The average American wedding costs nearly $39,000 and now more and more couples have started taking out loans to fund them. A growing number of soon-to-be newlyweds are relying less on their families to pay for their weddings and are instead choosing to go into debt.
Banks are aware of the new trend and have started marketing “wedding loans.”
Online lender Earnest, which also issues loans for vacations and home improvement projects, uses the tagline “Inspired by Pinterest? Make it happen with low interest,” to market its wedding loans. Additionally, loan provider Prosper offers couples engagement ring financing and extra cash for their honeymoon.