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How to Get a Wedding Loan in Singapore?

How to Get a Wedding Loan in Singapore? 101 Guide 

 

Planning your dream wedding can be both an exciting and stressful affair. Between choosing the perfect venue, and finding that show-stopping dress, wedding costs can quickly snowball. But that shouldn’t affect your happily ever after! The solution? Short-term personal loans! In this comprehensive guide, our loan experts at EZLoan explore how you can apply for a wedding loan in Singapore – a helpful financial tool that can bridge the gap between your dream wedding and reality.  

 

Wedding Loan 101: Understanding the Basics

 

What is a Wedding Loan?

In simple terms, it’s essentially a type of personal loan to cover wedding-related expenses.  It works like any other personal loan – you borrow a specific amount of money upfront, then repay it with interest over a set period (typically between 1 and 5 years).

Why personal loans? They are great choices for short-term financing for urgent needs because of the quick processing & approvals. Bonus: They don’t require pledging of collateral!

How Does That Work in Singapore?

The process for securing a wedding loan in Singapore is generally straightforward. Here’s a breakdown:

Eligibility Checks: Lenders typically assess factors like your age, income level, credit score, and employment status to determine your eligibility.

Document Submission: You’ll need to provide documents like your payslips, Central Provident Fund (CPF) statements, and NRIC (identity card).

Approval Process: Once submitted, your application undergoes review, and you’ll receive a notification within a few working days.

But with EZLoan, the process is much simpler and fuss-free! Interested to know more? Scroll down to read about our application process.

What Can Wedding Loans Cover in Singapore?

The short answer? Anything you can think of! 

Here are just some examples of some wedding-related expenses you might cover with a wedding personal loan:

Wedding Related Expense

Budget

Luxury

Pre-Wedding Photography & Videography (depending on local or overseas)

$800

$3,000

Engagement Rings

$1000

$10,000

Wedding Rings

$500

$10,000

ROM & Solemnization

$1,500

$8,000

Wedding Banquet (depends on the number of tables)

$25,000

$100,000

Bridal Studio Package 

$3,000

$8,000

AD Wedding Photography

$1,000

$4,000

AD Wedding Videography

$2,000

$5,000

Wedding Cake

$100

$1,000

Wedding Flowers

$200

$3,000

Wedding Invites

$100

$1,000

Wedding Car 

$200

$800

Wedding Favours

$300

$1,000

Wedding Entertainment

$500

$2,000

AD Hotel Stay

$300

$2,000

Honeymoon

$2,000

$20,000

Total

$38,500

$178,800

Do note these are estimates based on current market guidelines.

Make sure you plan out your expected expenses by reaching out to your ideal vendors. As you can see the range of prices in the market is quite varied depending on your needs. 

 

Benefits of Getting a Wedding Loan in Singapore:

Improved Cash Flow: Allows you to distribute the financial burden of your wedding into manageable monthly repayments. This way, you avoid depleting your savings upfront or relying heavily on credit cards with potentially high-interest rates.

Flexibility: Provides the flexibility to finance a variety of wedding-related expenses. You can customize your loan amount to suit your specific needs and budget.

Achieving Your Dream Wedding: Bridge the gap between your budget and your vision, allowing you to create a truly special celebration.

 

Why Apply for a Wedding Loan From EZLoan?

At EZLoan, we are a reputable & licensed moneylender in Singapore with decades of experience in the business. Trust us when we say you do not want to deal with shady institutions when it comes to moneylending business. But that’s not all!

Here are 5 more great reasons why you should choose us as YOUR trusted moneylender:

Fast and Convenient Application: Gone are the days of manual or physical applications. With our online application process (with trusted Singpass integration), you can apply for your loan in the comfort of your home. 

Quick Loan Approval & Funds Transfer: We don’t leave our clients hanging! Receive a loan decision within a few hours, so that you can get started on your wedding planning. Once approved, you receive your funds immediately after your contract is signed!

Flexible Repayment Options: Choose a fixed or variable loan with flexible repayment terms to suit your budget.

Competitive Interest Rates: Enjoy competitive rates to keep your costs manageable.

Transparent Process: We aim to provide our clients with a clear and transparent loan application process with no hidden fees. This way you don’t have to worry about anything while you plan for your big day.

 

How to Apply for a Wedding Loan with EZLoan in 2 EZ Steps!

Step 1: Simply click “Apply for Loan” on our website, and submit your application via Singpass. It takes only 3 minutes to complete the form.

Step 2: Within 3 hours, you’ll receive your loan approval. Sign the contract and get your funds immediately!

For more complicated cases, additional documents might be required on a case by case basis. For example, payslips and credit bureau reports.

 

Additional Considerations Before Applying for a Fast Personal Loan?

Taking a personal loan for the first time? Here are some things you might want to consider:

Budgeting is Essential: Creating a detailed wedding budget is an essential step before applying for a wedding loan.  This ensures you borrow only the amount you need to cover all your essential and desired wedding expenses.  Don’t forget to factor in buffer for unexpected costs that might arise.

Responsible Borrowing is Key: Loans are a financial tool to be used responsibly. It’s crucial to only borrow an amount you can comfortably repay within the loan term.  Make sure to carefully consider your existing financial obligations and future financial goals before applying.

Shop Around & Compare:  Take the time to compare loan options from various lenders in Singapore. Consider factors like interest rates, loan terms, processing times, and any additional fees, before you make a decision.

Lastly, here’s a final hot tip from us! Repay as quickly as possible, especially after receiving red packets (wedding gifts) from your wedding banquet. This helps minimize accumulated interest charges and frees up your finances sooner.

 

Finance Your Dream Wedding with EZLoan Today!

In conclusion, achieving your dream wedding shouldn’t come at the expense of your long-term financial well-being.  We hope this guide has empowered you with the knowledge to make an informed decision for your big day!

Ready to transform your dream wedding into reality?  Don’t forget to check us out at EZLoan today!  With our streamlined online application process, we aim to offer you a seamless fuss-free process so you can focus on the joy of planning your special day.  

Disclaimer: The information provided in this article is for general informational purposes only and does not constitute financial advice.  Always consult with a qualified financial advisor before making any financial decisions.

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