Your wedding day is possibly one of the most important and special days of your life, but it can also be one of the most expensive.
If you feel as though you’re coming up short when it comes to the financial side of your wedding, then a loan may be worth considering. A loan can help you cover the cost of any part of your big day, from the venue to your honeymoon.
Let’s take a closer look at wedding loans and whether you should consider one.
Key Points
- A wedding loan is a type of financing used to cover wedding-related expenses, typically repaid over time with interest.
- Types of wedding loans may include personal loans, lines of credit, and home equity loans.
- To avoid or minimize loan costs, consider alternatives to wedding loans, such as balance transfer credit cards, crowdfunding, saving up, or requesting cash gifts instead of traditional presents.
Should You Take Out A Loan For A Wedding?
Taking out a loan for a wedding should only be done if you have a clear budget, a repayment strategy, and have explored alternatives first.
Although personal loans can help cover deposits and other wedding expenses, borrowing for a celebration carries risks and may lead to financial strain later. Saving, reducing costs, or delaying the event is often a safer choice.
When A Wedding Loan Might Make Sense
There may be a handful of reasons why it might be a good idea to take out a loan to fund your wedding:
- Covering Urgent Expenses: If you must secure a venue or pay vendor deposits immediately, a loan can provide quick funds.
- Managing Cash Flow: A personal loan with fixed interest and predictable payments may be easier to handle than high‑interest credit cards.
- Strong Credit Profile: Good credit can qualify you for lower rates, making a personal loan more affordable compared to other wedding financing options.
- When Rates Are Low: Pay attention to the interest rate you’re being offered and consider how it will impact the affordability of the loan. Higher rates mean more money paid over the life of the loan.
| Considerations To Make First Before taking out a loan to finance your wedding costs, consider the following: – The impact of a wedding loan and your future financial goals – Whether you prefer to pay upfront or later – Whether you can afford to cover loan payments |
What Is A Wedding Loan In Canada?
A wedding loan is simply a personal loan that you use to pay for all things related to your wedding. Personal loans come in a wide range of forms for a wide range of borrowers, meaning that you should be able to find something perfect based on your current financial needs.
Personal loans can be either secured or unsecured using collateral. This means that you can use one of your assets as collateral to secure a loan, which can help improve your odds of approval at a lower rate.
Personal Loan Features
Typical features of a personal loan, including those used to pay for a wedding, are as follows:
| Loan Amounts | Up to $50,000+ |
| Interest Rates | ~9.99% to 35% APR |
| Loan Terms | 6 months to 5 years+ |
Borrow Up To $50,000
How Do Wedding Loans Work?
When you apply for a personal loan, the lender reviews your credit score, income, and debt history to determine eligibility and interest rates.
Once approved, you receive a lump sum that can be used for costs such as venues, catering, attire, or photography. Repayment is made in fixed monthly installments over a set term consisting of both interest and principal.
Can You Get A Wedding Loan With Bad Credit?
Yes, it is possible to get a wedding loan with bad credit in Canada, but options are more limited and often come with higher interest rates. Traditional banks may decline applications, while alternative or online lenders may be more flexible. Approval usually depends on income stability, debt levels, and the age of your credit history. You may also require a co-signer.
| Be Cautious: Bad credit loans come with high interest rates, which will make the loan more expensive and may create long‑term financial strain. Learn more: Bad Credit Loans |
Can You Get A Wedding Loan Without A Credit Check?
If you have bad credit and would rather skip the credit inquiry altogether, you can find wedding loans in Canada that don’t require a credit check. But again, they come with higher costs in terms of interest rates and possible lender fees.
Some online lenders and financing companies focus more on income verification than credit history, making them accessible for borrowers with poor or limited credit. These loans can provide quick cash for deposits, venues, or other wedding expenses, but interest rates and fees are usually much higher than standard personal loans.
Be sure to compare offers carefully and consider alternatives like saving or finding ways to cut wedding costs to avoid long‑term financial strain.
