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Explore personal loans for weddings so you can have the day you've always dreamt of. Compare wedding personal loans from a wide range of lenders at RateCity.

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Mark Bristow

Updated on

22 Jan, 2025

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What is a wedding loan?

Getting married is likely to be one of the most important days of your life, so it's understandable that there might be a fair bit of stress in the lead-up to this special occasion.

No matter the size of your guest list, planning a wedding can be a very costly time in your life as wedding expenses can add up rather quickly. Which is why, even if you work to a strict budget and are perhaps lucky enough to have supportive parents willing to contribute, there may still be quite a shortfall in what you have available.

If this is the case for you, it might be worth considering whether a wedding loan could be a viable solution. This type of personal loan is for the specific purpose of helping to fund your wedding, and with many lenders offering this type of loan, it could relieve you and your future spouse of some of the stress and allow you both to fully enjoy your special day.

Why do people use wedding personal loans?

Celebrating a marriage is a momentous occasion and many couples want to embrace the opportunity to create a truly memorable event for family and friends. That said, it does come with considerable expense. But if you do decide you want to take out a wedding loan to help cover the cost of your dream wedding, be sure you have the means to meet the loan repayments.

When you think of what goes into making a wedding a success you quickly realise that the costs add up very quickly. According to Moneysmart.gov.au, the average Australian wedding costs $36,000. Some of the many services you'll likely need to consider when planning a wedding include:

Venue hire fees
Food and beverage catering costs
Photography and videography
Celebrant fees
Music and entertainment
Wedding attire
Floral arrangements and other decorations
Transportation to and from the venue
Wedding rings
Hair and makeup

Budgeting for a wedding can seem daunting at the beginning, but the best way to start is to reach out to vendors directly for quotes on their services and start compiling a list of expenses. Once you've done your calculations, you'll have a better idea of whether a personal loan is the right option or if it's just odds and ends that your credit card might be able to cover. Either way, ensure you have a plan in place to pay off the debt within a reasonable timeframe to avoid excess interest charges.

How do I compare wedding personal loans?

Obtaining a wedding loan is a relatively straightforward transaction between you and a lender. Once you have an idea of the loan amount you wish to borrow, it's time to start shopping for a loan that best suits your needs. Here are some of the factors to consider when comparing your options:

Interest rate: Finding a competitive interest rate personal loan is understandably at the top of the list for most. However, it's important to not only consider the interest rate, but the fees and charges as well, as they can add a significant amount to the overall cost of the loan.
Comparison rate: An easy way to get an understanding of the total cost of the loan is to compare different comparison rates. A loan's comparison rate incorporates both the interest rate and the main fees charged.
Fixed interest rate or variable rate:Fixed rate loans provide certainty as your repayments will remain the same throughout the loan term, while the interest payable on variable rate loans can fluctuate with the market.
Secured vs unsecured personal loan: Secured loans are, as the name suggests, secured on an asset that's used as collateral. Unsecured loans don't have collateral attached, but are seen as a higher risk for lenders and therefore typically come with a higher interest rate.
Loan term: The length of time you have to pay off the loan is known as the loan term. Personal loans often have loan terms of one to five years in length.
Fees and charges: Some of the common upfront or ongoing fees you might be charged on a personal loan can include application fees, establishment fees, extra repayment fees, early repayment fees plus other monthly fees.
Features: Some personal loan products will offer extra features that might be useful to you. For example, if you want the flexibility to make extra lump sum payments when you've got the cash to pay down the loan faster, you might want to consider a loan that offers unlimited extra repayments.

It's important for borrowers to make comparisons between what a variety of lenders offer and gain a good understanding about fees for applying and setting up the loan.

What are the pros and cons of wedding loans?

As with all financial products, it's important to weigh up the pros and cons before deciding what's right for you.

Benefits

Might come in handy when paying deposits to secure your favourite vendors well ahead of time, as you may not have had a chance to build up your savings at this point.
Could be a more manageable option than charging your credit card, as personal loans typically have lower interest rates.
Can help you realise your expectations so that you both have an amazing day to remember.

Drawbacks

It's likely you'll be paying off your loan during the beginning of your marriage, so it's crucial that you've got a budget in place to meet the repayments and avoid financial strain.
You'll essentially be paying for the wedding after the fact, so keep that in mind when deciding what's actually important to you and what you might be willing to skip.

How can I find the best wedding loan for me on RateCity?

Once you know what you're looking for in a wedding loan, it might be worth utilising RateCity's personal loan calculator. Our personal loan calculator can provide you with a weekly, fortnightly or monthly repayment estimate based on your preferred loan amount, loan term, interest rate and credit score. It can even estimate the total interest payable over the life of the loan. Having this information can allow you to ensure the repayments will fit comfortably within your budget before you submit an application.

Using a comparison table like the one on this page can also be helpful, as you can filter down your search results to see loans that best suit your needs. You can even click straight through using the 'go to site' button to check the eligibility criteria and apply now.

And if you're interested in checking your credit history before applying for a new credit product, consider visiting our credit score hub.

If you'd like more information specific to your personal financial situation, consider speaking to a financial broker or adviser.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

What is a wedding loan?

Getting married is likely to be one of the most important days of your life, so it's understandable that there might be a fair bit of stress in the lead-up to this special occasion.

Search and compare top wedding personal loans

Find and compare wedding personal loans

Providers we compare

On this page

What is a wedding loan?