Most people dream of having the perfect wedding – the perfect wedding dress, caterers, event hall decor, and lots more. But weddings can be costly, and funds might not be readily available to finance it how you want.
Getting a wedding loan can help make your dream wedding a reality. However, for those with bad credit, it can be a challenge to obtain a loan to foot the bills for your big day.
Not to worry, if you have been wondering about how to get a wedding loan with bad credit in Singapore, you’re in the right place.
In this article, you’ll learn about where and how you can get a wedding loan despite having bad credit, as well as tips and strategies for improving your chances of getting approved for a wedding loan with bad credit in Singapore.
What Is A Wedding Loan?
A wedding loan is a type of personal loan that is specifically designed to help couples finance the expenses associated with their wedding. This can include everything from the cost of the venue and catering to the cost of the dress and tuxedo, as well as any other expenses related to the big day.
Wedding loans are unsecured loans, as they don’t require collateral. Depending on where you’re obtaining your loan from, wedding loans can have a repayment period of up to 7 years.
The two major loan providers that advance couple marriage loans in Singapore are bank and licensed money lenders. Some lenders also offer wedding packages that include a loan and other services such as wedding photography, videography, and wedding planning.
How Much Money Will You Need For Your Wedding?
The amount of money you will need for your wedding can vary greatly depending on a number of factors, including the size of your wedding, the location, and the type of services you choose.
How much does a wedding cost in Singapore? Weddings can cost anywhere from $3,000 to as high as $50,000 depending on the type of wedding you want to have. A more elaborate wedding with more guests, a more expensive venue, and higher-end services will naturally cost more than a more intimate and simpler wedding.
Be clear on the type of wedding you want to have, and how much it will cost. This will help you determine how much you’ll need to borrow depending on your ability to pay back.
While you should spare no cost on your beautiful dream wedding, it’s wise to remember that you can reduce costs by having a budget and prioritizing your expenses.
Advantages Of A Wedding Loan
When you get a wedding loan in Singapore from money lenders like Credit 21, you stand to gain the following benefits.
- Competitive and low interest rates: Credit 21 is a licensed money lender in singapore that offers competitive interest rates on wedding loans. This can help to keep the overall cost of the loan down, making it more affordable for couples.
- Flexible repayment options: We make it easier for you to make your monthly payments and stay on track with repaying your loan by offering flexible repayment options.
- Easy and quick approval: Unlike traditional financial institutions, you don’t need much paperwork or a long period before your loan is approved. We make the process easy for you so you can get your loan quickly to finance your wedding.
- Personalised service: You can easily speak with a consultant to determine the best loan option for your need. This can include assessing your financial situation, your wedding plans, and the desired loan amount, and coming up with a plan that is tailored to your unique circumstances.
How To Get A Wedding Loan With Bad Credit
Getting a loan for a wedding with bad credit can be challenging, but it is not impossible. Here are a few tips and strategies for increasing your chances of getting approved for a wedding loan with bad credit.
1. Improve your credit score: Before applying for a wedding loan, it is important to take steps to improve your credit score. This can be paying off outstanding debts, disputing any errors on your credit report, and ensuring that you are up-to-date on all your bills and payments.
2. Get a co-signer: If you have a friend or family member with good credit who is willing to co-sign your loan, this can help to increase your chances of getting approved. A co-signer acts as a guarantee, that the loan will be paid.
3. Look for a lender that doesn’t focus on credit score: Some lenders like licensed moneylenders might not require a credit score to advance you a loan, unlike traditional banks. It’s important to shop around and compare the rates and terms of different lenders, to find the best deal.
4. Be honest about your financial situation: Lenders may be more likely to approve your loan application if you are upfront about your income, expenses, and debts.
Where And How To Apply
The two main loan providers for marriage loans are banks and licensed money lenders.
To apply for a wedding loan at a bank, you will need to meet some eligibility criteria which may include having a good credit score and a stable income.
You will also need to provide a range of documents, including proof of income, identification, and proof of address. The application process can take several days or weeks, depending on the bank’s policies.
Licensed Money Lenders
Licensed money lenders are another excellent option for wedding loans. They offer more flexible loan options and relaxed requirements. They are more willing to give the borrower a loan even if he or she has bad credit.
Most money lenders will require you to be 21 years old, have a steady income, and have a valid ID. Application is easy, the process can take as little as 24 hours, and you can get your money on the same day.
Compare different loan providers and their terms and conditions, before making a decision. Read the fine print and understand the terms of the loan. It’s better to be well-informed before applying for a loan.
Which Bank Is The Best For A Marriage Loan?
Here is a list of banks to get a wedding loan from In Singapore.
- DBS Personal Loan
- OCBC Extra Cash Loan
- UOB Personal Loan
- Citibank Citi Quick Cash Loan
- Standard Chartered Bank
- POSB Personal Loan
- HSBC Personal Loan
Each bank will have its own terms and conditions, consider whether you are comfortable with the bank’s customer service and the process of applying for a loan.
How To Choose The Best Money Lender For A Wedding Loan
To choose the best-fit money lender to get a wedding loan with bad credit in Singapore, here are a few things to consider.
1. Ensure the money lender has a good reputation and is licensed by the Registrar of Moneylenders in Singapore.
2. Be sure to check their website and read customer reviews to get an idea of their level of customer service and their loan terms and conditions.
3. Go for the one that has the lower interest rate and fees coupled with flexible payment options that suit your financial situation.
4. Consider ease and speed of approval, so you can get your loan in time.
5. Assess their customer service including how they are responsive to your needs and how they answer your questions during the inquiry and application process.
Bad Credit? No Problem. You Can Still Get A Loan To Fiance Your Dream Wedding
Credit 21, a licensed moneylender offers wedding loans at low-interest rates.
Our application process is easy, and you can get your loan fast to finance your wedding. Contact us today to get started or apply online for a wedding loan.