Weddings are like birds. They always fly away. Loans, on the other hand, tend to stick with you. But needing some financial assistance should not deter you from taking a loan.

In fact, it is better to do that rather than skimp on money and offer your guests a subpar experience.

Wedding loans can help you with various wedding-related things, from your outfits to rings, catering, venue and even your honeymoon.

But we will discuss more about the things that wedding loans can cover and their benefits below. We will also tell you how to get a wedding loan seamlessly, so keep reading.

What Is A Wedding Loan?

Wedding loans, aka marriage loans, are unsecured personal loans specifically tailored to help couples finance their special day. They can provide a one-time lump sum of cash that can cover multiple wedding-related costs such as venue, catering, photography, honeymoon and more.

Loans for weddings are similar to personal loans, but not quite:

  • Usually, couples borrow a smaller amount of money: In Singapore, you need between $10,000-$30,000 for a good wedding, and some applicants already have saved part of that sum.
  • The repayment terms are shorter: Wedding loans tend to be repaid in 12 months to three years. That means you can be debt-free faster.
  • The interest rates are lower: Depending on the provider, you can get a wedding loan at an APR of 4.25% to 15%. That is mostly because you borrow a smaller amount on a shorter term, so there is less risk for your lender.

How Wedding Loans Work

Marriage loans in Singapore work just like any personal loan. That means you must apply for a loan and ensure you meet the lender’s eligibility requirements. Once approved, you will receive your funds directly into your bank account.

Now comes the key question: How much money can you get with wedding loans in Singapore?

Most banks and licensed money lenders offer wedding loans up to four times your monthly income.

Pro tip: If you need more than that, apply for a personal loan.Banks can offer loans up to ten times your monthly earnings, but they need you to have good credit and earn at least $30,000/year. A legal money lender can lend you up to six times your monthly income if you make at least $20,000/year.

After that, you can use the money for whatever wedding-related expenses you need. But it is important to explain exactly how much you need and what you plan to do with the money. That way, your lender will better understand the risk and give you an offer that fits your budget.

And just like with any loan, you will have to reimburse it with monthly installments that include interest and payments toward the principal amount.

Costs That Wedding Loans Can Cover

A wedding loan can save you a lot of troubles that come with planning a wedding. You can use it to pay for the:

  • Venue
  • Catering
  • Music
  • Photography and videography
  • Suits
  • Hair and make-up
  • Transport
  • Wedding bands
  • Personnel
  • Guests’ accommodation
  • Wedding and engagement ceremonies
  • Honeymoon
  • Other small expenses

Benefits Of Getting A Wedding Loan In Singapore

Getting a loan for your wedding has many advantages, some of which we have already discussed. But let’s review some more:

  • Your credit score is not paramount: You can obtain wedding loans in Singapore even with a lower credit rating because the amount you borrow and the repayment term are shorter.
  • Tailored solutions: Some lenders offer wedding packages that include loans, cashback and other services. They can also provide financial advice to help you find a loan suited to your budget.
  • Ease of application and quick approval: You can apply online or at any money lender or bank. The process is straightforward, and you will get the decision within a few hours.
  • Low rates: As we mentioned before, wedding loans in Singapore have lower interest rates than personal loans or credit cards. That means you can save money on your wedding and repay the loan quickly.
  • Lack of collateral:  Wedding loans in Singapore don’t require any collateral and are unsecured, so you won’t have to put your property at risk.

How To Apply For A Wedding Loan

Before applying for a wedding loan, you should check the eligibility criteria, which often include:

  • A decent credit score: Most venues look for ratings above 1724, which is low enough compared to other personal loans.
  • Income: The higher your income, the larger loan you can get. Some banks require a minimum income of at least $20,000 per year and active employment status to approve your application. Conversely, legal money lenders can tailor specific packages even if you earn less than that. Ensure you include all income sources in your application to obtain the loan.
  • Age: Most banks in Singapore require the minimum age to be 21, whereas legal money lenders lend to people at least 18.

After checking the eligibility requirements, gather your paperwork. You will need:

  • Proof of identity: NRIC or passport and Singapore Employment Pass for foreigners
  • Proof of address: Utility bills, original tenancy agreement, or official letters sent to you
  • Proof of income: Computerised payslips for the past three months or 15 months CPF statement, OR Income Tax Statement

Best Wedding Loan Options

The options for wedding loans in Singapore include banks and legal money lenders.

Banks have specific advantages, such as lower interest rates and tailored packages. However, they can be quite strict with their criteria and process, so it’s important to shop around for the best interest rate.

With DBS Cashline, you can access up to 10 times your monthly salary if you earn at least $120,000 a year. This line of credit is available to Singapore Citizens and Permanent Residents with an annual income of no less than $20,000.

DBS’ Cashline loan option provides convenient access to funds for your needs. Applying through the digibank app is a breeze, and you can easily use it online or pay bills in person. Flexible repayment options ranging from days to months are available, along with an interest rate that varies between 20.5% and 29.8% per annum.

If you’re looking for a low annual interest rate, DBS’ Personal Loan is the perfect solution. Offering fixed annual rates from as low as 2.88%, with only 1% processing fee, this loan provides flexible tenure options ranging from one to five years. Besides, you can borrow up to 4x or even 10x your monthly earnings (for annual incomes $120,000+).

By comparison, licensed money lenders offer more flexibility in terms of eligibility, as well as unsecured loan options. And even a higher interest rate does not mean it will break your bank. In fact, it will help you access the funds you need for your dream wedding without any obstacles.

Credit 21 offers wedding loan packages tailored to fit your budget and needs. They provide a hassle-free application process, with fast approval and flexible repayment plans. You can apply for loans of up to 6x your monthly income, with fixed interest rates from 1% to 4%, depending on the loan amount and tenure period.

Choosing The Best Wedding Loan

Let’s take this example. A $20,000 wedding loan with a 2-year tenure renders an $898 installment with a 3.88% interest at DBS.


But you may not be eligible for a bank loan. In this case, you can still take up a wedding loan from Credit 21. We will tailor your loan terms to help you obtain a similar installment. Here is what a potential loan* may look like:


*Note: Terms and conditions may differ depending on your particular circumstances. This is not a guaranteed loan.

This comparison reveals that even though legal money lenders may have higher rates than banks, they do not necessarily need to break the bank. Ultimately, it is important to shop around for the best option and make sure you can afford the repayment plan.

That said, Credit 21 is here to help. Find out more about our wedding loans here.