Getting a Wedding Loan in 2020? Here’s What You Need to Know

The average cost of a wedding in Singapore has been reported to fall between S$22,000 and S$53,000 in 2019 a price that many couples can’t afford without a wedding loan! Sadly, some couples choose other forms of loan and obtain loan money in Singapore from unlicensed sources, leaving them with exorbitant debts than they can’t afford to repay.

What is a Wedding Loan?

Obtaining loan money in Singapore can be done relatively quickly when you opt for loans from licensed money lenders. If you are getting married, a wedding loan is undoubtedly your best option. In laymen’s terms, a wedding loan is just another form of personal loan, but it is specifically designed for your big day. It will help to pay the cost of the ceremony, the wedding banquet or even the honeymoon; generally, no collateral is required.

The Benefits of a Wedding Loan

No one wants to scale down their wedding plans – it’s a once-in-a-lifetime experience that can’t be repeated. However, with the overpriced cost of weddings in Singapore today, you only have two options: borrowing from your family and friends or obtain loan money from an authorized money lender in Singapore. The best way to get this loan money is through a wedding loan that caters to your situation. Here are the main reasons for getting a wedding loan:

1. Flexibility

Getting married in Singapore is extremely pricey, so finding someone or some way of obtaining those sums of money can be challenging. A loan that is specifically designed to pay for a wedding offers far more flexibility in terms of how much you can borrow. Most licensed brokers are willing to allow you to borrow up to six times your monthly income, which for most couples, allows them to enjoy their dream wedding.

2. Low Rates

Starting married life being saddled by debt is no one’s dream, and wedding loans are normally offered at low rates. Naturally, your circumstances will determine whether you get approved for low rates, but in most cases this is possible. This makes the loan repayments more affordable meaning that you can concentrate on building your new life together rather than worrying about your repayments.

3. Maintain Harmonious Relations with Family Members 

Families will always want to play a part in your wedding but sometimes asking to borrow or even be given money can put a severe strain on relationships. While they may wish to provide all the assistance that they can to help you on your newlywed journey, many simply can’t afford to pay or lend thousands of dollars for a wedding. In such cases, getting a wedding loan is a far better option as you get to keep peaceful ties with those around you.

How to Apply For a Wedding Loan

To apply for a wedding loan in Singapore, you must be one of the following:

  1. Singaporean
  2. Permanent Resident
  3. Foreigner with a valid Singapore Employment Pass
  4. You should also be over the age of 21 and be in full-time employment.

The following documents will also be required for a Singapore national:

  • A copy of your NRIC or Passport
  • A recent phone bill or Singapore utility bill
  • For employed individuals: Last three monthly payslips (if computer-generated), OR 15 months CPF statement, OR Income Tax Statement
  • If you are self-employed, your previous two year’s income tax statements

If you are a foreigner national:

  • Original Valid Singapore Employment Pass and passport
  • Your original tenancy agreement, PUB bill or cell phone bill
  • An appointment letter from your employer plus last three months payslips
  • Proof of income such as your bank statement

Getting a Wedding Loan in Singapore

Taking a wedding loan that is suited to your needs can turn your envisioned wedding dream into a reality. At Fast Money, we offer wedding loans, loans for homes, cars, personal and payday loans. Feel free to reach out to our experienced team members to find a suitable plan that caters to your wedding situation.