Guide To Obtaining Wedding Loan In Singapore

Do you want to know the guide to getting a wedding loan Singapore? Many factors have to be considered into planning for your grand day of marriage. However, it is imperative you must use the wedding loan to manage your wedding costs properly given the high living standards with high cost in Singapore. Interest rate charges and repayment terms are important factors to think of.

The average cost of wedding in 2019 is nearly $40,000. This is not easy for many couples in Singapore to afford such exorbitant prices of marriages. A wedding package is not just about the wedding banquet held at the hotel itself. It also includes expenses related to wedding photography, wedding gowns and the honeymoon trip. With a wedding loan in Singapore, you can help to pay off all these high ticket expenditures for the wedding. After all, no couple wants to be saddled with a mountain of debt after a joyous occasion that happens once in their lifetime.

Usually, a personal loan from the banks is an approach to paying off wedding costs. But as bank loans are subject to lots of approvals and credit score evaluation that may pose inconveniences to the borrower, a better alternative is to get a wedding loan from a licensed moneylender.

It is quicker and more convenient to obtain a wedding loan from a licensed moneylender than from a bank. The process is simpler with reduced paperwork. The wedding loan is only designed for wedding cost management.

There are reasons why a wedding loan from a licensed moneylender should be considered. Licensed moneylenders disburse wedding loans with low interest rates. This makes repayment more affordable. Yet, a wedding loan in Singapore does not need you to scale down your banquet or honeymoon plans.

Flexibility is also present in a wedding loan obtainable from licensed moneylenders. You are able to get up to 6 times your monthly income for a wedding loan, according to the laws stipulated in Singapore.

A good reason for taking up a wedding loan to help pay off your wedding expenses is to get along well with your families and friends. Yes, you can borrow heavily from them but this will only strain relationships further with money as the fighting concern. A wedding loan is helping you to avoid going the last resort to taking money from your parents, in-laws or even friends.

When getting wedding loan from moneylenders, make sure they are licensed ones, as in accordance with the Ministry Of Law (https://www.mlaw.gov.sg/). You can check out the page to verify their legitimate status as a licensed moneylender. Unlicensed ones are commonly known as loan sharks and they always charge exorbitant rates that repayment becomes hard in future. Also, they will do lots of illegal vandalism acts on your residence under the watchful eye of gangsters. The wedding loan from licensed moneylenders can help you out with proper repayment plans. 

Rules still apply for a wedding loan in Singapore even for a licensed moneylender. But they are often more manageable compared with banks. As said, it is important to live happily ever after with a wedding loan to finance the wedding in Singapore.