Your wedding day is one of your life’s most important and special events. Naturally, you want everything to be perfect, but the reality is that weddings can be expensive. If you’re worried about covering the costs, a wedding loan might be just what you need.

Wedding loans in Canada - a couple holding hands in a heart-shape form
Image by Tú Anh from Pixabay

In this comprehensive guide, we’ll explore everything you need to know about wedding loans in Canada, including the pros and cons, alternatives, and other ways to cover your wedding costs.

What is a Wedding Loan?

A wedding loan is a personal loan specifically designed to finance wedding-related expenses. It provides a lump sum of money that you can use to cover various costs associated with your big day, such as the venue, catering, photography, and even your honeymoon. Financial institutions, including banks, credit unions, and online lenders offer wedding loans in Canada.

When applying for a wedding loan, it’s essential to consider factors like interest rates, loan terms, and your credit score. Remember that the more favourable your financial situation, the better the terms you’ll be able to secure for your loan.

Wedding Loan Interest Rates

Interest rates on wedding loans can vary widely depending on several factors, such as your credit score, income, and the amount you wish to borrow. Generally, interest rates for wedding loans in Canada can range from as low as 2.99% to as high as 46.96%.

A higher credit score and a stable income will improve your chances of securing a lower interest rate on your wedding loan. Shopping around and comparing multiple lenders is essential to find the best interest rate for your unique situation.

What Does a Wedding Loan Cover?

A wedding loan can cover a wide range of wedding-related expenses. Some of the most common costs that can be financed with a wedding loan include:

  • Venue rental
  • Catering and food services
  • Wedding attire (wedding dress, tuxedos, etc.)
  • Photography and videography
  • Flowers and decorations
  • Wedding planner fees
  • Transportation and accommodations for the wedding party
  • Honeymoon expenses

Remember that the loan amount you’re approved for will depend on factors such as your credit score, income, and the lender’s policies.

How Much Money Can You Get with a Wedding Loan?

The money you can borrow for a wedding loan will depend on your financial situation, credit score, and the lender’s policies. Generally, wedding loans in Canada can range from as little as $1,000 to as much as $50,000 or more. Therefore, it’s essential to carefully consider how much money you need to cover your wedding costs and avoid borrowing more than necessary to minimize interest payments and reduce the risk of financial strain.

Pros and Cons of Wedding Loans

Before you decide to apply for a wedding loan, it’s essential to weigh the pros and cons.


  • Flexible use: Wedding loans can cover a wide range of wedding-related expenses, allowing you to allocate funds where needed most.
  • Lower interest rates: Compared to credit card debt, wedding loans typically have lower interest rates, especially for borrowers with good credit scores.
  • Fixed repayment terms: Wedding loans offer fixed repayment terms, allowing you to budget for your monthly payments and avoid surprises.


  • Debt burden: Taking out a wedding loan means starting your married life with debt, which can be a source of stress and strain on your relationship.
  • Higher interest rates for bad credit: Borrowers with low credit scores may face higher interest rates, making the loan more expensive in the long run.
  • Risk of overborrowing: The availability of funds can tempt some couples to spend more than they initially planned, leading to a more significant debt burden.

Wedding Loans FAQs

What are the eligibility requirements for a wedding loan?

Eligibility requirements for wedding loans in Canada can vary by lender. Still, generally, you’ll need to be a Canadian citizen or permanent resident, be at least 18 years old, have a steady income, and have a good credit score. Some lenders may have additional requirements, such as a minimum income or specific credit score.

Can I get a wedding loan with bad credit?

Although it may be more challenging, getting a wedding loan with bad credit is still possible. Some alternative and online lenders specialize in providing loans to borrowers with less-than-perfect credit. However, remember that you may be subject to higher interest rates and more restrictive loan terms if you have a low credit score.

Can I apply for a wedding loan with my partner?

Yes, you can apply for a joint wedding loan with your partner. Applying together may improve your chances of approval and help you secure a larger loan with more favourable terms. However, you and your partner will be equally responsible for repaying the loan, so carefully considering the financial implications is essential.

How long does it take to get approved for a wedding loan?

The approval process for a wedding loan can vary depending on the lender and your financial situation. Some lenders can provide a decision within a few hours, while others may take a few days or even weeks. Therefore, starting the application process early is a good idea to ensure you have the funds in time for your wedding.

