To obtain a wedding loan for your big grand wedding day, many things come to mind. You need to know how to use the wedding loan properly to pay off your marriage costs as there will be interest charges and repayment terms to take note of.
As the average cost of wedding costs between $22,000 and $50,000 in 2019, which was even before the global pandemic, it is not easy for many couples to afford the whole wedding package in Singapore. So they need to take up a wedding loan to finance all the related expenses, such as wedding photography shots, wedding dresses and the wedding banquet that happens on the great big day itself!
The general approach to wedding loans is to take a personal loan from banks. However, as banks are filled with so much hassles in the loan processing approval, the licensed moneylenders are good alternatives as financial institutions to disburse the wedding loan.
Getting a wedding loan from a licensed moneylender can be relatively quick. There is a reduction in paperwork involved compared to a bank. Though the wedding loan is actually a form of a personal loan, it is specifically designed for weddings only.
Unlike banks, collateral is not required for wedding loans from licensed moneylenders. It is best that you get one that really caters to your financial situation. There are good reasons why you should take a wedding loan to finance your marriage costs and expenditures.
If you want to borrow to pay off for your wedding, you would want the cost to be as low as possible. No one wants to be replete with debt sadly after a happy day. The wedding loan from a licensed moneylender generally has low interest rates and fees. Loan repayments can be made affordable with such welcoming additional costs. A good loan repayment for your wedding would not make you scale down your hotel dinner banquet or your honeymoon trip overseas.
There is also more flexibility in a wedding loan that is obtained from licensed moneylender. There is some flexibility on how much you can borrow as most moneylenders can allow you to get up to 6 times your monthly income for a wedding loan.
Another reason for taking up a wedding loan is a peace of mind to get along with your family members. Both sides of family members do not need to have a toughened relationship as you do not need to end up borrowing huge sum of money from your parents or future in-laws.
Licensed moneylenders are different from illegal ones commonly known as loan sharks. They can be found at Ministry Of Law (https://www.mlaw.gov.sg/) to verify the legitimacy and authenticity. Your wedding loan terms and conditions are stated in compliance and accordance with this governing body. The unnecessary fees and interest charges are well within the range made law by Singapore government.
Whether you are a Singapore citizen, permanent resident or a foreigner, the law applies and you can still get a wedding loan. The documents are applicable depending on your citizenship status. No one wants an unhappy wedding so a wedding loan must still be manageable after all.