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wedding couple

July 13, 2022

With many weddings costing in excess of $30,000, it is easy to understand why you might consider getting a loan to pay for the celebration. The good news is that you may be able to take out a personal loan for a wedding. Before you do, it is important to consider the amount you want to borrow and how you plan to repay the loan.

Look at the Big Financial Picture

As with any loan, before you commit, you want to be sure that you can understand and comply with the repayment terms of the loan. As a couple, you may have new debt such as a home mortgage, or old debt like student loans. Make sure you have an idea about the extra monthly payment you’ll need to include in your budget before you take out a personal loan for your wedding.

Decide How Much You Will Need to Borrow for Your Wedding

It is important to request preliminary quotes from the vendors you might hire for the wedding. To the extent applicable, you will want to include the venue, catering, photography, music, florist, printing, wedding gown, tux rentals, and whatever else you think you will need to make your dream day come true. Then calculate how much you are able to contribute to the cost along with whatever contributions your parents or other relatives might offer. Subtract the money you plan to pay from the cost estimate to decide if that final number is an amount you’ll be able to borrow and pay back.

What Are the Terms of the Wedding Loan?

Be sure to research the lender and understand the terms of the loan. Aspects you should consider are:

  • Reputation of the Lender
  • Amount of the Loan
  • Interest Rate
  • Application and Origination Fees
  • Secured or Unsecured Loan 
  • Prepayment Penalties

Will Wedding Gifts Cover Some of the Wedding Costs?

Since many people give money as a wedding gift, you might expect many of your guests to do the same. Although you shouldn’t try to compute an exact amount and you should not rely on these donations for your budget, understanding that you are likely to receive monetary gifts may ease your mind. When the wedding is done and the first wedding loan payment comes due, you may be able to pay toward the principal of your loan balance and potentially make a large initial prepayment towards the money you owe.

Do You Foresee an Increase in Your Income?

If you anticipate that your income will increase over the next couple of years, you may be able to pay off your loan early. Make sure to consider a loan with no prepayment penalties so that if you do get a raise, bonus, or tax refund, you may be able to pay off the loan more quickly to potentially save money on interest.

1. Stay Within Your Budget

Regardless of whether you decide to take out a wedding loan, it’s easy to spend more than you anticipate. Decide what’s most important to you and follow these few suggested guidelines to help prevent the costs from soaring out of control:

2. Set Your Priorities

Make a list of “must haves” and “nice to haves.” For example, some brides might want a designer dress while other couples think the location and dinner should be the top priority. Do you want a large wedding or a small one? A live band or a DJ? Open or cash bar? There are a lot of decisions to make. Once you make them, you can establish a budget and choose everything else accordingly.

3. Chose an Alternate Date

Want to save money from the start? Consider choosing a day that isn’t the most popular day of week or month of the year. With many venues playing catch-up after the pandemic, wedding demand is soaring.  The number of weddings in 2022 is expected to hit a 40-year high. With all that competition, you can look to save money if you’re flexible about the day of the week and time of year.

Set Up a Website

You can save money on printing and postage by using a personalized website to communicate with guests. You might want to send out an actual invitation, but all return correspondence can be done online. You can also let guests know if you’re registered for gifts or prefer cash to put towards the wedding or honeymoon.

By carefully setting up a budget and sticking to it, you can choose a loan that fits your budget, your life, and your future. Want to learn more? Contact Mariner Finance today to inquire about a loan for your wedding.

The information provided in this article does not constitute financial advice and is provided for educational purposes only without any express or implied warranty of any kind. This article is not intended as legal, tax, investment, or any other advice, and Mariner Finance does not offer credit repair services. Consider talking with an appropriate qualified professional for specific advice.  

Blog posts are for informational purposes only.  

Blog posts are for informational purposes only.

†We offer personal loans from $1,000 to $25,000, with loans terms from 12 to 60 months. Minimum and maximum amounts dependent on an applicant’s state of residence and the underwriting of the loan. Loans between $1,500 and $15,000 may be funded online. Loans greater than $15,000 or less than $1,500 are funded through our branch network. Specific interest rates and fees are determined as permitted under applicable state law and depend upon loan amount, term, and the applicant’s ability to meet our credit criteria, including, but not limited to, credit history, income, debt payment obligations, and other factors such as availability of collateral. Not all rates and loan amounts are available in all states. Additional fees may apply to some loan offers; some state required and/or permitted fees may be treated as prepaid finance charges. Any such charges shall be in addition to the loan amount requested and/or approved and shall be fully disclosed to the applicant on his/her loan agreement. Not all applicants will qualify for the lowest rates or larger loan amounts, which may require a first lien on a motor vehicle not more than ten years old titled in the applicant’s name with valid insurance. Our loan by phone and online closing process requires a compatible mobile or computer device on which you can access your email and electronic documents. Not all loan types are eligible for loan by phone or online loan closing.


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For any stated annual percentage rate (“APR”), the APR represents the cost of credit as a yearly rate and will be determined based upon an applicant’s credit at the time of application, subject to state law limits. A range of APR’s may be applicable, subject to state law limits and individual underwriting. Not all applicants will qualify for a lower rate. APR’s are generally higher on loans not secured by a vehicle, and the lowest rates typically apply to the most creditworthy borrowers. All terms and conditions of a loan offer, including the APR, will be disclosed during the application process. As an example, with an amount financed of $5,000.00 the borrower receives $5,000.00 at an APR of 29.99% and an interest rate of 28.77% which includes a finance charge of $3,640.96. Under these terms, the borrower would make 48 monthly payments of $180.02, for a total of payments of $8,640.96. The amount financed may not be the net proceeds paid if charges other than interest are included in the loan.


*The process uses a “soft” credit inquiry to determine whether a loan offer is available, which does not impact your credit score. If you continue with the application process online and accept a loan offer, or are referred to a branch and continue your application there, we will pull your credit report and credit score again using a “hard” credit inquiry. This “hard” credit inquiry may impact your credit score.



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8211 Town Center Drive, Nottingham, MD 21236. Telephone Number 877-310-2373.

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