How to get a loan for a wedding?

The best way to get a loan for your wedding is by applying for one online. You can apply for one at any time of the day or night, and it will be processed quickly. Consider checking Discover wedding loans. Simply Elegant is not affiliated with Discover.

What kind of rate should I expect?

Your rate will depend on your credit rating. The better your score the lower will be the rate. Other factors may apply too. Discover’s rates are from 6.99% to 24.99% APR.

How much can I borrow for my wedding financing?

Discover offers a wedding loan for any amount from $2,500 – $35,000. If your wedding budget is $15,000 for example, you’ll need to estimate extra costs such as gratuity, taxes and any other unexpected expenses that might come up.

Alternatives to Wedding Loans

If you’re not sure a wedding loan is the right choice for you, consider some of these alternatives to help cover your wedding costs:

  • Crowdfunding: Ask friends and family for financial support through a crowdfunding campaign. This can be a great way to raise funds without taking on debt but be prepared to manage the expectations and opinions of those who contribute.
  • Saving up: If you have time before your wedding, save money to cover the costs. This may involve cutting back on expenses or increasing your income.
  • Cutting costs: Consider ways to reduce your wedding expenses, such as choosing a more affordable venue, DIY decorations, or having a smaller guest list.
  • Using credit cards: Although using credit cards to finance your wedding can lead to higher interest rates, some cards offer rewards or cashback that can help offset the costs. Be sure to pay off your balance as soon as possible to minimize interest charges.

Cost cutting strategies

There may be better choices than borrowing money. If that’s you, you should look into cost-cutting strategies like those below.

  • Negotiate with vendors: Many wedding vendors are open to negotiation, so don’t hesitate to ask for discounts or explore package deals.
  • Consider a destination wedding: Destination weddings can sometimes be more affordable than traditional weddings, especially if you choose a location with lower costs.
  • Off-peak wedding dates: Getting married during off-peak wedding seasons or on a weekday can help you save on venue and vendor costs.

Other Ways to Cover Wedding Costs

In addition to wedding loans and the alternatives mentioned above, there are other ways to cover your wedding costs:

Utilizing Online Personal Loan Services to Finance the Wedding

Numerous internet-based loan companies have emerged recently, offering crowd-sourced loans. The process involves online investors providing funds after your approval, similar to traditional bank approval. Repayment, including interest, is then made to the investors. Upstart is a reputable online platform for wedding loans. After securely providing your information, Upstart presents the loan options and personal loan rates you qualify for. According to Jungwon Byun, head of growth at Upstart, credit cards are only ideal for long-term debt if the monthly balance can be paid immediately. Upstart’s platform considers education, employment, and credit history to determine the annual percentage rate (APR). The online application process is quick, simple, and convenient.

Using a Home Equity Line of Credit (HELOC) for Wedding Expenses

This option is specifically for homeowners, often parents financing their children’s weddings. A HELOC involves borrowing against the mortgage on your home. However, financial experts strongly advise against this approach. Lyons Cole, for example, warns against jeopardizing retirement savings or using money that could be allocated to other essential expenses.

Employing Credit Cards to Cover Wedding Costs

It is important to note that financial advisors generally discourage using credit cards and lines of credit for wedding financing. Relying on credit cards can lead to significant debt accumulation. It is advisable to establish a budget and spend only within your means without using credit card debt. Nevertheless, if you have sufficient funds to cover the wedding expenses, using a credit card can have benefits such as fraud protection and accumulating reward points for travel purposes. It is crucial to only spend the money that you possess.

Extending the Engagement and Saving for the Wedding

This is a recommended approach. Instead of obtaining wedding loans, take the time to establish a wedding budget and save money accordingly. A more prolonged engagement is okay, considering that popular venues are often booked well in advance. Taking this route allows for thorough wedding planning and the ability to save for essential elements while potentially indulging in a few desired luxuries. Reserving is preferable to incurring debt later on, as suggested by Lyons Cole.

The Bottom Line

Wedding loans can be a valuable tool for financing your dream wedding, but it’s crucial to consider the long-term financial implications of taking on debt. Be sure to explore all your options, compare lenders, and create a detailed budget to ensure you make the best decision for your unique situation. With careful planning and consideration, you can create a memorable wedding day without breaking the bank or jeopardizing your financial future.