How Wedding Loans in Singapore Work

Dreaming of a picture-perfect wedding in Singapore but worried about the hefty price tag? You’re not alone. Many couples find themselves dealing with the financial hurdles that come with planning their big day. Fortunately, wedding loans can help Singaporean lovebirds looking to tie the knot.

This guide will explore wedding loans in Singapore, and let you in on how they work, who’s eligible, and what you need to know before signing on the dotted line. Whether you’re a bride-to-be, a groom-in-waiting, or a supportive family member, knowing the ins and outs of is crucial.

If you’re ready to say “I do” to your dream wedding without sacrificing your finances, keep on reading.

This is a type of personal loan that’s specifically meant to help couples cover the expenses of their big day – things like the wedding banquet, bridal packages, photography, and all that jazz.

For these loans, there’s no need to put up any collateral like your house or car. The amount you can borrow depends on stuff like your credit score, income, and how much debt you already have.

Learn also the guide when getting a personal loan with bad credit.

Typically, you can borrow anywhere from a few thousand to tens of thousands of dollars and the repayment period can be pretty flexible too, ranging from just a year to as long as seven years in some cases.

Before you start applying left and right, you have to make sure you meet the eligibility requirements.

You need to be at least 21 years old to even be considered for a wedding loan in Singapore. So, if you’re a young love-struck couple fresh out of school, you might have to wait a bit before you can apply.

To qualify for a wedding loan, banks usually require applicants to have a minimum monthly income of around S$2,500. This shows the banks or lenders that you’ve got a steady cash flow and can actually afford to repay the loan. If you’re self-employed or have an irregular income, you must provide extra documentation to prove your earnings.

Foreigners must have a valid employment pass, which is basically a work visa that shows you’re legally employed in the country. Without this document, your chances of getting approved for wedding loans are pretty slim.

Another important factor is your credit score. Those who have a history of missed payments or defaults may be rejected since this is a red flag. But if you have a high credit score, you can breathe and be confident your application will be accepted.

Last but certainly not the least – all your existing debt matters too. Those who are already drowning in loans and credit card balances, may be rejected. Why is this the case? Banks might hesitate to approve you for yet another loan since they want to make sure you’re not biting off more than you can chew.

Did you know that there’s few options on the table to pay for your wedding? But if your priority is to have a quick way to get the cash, applying for a wedding loan from a licensed moneylender might just be what you need to do.

One of the biggest perks of going with the best licensed money lender is the very quick approval process. Banks can take about days or weeks to approve your loan. However, licensed moneylenders in Singapore are known for their really fast turnaround times. You can get your loan approval application in just minutes and some can even get you the money in as little as 30 minutes after approval. You will surely get your money within the day of your application.

Whether you’re looking to cover just a portion of your wedding expenses or finance the whole thing, even the honeymoon, they’ve got you covered. And the best part? You can usually borrow up to 6 times your monthly salary which is a pretty sweet deal.

Here’s the thing – licensed moneylenders in Singapore are only allowed to charge a maximum of 4% interest per month. Since they are regulated by Monetary Authority of Singapore, you don’t need to worry as long as you’re dealing with a licensed business.

As mentioned above, another big advantage of going with a licensed moneylender is that most wedding loans are unsecured. There’s absolutely no need to have your car, home or property as collateral. It’s a risk-free way to get the funding you need without putting your assets on the line.

There’s nothing worse than the feeling of getting scammed, especially when you’re stressed enough for the wedding.

With a licensed moneylender, you can avoid these risks and have peace of mind knowing that you’re working with a regulated lender. Therefore, avoid dealing with illegal lenders or loan sharks, choose only licensed lenders listed here.

Wedding loans can be a lifesaver for sure, but there are some important things to consider.

Sit down with your partner and figure out your budget. Don’t just apply for a loan without knowing how much you actually need. List of all your running expenses. It may include the venue and catering to the gown and photography. Then, assess how much you can cover with your savings. This will tell you how much you need to borrow.

Did you know that different lenders offer different rates? This makes it even more vital for you to do your homework and compare. Applying for the first loan you see may not be a good idea. Look for the lowest interest rate (must not exceed 4% per month) you can find, and check if other terms and conditions are suitable on your end.

Wedding loans in Singapore usually have repayment periods ranging from one to seven years. That said, it may be a few months to up to two years for money lenders. Think carefully about how much you can realistically afford to pay back each month, and choose a repayment period that works for your budget. Do not be tempted to overstretch yourself.

How much do you really need to borrow for your wedding? Tempted to apply for the maximum amount because you think you can afford the monthly repayments? That’s not a great idea. Remember, the more you borrow money, the more you’ll have to pay back in interest.

Unfortunately, there are processing fees involved, but take note that it must not exceed 10% of the principal of the loan. Late payment fees (up to 4% each month the loan is repaid late) or early repayment may also have penalties. Check the fine print and ask the lender to explain any charges you don’t understand.

Congrats on your upcoming wedding! This is truly such an exciting time. We know planning your dream wedding can be super stressful especially when it comes to money matters. But don’t worry, you got this. Think about it this way: your wedding is the beginning of your happily ever after.

Ready to take the next step and explore your wedding loan options, start with the trusted licensed moneylenders in Singapore today. Lender SG is here to help you.

Get the best personal loan offers in just 5 minutes.