Learn more: Best Loans No Credit Check Loans In Canada
Best Wedding Loan Lenders
Filters
- Amount
- Up to $35,000
- Rate
- 9.99% – 34.95%
- Term
- 6 – 84 Months
- Amount
- Up to $60,000†
- Rate
- 19.99% – 34.99%*
- Term
- 6 – 120 months
- Amount
- $500 – $10,000
- Rate
- Up to 34.99%
- Term
- Up to 60 months
Learn more: Best Personal Loans In Canada
What Can You Use A Wedding Loan For?
You can use the funds from a wedding loan to pay for just about any wedding-related expense, including the following:
- Venue rental
- Catering
- Bar services
- Photography and videography
- Wedding attire
- Decorations
- Flowers
- Entertainment
- Invitations
- Transportation
- Wedding planner
- Honeymoon expenses
What Is The Average Cost Of A Wedding In Canada?
According to a recent poll, the average cost for a wedding in Canada is $32,0001, with Ontario clocking in at the most expensive province, followed by BC and Quebec. This number can vary considerably based on factors like venue location, number of guests, food and beverages, and wedding style.
Celebrations held in major urban centers, like Toronto or Vancouver, tend to be more expensive, largely due to more expensive venues and services.
Here’s How Much You Can Expect To Pay By Category
| Venue | $10,000 |
| Food | $7,000 |
| Photos/Video | $4,000 |
| Attire | $5,000 |
| Entertainment | $2,500 |
| Flowers | $2,000 |
| Misc. | $2,500 |
Source: yourweddingatlas.ca
How To Get Approved For A Wedding Loan
If you’re wondering how to get a loan for your wedding, here are some basic steps you can take:
Step 1: Decide How Much You Can Afford To Borrow
Start by tallying up the approximate cost of your wedding, then weigh that amount against the potential cost of the loan you need and your income. Don’t forget to factor in any interest or fees the lender might charge, since they can significantly increase the final price of a wedding loan.
Step 2: Check Your Credit
Next, get your credit report and credit score from Canada’s credit bureaus. Make sure there are no errors or signs of fraud on your report, and that your score is in the 660 – 900 (good to excellent) range. If your score is in the bad range of roughly 300 to 600, it can be harder to get an affordable wedding loan.
So, it’s best to check your credit score and spend time raising your score by removing errors from your credit report, building your credit history, and paying off your existing debts before you apply.
| Tip: If you can’t afford or can’t qualify for a wedding loan by yourself, you can also consider applying for a joint personal loan with your soon-to-be spouse. This way, you’ll both act as co-borrowers and will be equally responsible for any debt, thereby reducing risk for the lender and increasing your chances of approval for a loan with good conditions. Keep in mind that if you or your spouse has bad credit, you might get denied or only qualify for a smaller loan with a higher rate and stricter terms. In that case, the spouse with better credit may have more luck applying alone. |
Step 3: Compare Wedding Loan Offers
When your credit and finances are strong, shop around with multiple lenders to compare loans. Some lenders have free pre-qualification tools to show you what kinds of loans, rates, and terms you’re eligible for.
Wedding Loan Requirements & Eligibility
- Credit Score: Most lenders require a fair to good credit score for approval. Higher scores qualify for lower interest rates.
- Income Verification: Proof of stable employment or regular income is needed. Lenders will want to assess whether you can handle monthly repayments.
- Debt-To-Income Ratio: Lenders typically review your existing debt load compared to your income to make sure you have enough money left over to cover loan repayments. Lower ratios will improve your chances of approval.
- Age: Applicants must be the age of majority in their province (18 or 19).
- Residency: Proof of Canadian residency is required.
Step 4: Submit Your Application
Once you find an affordable wedding loan, you can complete an application online. Applying is often easy, but it may take several hours or days, depending on the lender and the size of your loan. Just make sure you choose a legitimate lender and fill in your application honestly.
Learn more: How To Apply For A Loan
Calculate Your Wedding Loan Cost
Before taking on a loan, ensure your wedding loan payments fit within your budget. For example, if you can afford $400 payments a month, the amount you can borrow can vary heavily depending on the interest rate and your loan term length.
For example, this is approximately how much you could borrow with monthly payments of $400.
| 12% APR | 22% APR | |
| 2 years | $8,500 | $7,700 |
| 5 years | $18,000 | $14,500 |
Calculate your wedding loan costs with this personal loan calculator.
