Given that marriage is a huge step to take, it doesn't mean it would only be the big risk to make. Your finances matter the most for this celebration as it could make or break you as partners. It is vital to establish a solid financial foundation before your wedding to help couples start off on the right foot.
While Singapore is one of the most expensive cities in the world, it may not be the most ideal place to exchange vows. However, as it is still amongst the most beautiful destinations to visit, it's always a guaranteed option. A wedding in Singapore can cost somewhere around S$30,000 to nearly S$100,000. If you don't have enough, Instant Loan can help you sort things out.
Top Features of Wedding Loans
Like any other package deals, wedding loans Singapore vary. Regardless of your requirements, Instant Loan can help you find and secure a tailored or fully customizable loan that’s a perfect fit for your big day. Here are some tips on what to look out for:
Attractive personal loans
Not all moneylenders offer specialized loans for the sole purpose of planning a wedding. Fortunately, unsecured loans are unlike SME business loans which usually come with no restrictions. It allows people to spend personal loan funds on dresses, wedding banquets, honeymoons, and more.
Looking for a loan with low-interest rate is vital if you want to get the best possible loan deal for your big day. You can easily spend more on your wedding banquet by saving money on your interest rate and monthly payments.
Minimal processing fees
Sometimes, even the best marriage loans in Singapore charge a processing fee, but luckily, it’s easy to save a little extra cash by shopping around. Instant Loan can help find you loans with fees that cost just a fraction of what you’re paying for your wedding bands – or maybe even less.
Specialized loans for customers with low credit
This may not necessarily apply to you, but it’s good to know that even people with low credit scores can still borrow money for their big day. Many licensed money lenders will look beyond bad credit histories and you could still be eligible for up to $10,000.
Apply in Three Easy Steps Today
With Instant Loan, you can easily assess options from bulleted quotes- a selection of deals that best suits your needs, and may choose to make a call when necessary.
1. Submit a short, straightforward form
Fill in a marriage loan form today by sharing your expectations of the loanable amount, tenor, and its interest rate.
2. Receive and compare up to three loan quotes
We'll send up to three best loan offers you can compare from more than 150 licensed moneylenders. With it, you’ll get all the information you need to make a smarter financial decision today.
3. Visit your chosen money lender to sign the paperwork
Head on to the best lender you chose and apply online. You can visit the provider to finally sign your wedding loan application.
Why Choose Instant Loan?
It's given how loans do not come easy. Especially for those who are hoping to apply for the first time. Instant Loan can assist you on your financial worries by recommending better financial decisions through our section of useful tools nonetheless.
By aggregating and combining product information to every single platform for comparison that is personalized to your consumer profile, we have put the power back into the client's hands. Whether it is for a loan, insurance or credit card, we make data easier to understand and products easy to apply for- all in one hassle-free site.
How to Choose the Best Wedding Loan in Singapore for You
Loans for personal purposes are growing increasingly popular with Singaporeans and anyone else planning their perfect Malay and Chinese wedding. But of all the wedding loans in Singapore, finding the right one that suits you isn’t always easy. For example, there are often huge differences in overall costs and general requirements between Malay and Chinese weddings – while Western weddings may differ even more, especially if you need to fly in lots of guests from long distances.
From our website, with the help of the comparison tool, you can easily differentiate deals from various banks and/or lenders that will suit best depending on your financial worries. Each result will be refined accordingly for each type, (i.e. car loan, debt consolidation loan, bridging loan, personal loan or renovation loan.) It can be sorted by our recommendation or the lowest monthly instalment.
Here are tips we can share to help you determine the best wedding loan in Singapore that meets your ideals.
- Consider which type of loan you need
While specialized wedding loans are available, most Singaporeans use unsecured personal loans or credit rating-friendly loans instead. This can be a great way of covering the average cost of a Malay wedding, purchasing those all-important little extras, or settling wedding-related invoices with event companies.
- Select a sensible loan amount
It’s never wise to borrow beyond your means. Seek advice to find out what kind of loan you can realistically afford, then compare the best deals available that fits your desired loan wedding amount. Instant Loan will do the legwork for you, but keep in mind that most licensed moneylenders will have its minimum and maximum loan limits.
- Find the loan with the best features
Whether you need to cover the full cost of a glamorous Malay or Chinese marriage, or just looking for extra cash to pay for caterers and wedding banquets, you can often benefit from a loan that offers special features, like low-interest rate or more flexible repayment plans.
- Pick a repayment plan that fits your schedule
Should you want to repay the loan quickly, or perhaps you need a little extra time to pay off the full cost of that fairytale dream wedding? Finding a loan that’s flexible to suit your schedule is always a great idea.
- Pick a repayment plan that fits your schedule
It's recommended that you always check your desired lender’s upfront fees and interest rate. You should look out for any late fees too and consider these closely.
