an unnecessary and costly mistake.
Is it good to take a loan for a marriage?
I do not recommend taking a wedding loan. This is especially true if you have poor credit, since the interest rate will likely be very high and make the event much more expensive over time.
Can you get a loan for your wedding? Do banks give loans for weddings?
Yes, wedding loans exist and some lenders will offer loans for weddings, but that doesn’t mean it’s a wise choice. Much wedding spending is driven by social expectations set by media and social platforms. You alone should decide the kind of wedding you want. If a big, expensive wedding is your priority and you can afford it without jeopardizing other goals, that’s your choice. If not, a smaller or delayed celebration can be equally meaningful.
What do you think of wedding loans? Do you believe wedding debt is worth the cost?