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Finance

Wedding Loans: A Smart Way To Finance A Wedding

A wedding is a special moment of life. Everyone wants to thoroughly enjoy this occasion with perfection in everything. The average wedding cost in Singapore is somewhere around S$30,000 to S$50,000, if things are taken precisely. 

The ones who want to make their day as enjoyable as possible start saving! However, the ones who don’t just have an idea about the budget, the costs that occurred in different functions usually end up with just illusions. 

Are you one of them?

If so, then you can destroy your excitement for the wedding; since budget means a lot in the entire function. But you do not need to get worried about anything! We have a fabulous alternative for you that will never let you ruin your wedding dreams. It’s a Wedding loan!

Weddings in Singapore can be quite expensive, this is why Singapore licensed money lenders in Jurong East lend loans to people who need money for their special occasion. 

Let’s dig deeper about the wedding loan and how smartly you can finance it!

Table Of Contents

  1. What are these wedding loans?
  2. What would be the minimum value of the wedding loan?
  3. When should one request a wedding loan?
  4. How to apply for a wedding loan?
  • Look up your credit rating
  • Get Prequalified
  • Choose & Compare moneylenders
  • Fast approval

5. Benefits of Wedding Loan?

Wrapping Up

What Are These Wedding Loans?

Similar to personal loans and home loans, a wedding loan is another special type of loan that helps people meet their financial needs. The ones who are about to start an important chapter of their life are eligible for this loan type. 

No matter how much money you want to lend for a marriage loan, the best thing is you can use that in the venue, decoration, clothing, or whatever more you want to pay for.

Interest rate, tenure, and the terms and conditions may vary, based on the moneylender you choose for it. However, the basic rate of interest will range between 5.95% to 35%. Analyzing your financial needs, you can determine the amount you want to lend and interest will charge accordingly!

In addition, there is no limit that you have to take a wedding loan from a credited money lender in Singapore. You can opt for Singaporean banks and union credit institutions as well. 

What Would Be The Minimum Value Of The Wedding Loan?

Seeing your credit history, income, and previous debts, the lender will lend you the loan amount. If you want to lend quite a small amount, then opting for the lender that lends $1,000 will be best suitable for you. However, if your requirements are quite heavy and you want to borrow $100,000 or more, then banks and private financiers are the best options.

All you need to ensure to get qualified for a wedding loan is a good credit score, no bad track record of previous loan installments, and no debt. Observing it the lender will unhesitatingly lend you the money and you can thus enjoy your marriage ceremony with the utmost! 

When Should One Request a Wedding Loan?

  • You need money immediately: 

Sometimes, the owner of the venue asks to pay a token amount to guarantee the reservation. If you know this fact, then you’ll probably keep some money with you while you move on to the reserve venue. 

However, if you do not balance your financial circle and need money immediately, then the easiest way is to lend a wedding loan. This loan will not only help you pay for the reservation of the place, but you can also have pre-planning for subsequent decorations. 

  • Your credit history is excellent:

Like professional money lenders see credit history, if your credit score is good and your marriage has also been set, then this is a good time to apply for it! 

Credit loan history not only ensures the lenders that you have a good balance sheet, but they will also charge you the bona fide interest rate. 

  • You have requisite documents:

Although money lenders undergo minimal formalities to lend a marriage loan amount, still a lot of documentation is needed to prove your identity. If you have got all the essential documents, then apply for it. 

If you think something is missing and the lender can ask you for that particular document, do not process your request. You can cope with being rejected.

How To Apply For A Wedding Loan?

Below are some of the steps involved in financing a marriage loan. We want you to look at every step thoroughly, so you may not have to deal with any kind of rejection and money hits your account right away! 

  • Look Up Your Credit Rating

Before applying for a wedding loan, it is essential to figure out what money lenders can actually see to lend you money! The credit score is the top-notch factor the professional moneylenders and even banks consider while lending a loan. 

You can use your bank’s app or visit the official website to monitor the credit score history. The information will be available directly from the credit bureau and it will decide whether a lender should lend you money or not! If your score is not as good as it requires, then make improvements in it and then apply for a loan. 

What’s more? An excellent credit score will also help you analyze how much you can borrow and thus plan your wedding preparations accordingly. So be sure to check your credit score!

  • Get Prequalified

Before requesting a marriage loan, it is also important to check the eligibility criteria! By visiting the official website or the application of the chosen lender, fill in your personal details with the right information, you can see how much loan you can get! If the information and credit score both are in favor of the money lending firm, then they will immediately show you the desired offers. 

Using the calculator, you can also calculate the rate of interest and tenure that you pick to repay your loan amount. 

  • Choose & Compare Moneylenders

You will find a lot of moneylenders that provide wedding loans in Singapore. Make sure you thoroughly compare the rate of interest, tenure, repayment policy, and other conditions associated with the loan agreement. 

Many financiers charge processing fees and other expenses throughout the entire process. Be sure you familiarise yourself with everything, so you don’t have to pay an added amount of money in the form of penalty charges or more!

  • Fast Approval

If your wedding date has already been decided, then do not select money loan companies that take a longer processing time than usual. It can ruin your dreams and end you up with wastage of time. 

It is advisable to choose the moneylenders that process applications with no paperwork, minimal processing time, and of course no processing fees. 

Benefits of Wedding Loan?

When you have qualified for a wedding loan, you can avail mentioned below benefits.

  • Flexible repayment tenure
  • Tuning out dream wedding into a reality
  • Freedom
  • Peace of mind
  • Sufficient funds in the account
  • Fulfillment of emergency cash-based needs

Wrapping Up:

Hopefully, you have read everything related to wedding loans, monthly installment loans in Singapore thoroughly! Believe us, if you want to make the most of your wedding day, then this loan type will surely fulfill all of your needs and desires. Choosing the best moneylenders, you can request your application and get qualified for the loan. 

If you have viewpoints about the article or want to share anything related to wedding loans, then feel free to write to us! We’d love to hear from you!!

Thanks for the reading!

 

Charles Yee

Charles Yee, working as a Director and content writer at Cash Direct LTE, a well known Finance Company offering personal loans, wedding loans, study loans, home loans, car loans, and other financial schemes.

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