Benefits Of Financing A Wedding
Here are some of the most positive aspects of getting a wedding loan in Canada:
- Flexible Use Of Funds: Since your loan will appear as liquid cash in your bank account, you can spend it on any wedding-related cost, like the venue, food, or entertainment.
- Lower Rates Than Credit Cards: Depending on your credit score, personal loans often come with lower interest rates compared to credit cards, helping you save on interest charges.
- Flexible Terms And Payments: Some wedding loans have repayment terms of about 1 to 7 years and penalty-free prepayments to help you save on interest.
Risks To Consider
If you’re planning on financing your wedding expenses, there are a few things you should consider before applying for a wedding loan.
- Additional Debt: A wedding is already expensive enough without adding the cost of a loan to it, which can put you and your spouse in debt for many years. Don’t forget to consider all the other debts you may incur after marriage, like a mortgage.
- Potentially High Rates: If you apply with bad credit or a low income, you could only qualify for small loans with far higher interest rates (if you’re eligible at all).
- Possible Credit Damage: Every wedding loan payment you miss could lower your credit score and make you less creditworthy when you apply for loans later in life. Plus, just the process of applying for a loan can hurt your credit score due to the credit check, though this effect is temporary.
Alternative Ways To Pay For Your Wedding
Aside from taking out a loan, there are other ways to pay for your wedding:
- Take Out A Line Of Credit: Similar to how a credit card works, a line of credit provides access to a revolving line of credit that you can draw from as needed. Interest is charged only on the outstanding balance, and you have the flexibility to make minimum or partial monthly payments.
- Crowdfund: Though it may be hard for some, asking to borrow money for your wedding from your close friends and family is one way of getting the money you need without having to take on a loan. Moreover, you can save on interest when you pay them back, as it is unlikely they will ask for interest.
- Save Up: In most cases, you have a year or two before your actual wedding day. This will give you enough time to save money to pay for all or at least part of the wedding. That way, you won’t have to take out a loan for the entire cost of the wedding.
- Use Credit Strategically: Consider using a credit card with a 0% introductory rate to borrow on credit and avoid long-term debt. Just make sure you’re able to repay the balance by the end of the promotional period.
- Use A Home Equity Line Of Credit (HELOC): If you own a home and have built up sufficient equity, a HELOC allows you to borrow against the value of your home, typically at a lower interest rate than personal loans or credit cards. It works as a revolving line of credit, meaning you can draw funds as needed and only pay interest on the amount you use. The main benefit is the lower borrowing cost and flexible repayment terms. However, the risk is higher because your home is used as collateral. If you struggle to make payments, you could jeopardize your housing security.
Tips To Save On Wedding Costs
- Cut Costs: You can lower the amount of money you’ll need to borrow by cutting your wedding costs in inconsequential areas. For example, rather than having an open bar with high-end alcohol, you can opt for a limited-time bar that offers more regular alcohol.
- Cash Gifts: Ask guests to offer cash gifts instead of traditional presents to help you pay for the wedding.
- Tap Into Rewards: Use applicable cashback rewards from existing credit cards to offset costs, if possible.
- Elope or Keep It Simple for Now: Consider eloping or having a small civil ceremony at a courthouse to make your marriage official, then hosting a larger celebration later when it’s more financially viable. This approach lets you prioritize the legal and personal significance of getting married without taking on unnecessary debt, while still giving you the option to celebrate properly once your finances are in a stronger position.
Common Mistakes To Avoid When Financing Your Wedding
Taking out a loan to finance the cost of your wedding can help make your dreams come true for your big day, but without careful financial decisions, you can easily wind up in a financial hole. Be sure to avoid the following mistakes when taking out a wedding loan:
| Not Having A Budget | Without a clear budget, costs can spiral quickly. Set limits for each category, like venue, food, and attire, and track as you go. Consider the full cost of your wedding and make sure you only apply for a loan amount that you need, and not a dollar more. |
| Using Credit Recklessly | Putting everything on a high-interest credit card can lead to sky-high debt. Instead, look into lower-interest options, like personal loans or 0% interest cards. |
| Forgetting About Post-Wedding Expenses | The honeymoon, thank-you cards, photo albums, and even a home and future children should not be after-thoughts. Be sure to consider these high post-wedding costs before taking out a loan. |
| Focusing Only On Monthly Payments | Not considering the total repayment can create a false sense of affordability, hiding the true cost of the loan over time. This can lead to paying more in interest and fees, especially if you choose a longer repayment term. |
Is A Wedding Loan Right For You?
