Should I Get A Loan To Pay For My Wedding?

Wedding ceremonies are beautiful and mark a critical stage in our lives. Everybody wants the best wedding as it is an important milestone.

To celebrate a wedding in style, you have to budget for everything – from planning to execution.

Weddings in Singapore are costly, and if you don’t have enough savings or support from your parents, you may find it tough to plan for a wedding with the love of your life.
Fortunately, you don’t have to struggle to work extra shifts just to get the money you need for your wedding – you can apply for a wedding loan.

Many banks and licensed money lenders offer affordable wedding loans so that you achieve your dream wedding.
So if you’re wondering should I get a loan to pay for my wedding, we’ll tell you how to apply for a Singapore wedding loan so you don’t have to shelve your plans for another year.

What Is A Wedding Loan?

A wedding loan is a type of personal loan that is used to finance the costs of a wedding. The funds are meant to cater to everything you may need for your big day such as a bridal package, wedding banquet, catering services, and decorations.

A wedding loan does not require collateral, you only need a good credit score. If your application is approved, you can use the money to cover expenses related to your wedding and honeymoon.

How Wedding Loans Work

A wedding loan is a short-term loan that is repaid in installments over a set period.

This type of unsecured personal loan allows you to pay for anything. This means you can get credit without the need for collateral.

Different banks and licensed money lenders have various requirements such as the need for the borrower to be employed, be of a certain age, and have a specific minimum salary.

Costs That Wedding Loans Can Cover

• Guo Da Li Gifts
• Wedding and engagement rings
• Wedding suit and dress
• Wedding reception
• Wedding planner
• Flowers
• Cars
• Wedding venue
• Wedding entertainment
• Photographers and videographers
• Catering
• Surprises for guests
• Honeymoon costs

How To Do A Breakdown Of Wedding Costs

Spending on a wedding can be tricky, especially when you have other debt obligations. A proper breakdown of your budget will help you achieve the wedding of your dreams and use the loan money well.

Here’s how you can break down your wedding costs:

Engagement And Wedding Rings

The rates for these can range from hundreds to thousands of dollars, depending on how much lovers want to prove their love for each other.

But if your partner loves you unconditionally, the cost of the ring doesn’t matter. You should note that the right set of rings should come at a price that you can afford.

Wedding Reception

This will depend on the number of guests, location, entertainment, and other factors. Most top wedding venues in Singapore cost about $1,200 per table of 10 people. Some top hotels in the country will also charge about $100,000 for a big wedding with about 300 guests.

Guo Da Li

You may have to hold a traditional wedding if your parents insist. If you have plans for a Chinese wedding, you have to plan for Guo Da Li in your budget. This ceremony that revolves around your betrothal involves several expensive gifts that can cost you and your family up to $5,000.

Bridal Package

This consists of the pre-wedding shoot, make-up, hairdo, and wedding gown for the bride, and suits. The price for all these ranges between $2,000 and $6,000.

You won’t be wearing your gown again – therefore, there is no need to spend thousands of dollars on it. Buy a wedding dress at a pocket-friendly price or rent one online.

For men, you can purchase a suit that doubles as formal wear and wear it for several events on different days. Apart from you and your partner, remember you will need to pay for the bridesmaids’ and groomsmen’s outfits, which will cost around $50 to $100 per person.

Marriage Solemnisation

A normal solemnisation at the Registry of Marriages costs about $1,000. The price will increase depending on your taste – for instance, a stylish wedding ceremony with all the bells and whistles can go up to $5,000.

Visiting the Registry can be a cheap and easy method to make your marriage official.

After this, you can treat your family to a nice meal, and spend the extra cash on your marital home.

Benefits Of A Wedding Loan

You can raise your own money, ask friends and family for help, or resort to cheaper alternatives.

But getting a wedding loan in Singapore has the following benefits:

You Can Hold The Wedding Of Your Dreams Without Struggle

The main benefit of this loan is that you can hold your dream wedding when you want to instead of waiting until the day you can afford it.

A wedding loan disburses the funds you need for your wedding. So if you want to host it at one of the high-end places in Singapore or arrange for exotic entertainment for your friends and family, it is at your discretion.

