Planning a wedding loan is not an easy venture. It comes with spending time as well as cost. If you are looking forward to enjoying this lifetime event, having your dream wedding requires substantial cash. And truth be said, many couples will spend a lot of cash to make this event memorable.
Singaporeans looking forward to such a wedding may not have enough savings in their bank accounts, and as such, they look out for a loan to meet their expenses.
Now, if you are still wondering whether it is okay to get a wedding loan, read on and see how good it can be.
You need to note that wedding loans differ from car and housing loans. Therefore, if you are planning to use a considerable amount of cash, then getting a wedding loan can greatly assist.
Financial institutions in Singapore, such as banks, licensed moneylenders, and credit unions, are available to offer such kinds of loans. Let’s read on and understand why it is important to get a wedding loan, how it works and the repayment tactics.
What is a Wedding Loan?
Licensed moneylenders and banks offer this personal loan as an unsecured loan in which one does not have to provide collateral. The loan is used to cover the wedding expenses and the honeymoon costs. The qualification amount depends on the borrower’s ability. For instance, if you have a good credit limit and earn a high income, then you stand to qualify for a higher amount than one whose credit score is low.
Another determinant is the existing loans- For instance, one cannot utilize more than 55% of the gross monthly as the overall loan repayment. Therefore, the percentage remaining to boost your ability for another loan will be used to calculate the amount of loan to get.
How Does a Wedding Loan in Singapore?
If you visit the major financial providers, they have different ways to advance their loans. One popular licensed moneylender offering this type of personal loan is Online Credit PTE Ltd. In this case, the borrower does not have to provide collateral; they can get this cash advance depending on their ability.
But this loan only qualifies for employed individuals, who must have a specific age, and there is a level of the amount of income you need to be earning to qualify for the loan.
It is also worth noting that this is a short-term loan, and one must pay it back within the agreed timelines.
What Documents are required when Applying for a Wedding Loan
- The main documents include the following;
- CPF statement
- Copy of your NRIC
- Pay slipsfor the last three months
- IRAS Notice of Assessment
- Proof of address.
Which Costs Does a Wedding Loan Cover?
Now, the juicy news is that you can settle huge and small expenses to make your wedding a success. Based on your income, one can take as much as ten times your monthly income as a wedding loan in Singapore. Some of the Expenses include;
The number of guests, the entertainment, the cost of food per plate determines the cost of this. This cost depends on the venue, the timing of the year and the number of people invited.
In Singapore, some weddings tend to be more traditional. As such, factoring in the cost of Guo Da Li, mostly in a Chinese wedding, is a ritual that symbolizes your betrothal and comes with several gift baskets.
These are the costs that involve the Registry of marriages in Singapore, and the average one costs $1,000. But those couples who would want to make the solemnization more modern can pay as much as $6,000,which will come along with bells, whistles, flowers and more decorations.
Advantages of a Wedding Loan
Taking a wedding loan offers relief to the couple, anticipating making their dream wedding a success. Bearing this in mind, you do not have to struggle thinking about borrowing money from friends and relatives, and one has the freedom to know that the same friends will not talk behind your back about their money.
Below are some of the benefits;
- Eases the Wedding Burden– Since weddings in Singapore are expensive, you do not have to beg friends and relatives for support, making the entire process swift.
- Sets you at Liberty to do your dream wedding– Since you will have the budgeted money, you will be able to meet the expenses without being limited in what to do and what not to do, more so if you are seeking support.
- You receive the money ate a Lumpsum– Now that you have the budget in place when you get a wedding loan, it will come as a total, and therefore, all expenses will be met without diverting some to other duties.
What are the Available options to get a Wedding loan From inSingapore
Singapore residents work hard, and they love enjoying their hard-earned money. As a result, they will source a wedding loan to celebrate this great milestone.
Licensed moneylenders such as the Online credit PTE Ltd are among the best to extend such a loan. Others include banks and trade unions. If you want one today, call us, and we will offer the helping hand towards making the wedding a success.
If you want to celebrate a love life with your partner, having a wedding is a good idea. Borrowing money from friends and relatives to cater for the expenses is a good idea too. But getting a wedding loan beats all odds and allows you to enjoy your big day.
You will only be required to come up with a wedding budget, present it to the lender, and the process starts. And with online credit, the approval for such loans can take as little as one day, and you will have money in your pocket. This makes a wedding loan one of the best avenues to finance your dream wedding.