Before taking on more debt to fund your nuptials, make sure to carefully consider whether a wedding loan is the right option:
| When It Makes Sense | When It Doesn’t Make Sense |
| You have a strong credit score and can qualify for low interest rates. | Your credit score is poor, leading to high interest costs. |
| You need immediate funds for urgent deposits (ie. venue, catering, photographer, etc). | You’re borrowing mainly for non‑essential extras or luxury upgrades. |
| You have a clear repayment plan and stable income to cover monthly payments. | Your budget is already stretched and repayment would be difficult. |
| Using a loan helps you avoid high‑interest credit card debt. | You’re relying on debt without looking into alternatives like saving or cutting costs. |
| You want predictable, fixed monthly payments instead of variable credit card balances. | You’re uncertain about future income or job stability. |
Beyond The Nuptials: Other Costs To Consider In Marriage
While weddings take centre stage at the beginning, it’s important to consider finances long after the big day. Here are a few examples of common costs that will take up a big chunk of your money after marriage:
- Housing: Buying a house is one of the largest commitments. Even rent is a big expense, especially if you’re looking for larger accommodations. Plus, you’ll need to think of utility bills, insurance premiums, and maintenance costs as a homeowner.
- Daily Living Expenses: Everyday costs also grow when two lives merge. Things like groceries and transportation become joint responsibilities, requiring careful budgeting. D Debt repayment: Consider both partners’ debts going into the marriage, such as student loans or credit cards, which can impact long‑term financial stability.
- Family Planning: Raising children involves childcare, education, and extra-curricular expenses, all of which require financial planning.
- Unexpected Expenses: Last-minute expenses, like car repairs or home improvements, can strain finances if not anticipated.
- Life Insurance: Life insurance is a responsible consideration after marriage, especially if one spouse is a stay-at-home parent or earns significantly less. It helps ensure that the surviving partner can cover living expenses, debt payments, and long-term financial obligations if something unexpected happens.
- Registered Education Savings Plan (RESP): If you’re planning to have children, contributing to a Registered Education Savings Plan (RESP) is another important long-term cost to plan for. RESPs help you save for post-secondary education while benefiting from government grants, but they require consistent contributions over many years to be most effective.
Learn more: Should You Combine Finances After Marriage?
Bottom Line
The cost of a wedding can be very high, and as such, you may want to seek out a financial solution to help cover the cost. If you choose to take out a wedding loan, be sure to do some research and find a lender that’s right for you before you make any final decisions. Be sure to also have a budget planned out and know how much you need to borrow.
Wedding Loan FAQs
Will a wedding loan affect my credit score?
Can you get a wedding loan with bad credit?
What if I get rejected for a wedding loan from a bank?
Should I use my credit card to finance my wedding?
How much money can you expect to get at your wedding?
Should you merge your finances after getting married?
®Fairstone Financial Inc. is a wholly owned subsidiary of Fairstone Bank of Canada.
*Interest rates are subject to change. Actual Annual Percentage Rate (APR) varies based on the province of residence and individual factors like credit details and loan amount. The interest rate on an unsecured personal loan is 31.99% in BC.
†On approved credit. Terms and conditions apply. Interest rates vary by province/territory and from customer to customer based on factors like credit score and borrowing history. See Fairstone’s website for details.
Fairstone Financial Inc. holds high-cost credit licenses in AB, MB (License #85047, expiring 20-02-2026) and QC; it has applied for a high-cost credit grantor license in NL. For license information by province, visit Fairstone.ca/HCCG
In Ontario, Fairstone Financial Inc. is licensed as mortgage brokerage 10821.
In Nova Scotia, Fairstone Financial Inc. is licensed as mortgage lender #2021-3000028.
References
1 Your Wedding Atlas. (2025, October 15). How much does a wedding really cost in Canada in 2026? Your Wedding Atlas.