You Receive All The Money You Need At Once

When you borrow from your family, you may not get all the money at once. This may force you to postpone making some purchases, and may cause you to miss some good deals.

But a wedding loan is given as a lump sum, making it easy to pay for your purchases, thus saving you some stress.

Allows You To Save Some Cash

A wedding loan streamlines your expenses, and allows you to make orders and hire services quickly. This means you can make a budget for exactly what you need to spend on.

Therefore, you won’t spend on unnecessary things and create more debts you can’t afford.

Where To Get A Wedding Loan

Apart from banks, other lenders are willing to listen to your case and offer help when it comes to a wedding loan.

Here are some places you can get your wedding loan from in Singapore:

Licensed Money Lenders

Sometimes you may not meet the bank’s requirements due to their stringent rules. You can opt for a licensed money lender instead.

Licensed money lenders are usually lenient and offer flexible terms. However, while this may be a good decision, you should do so with caution. You may fall into the hands of illegal money lenders, so check the list of licensed money lenders from the Ministry of Law’s website first.

CreditMaster is one such licensed money lender that you can trust. It offers wedding loans that can be customised to your needs.

Although weddings in Singapore are relatively expensive, you won’t need to worry about overspending with CreditMaster.

It provides affordable wedding loan deals that you can comfortably repay. To qualify for a wedding loan with CreditMaster, you:

• Should be a Singaporean or Singapore permanent resident (PR), or a foreigner with a valid passport and employment pass.
• Over 21 years of age, without any bankruptcy issues
• Should be permanently employed
• Should have a valid work permit if you are a foreigner
• Should have a clear record of cashflow to prove that you are able to repay the loan if you are self-employed

Banks

The criteria for banks vary, but be sure to shop around for the best deal. Read the fine print. Here are some wedding loans from banks* that you can consider.

DBS Cashline

This is where you can get one of the quickest loans for couples in Singapore. It is eligible for Singapore citizens and PRs. It requires the applicant to have a minimum annual income of $20,000.

It has flexible repayment options of days, weeks, or months – its interest rate per annum ranges from 20.5-29.8%.

If you want a lower interest rate, the DBS Personal Loan has fixed annual interest rates ranging from 2.88% for a loan repayment period of one to five years.

Standard Chartered CashOne

This loan has a lower minimum annual income requirement. Its minimum yearly income requirement is $20,000 for Singapore citizens and $60,000 for foreigners staying in Singapore.

It has an annual interest rate of 3.48% for a loan tenure of up to five years.

Maybank CreditAble Term Loan

Maybank offers a secured overdraft loan that works best for those with low budgets but who want to hold a big wedding. Their normal minimum requirement is a minimum income of $20,000 per annum.

With this loan, you can obtain a lower loan amount. However, this overdraft loan requires collateral.

Bank Of China Smart Loan

This loan offers a repayment period of up to seven years, making it favourable if you don’t mind repaying your loan over a longer period.

It has a higher interest rate starting at 6.62%. However, the good news is that it has a reduced balance repayment programme.

This means you can save on the interest calculated based on the outstanding amounts.

OCBC EasiCredit

Just like its name, this is an easy type of loan. OCBC EasiCredit is viable to couples because of its flexibility, which is essential when planning a wedding.

The loan can be repaid within one to five years with an interest rate of 1.7% per month and 3.5% per year.

You are eligible to apply if you are a Singaporean or foreigner residing in Singapore and earn at least $20,000 per year.

Other wedding loans from banks include POSB Loan Assist, HSBC Personal Loan, and Citibank Ready Credit.

*Information correct at time of publication

Find The Right Wedding Loan For Your Needs

Should I get a loan to pay for my wedding? The answer is yes.

To get a reasonable wedding loan in Singapore, compare rates from different lenders to get one that suits your lifestyle and needs best.

Looking for an appropriate lender should not be stressful while planning your wedding. Discuss with your partner and get a loan from CreditMaster to reduce the burden of looking for a lender.

CreditMaster offers flexible repayment terms with no hidden fees. We will listen to what you need and customise our packages accordingly.

Check out our easy application process and enjoy fast approval. Contact us now or apply for a loan today to get the much-needed boost you need to achieve your dream wedding.