- Opt for the best interest rate
This one goes without saying. Lower interest rate means lower overall costs – and some lenders might even be willing to offer an attractive introductory rate, too. Secure one of these and you’ll pay less for the first few months of repaying your loan.
Best Wedding Loans in Singapore today!
Stop worrying about the endless searching of the ideal loan for your most awaited wedding. Instant Loan can provide you with three more quotes for the best wedding loan that best fits youand your partner's needs within a snap.
Frequently Asked Questions (FAQs)
Ask most personal finance experts and it’s likely the advice is not to have a wedding you can’t afford. However, if you’re up for the game, then saving more is the answer.
Keep in mind that there are personal loans. It can have cheaper interest rates than credit cards.
It is a common method of credit for consumers and is often used for debt consolidation since their interest rates can be lower than those offered on credit cards. Thus, for partners who need to cover costs they haven’t saved for, a wedding loan can be a better alternative than putting a balance on a high-interest credit card.
Moreover, using a personal loan responsibly can help strengthen your credit. Personal loan lenders report on-time loan payments to the major credit bureaus — which are major factors in determining a healthy credit score.
Note that someone who makes every loan payment on time can use this to their advantage.
A wedding in Singapore can cost somewhere around S$30,000 to S$50,000, although extravagant weddings could range significantly more nearly over S$100,000. Some of its biggest components are the wedding banquet, bridal package as well as honeymoon.
From the simple solemnization to overseas flights and fairytale venues, the overall cost can vary dramatically depending on what kind of wedding you hope for. This is especially true from each culture to culture, as certain Malay and Chinese wedding traditions don’t always come cheap.
Remember that during weddings, you will pay for the dowry, the wedding band, solemnisation, photography and videography services, the banquet and other factors. This includes a wedding planner, bridal car, invitations, the wedding cake, wedding favours as well as your honeymoon expense.
Meanwhile, here are some average costs for various wedding types:
- Chinese wedding – $36,000 to $55,000 average
- Malay wedding – $43,000 to $75,000 average
- Western wedding – $48,000 to $100,000 average
- Indian wedding – $30,000 to $100,00 average
While most brides and grooms have unrealistic expectations of what they want in their wedding celebration, it is difficult to iterate how the whole occasion actually costs.
To save money and even time ahead, only careful research, proper balancing, and budgeting for the wedding expenses would help lighten all the load.
There may be different approaches to actually work on your wedding costs. Some of the easiest ways include using various credit cards for rebates, making use of credit card deals with hotels and venues for your wedding banquet, and trimming the extras.
As we highly urge, couples can try applying for loans as it tends to charge sufficient interest rates well below the credit cards.
Whenever choosing one from the options Instant Loan can provide, clients may look for these factors:
- Selecting a sensible loan amount
- Looking for low-interest deals
- Finding loans with special features
- Picking a flexible tenor if necessary
- Trying to minimize hidden costs and fees
As weddings are unavoidable spending for most people who want to start a new and important chapter in life, a clear and detailed plan is indeed necessary. It requires a long time and effort to successfully create a well-thought celebration. It will test the relationship between both parties even just because of a single factor. It would also weigh how partners work and bond together.
A wedding loan can help make a couple’s dream wedding come true. It’s understood partners never make a marriage commitment to each other because of the lack of finances for a wedding ceremony. Taking a wedding loan assists you to achieve the wedding of your dreams. After all, weddings are probably only going to happen once in a lifetime, thus, making it a memorable one would be worth it.
Getting all the money in one lump sum. It’s better to anticipate that trying to borrow money from family or friends may result in a shortage of funds. This is because those who can give may be very few and the amount given may also be limited. This may also risk harming relationships in the process. On the other hand, applying for a wedding loan ensures that all the cash is received in one lump sum which enables you to plan the entire wedding with ease.
It helps a lot in budgeting. Getting a fixed amount from a wedding loan tends to assist when budgeting for the celebration. It then becomes easier for you to select a venue, wedding attire, and other items because you already have a fixed figure to work with. This makes the planning process more convenient with minimal cases of conflict.
Independence. Borrowing money from a lender rather than from people gives the couple independence when planning for their wedding. Getting cash from others may have the consequences of losing the freedom to make decisions when planning the wedding. You may be forced to go according to the desires of the people who financed them. For example, you may end up settling on a venue that is not of your choice.
Loans could never go easy. Most especially for those who are hoping to apply for the first time and those who are just beginning with a new life chapter.
With Instant Loan, we can guarantee assistance on your financial worries by recommending better decisions through our section of useful tools.
By aggregating and combining product information to every single platform for comparison that is personalized to your consumer profile, we have put the power back into the client’s hands.
Regardless of your annual income and repayment period requirements, our service will find you the best deals Singapore has to offer in a snap. Whether it is for a loan, insurance or credit card, we make data easier to understand and products easy to apply for- all in one hassle-free site.