What Are the Main Reasons to Take Out a Wedding Loan in Singapore

A wedding is the beginning of something great. Whether it is about the beautiful grown or glamorous venue, everyone wants to be absolutely pristine. Having a magnificent wedding in Singapore is a dream of everyone. But, it comes with a very high cost?

Singapore is considered as one of the world's top wedding destinations because of several reasons. With the availability of incredible venues, many places are featured with high-quality wedding products and services that will make your big day absolutely memorable. From videographers and photographers, incredible food, unique attractions, country's best wedding planners, and a stunning skyline, all this can make your work together to make Singapore a dream destination. 

Many money lenders offer the lowest rate personal loan Singapore that can run your big day smoothly without a hitch. But, maybe you are confused about whether you should jump up a loan for a wedding or not. So, here we show some reasons to take out a wedding loan in Singapore. 

Table of Content

  • What is a Wedding Loan?
  • Why Do You Need A Wedding Loan?
  • How to Get A Wedding Loan?

Reasons to Take Out a Wedding Loan In Singapore!

  • Convenient
  • Easy to Apply
  • Boost your Credit Score
  • Affordable Interest Rate
  • Bottom Line


What is a Wedding Loan?

Usually, wedding loans are also named as personal loans that allow a person to borrow some money for a fixed period of time. In addition, such loans can also be used for multiple reasons like wedding, reception, and honeymoon expenses. But, you do not need to show proof to the money lenders that you are using the money for getting married. At the same time, some lenders take the purpose of the loan into consideration. And, when you apply for a loan online from a price comparison site, they will ask where do you want to use the money. 

Interest rates of this loan are based on your creditworthiness and debt-to-income proportion as well as the loan amount. The annual percentage rates of personal loans typically range from 5 % to 36 %.
Why Do You Need A Wedding Loan?

As you know, weddings increasingly become expensive, and pressure for organizing a glamorous wedding is high on couples. Even sometimes, people cannot afford the wedding of their dreams, which is why they decide on taking out a wedding loan. 

Wedding & Marriage Loans - Admiral

Particularly, wedding loans are a great choice for those who want to organize their wedding in a different country like Singapore. It can be very expensive to pay for everything including flights and accommodation for overseas family members. This is where a wedding loan can ease your burden and help you in arranging a peaceful wedding ceremony. 

How to Get A Wedding Loan?

You can receive a wedding loan from the bank, credit union, or money lenders. Getting a loan from a credit union can be a little expensive as annual percentage rates for federal credit unions are high. On the other hand, most money lenders offer specific wedding loans, but some of them attempt to provide generic personal loans that can be used to pay for wedding expenses. In some cases, people usually prefer to visit a local bank or shop online. 

When you apply for a wedding loan, money lenders will look at your credit history and your debt-to-income ratio. Lenders only prefer to give money to those borrowers who have credit scores of 660 or above and debt-to-income ratio under 40 %. Some online lenders now check-in educational and employment history in your application, which can be a benefit for those borrowers that have a more limited credit history. 

Reasons to Take Out a Wedding Loan In Singapore!


Convenient

When it comes to acquiring cash, wedding loans in Singapore are really equipped with a hassle-free method. Making preparation for your big day will make you aware of the cost of a wedding venue and catering services. They require advance payments, so you can make a reservation for the services well in advance. Along with usual wedding expenses like wedding dress and cake, other expenses also add automatically to the list. And, when you do not have a massive amount of cash, it can create a problem. Therefore, having a wedding loan can ease your burden and help in arranging a stress-free wedding.

Easy to Apply

Wedding loans are easy to apply for. With the availability of most licensed money lenders loans, now you can apply for a loan online with hassle-free services. This can make the process easier and prepare a hassle-free system for you. Once your loan is approved, the loan money will directly be deposited into your account or through other means of money transformation. Even some money lenders in Singapore have a fast release of cash. According to this, you will receive it in just one day.
Boost your Credit Score

In case, if you want to improve your credit score, then it is recommended that take and pay a loan properly. By making a late and missed payment, it can decrease your credit score. But having a high credit score can provide you with a lot of benefits. It helps in qualifying your loan as soon as possible and obtains low rates. As long as you are available for doing sot credit checks, wedding loan inquiries will not affect your credit score since they will not appear on your credit report. 

Affordable Interest Rate

When wedding loans became common, the number of people taking interest in borrowing money for spending it on their wedding through credit cards. But, this is not a wise idea as they come up with particularly high rates. Normally, wedding loans are featured with low-interest rates in comparison of credit cards. Therefore, if you have a good credit score and an outstanding credit score, you are availed to receive good rates along with personal loans. That is why it is recommended to use a credit card as your credit loan in case you do not have other options.

The money lenders in Singapore provide you with the perfect wedding package to meet all your expenses and needs. These loan packages are customized to reflect your financial ability, as well as allow you to have your dream wedding. These money lenders help every couple to settle comfortably into newly married life and enjoy the honeymoon without any worry. 

Bottom Line

Before choosing a wedding loan, it is recommended that choose multiple money lenders sites and make a comparison between them for choosing the suitable one. If you find a good loan at low rates, then it might provide you with more benefits. If you are looking for a licensed money lender in Singapore, then it is advisable to check out CashDirect, which has a lot on the quality of loans and customer service.









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