How To Get A Wedding Loan With Bad Credit In Singapore
A bad credit score doesn’t affect your chance of getting a wedding loan in Singapore.
All you need to do is visit a lender’s online site, submit your application, and wait for its response. The response is usually almost immediate, and you have your loan in no time.
Here we’ll discuss how to get a wedding loan with bad credit and other things on wedding loans. Make sure you get to the end for more tips.
What Is A Wedding Loan?
A wedding loan is a personal loan mainly used to cater to the costs and expenses of a wedding event. The loan is given to a couple that intends to get married. Every wedding loan is governed by strict guidelines on when and how much you should borrow.
How Much Money Will You Need For Your Wedding?
An average Singaporean wedding can cost you roughly $30,000 and $50,000. If you are going for a high-end wedding, it can cost more than that.
For instance, a bouquet can cost around $3,000, and if you’re going for lavish, around $100,000. You still need to include the cost of catering, photography, gown rental, hair, and makeup services, planning, and other items, which can be very costly.
This can generally be financially straining for you because it is not easy to have such savings in your bank. So this is where you get a wedding loan to rescue the day.
Advantages Of A Wedding Loan
In the same way a personal or other loan helps, a wedding loan also has advantages. Here is a list:
- Reliable and fast. Wedding loans are usually processed fast and are reliable when planning for the big day.
- Straight to the point. Wedding loan application processes are direct, so you don’t have to go through complicated stages to get them.
- No restrictions. Wedding loans are open to how you’re supposed to use the loan. They’re usually flexible and make your dream ceremony possible.
- Low interest rates. Weddings are among the loans with the lowest interest rates. They’re in the personal loans category that’s regulated against exploiting you.
- Receive the loan in a single large amount. When you apply for a wedding loan, you’re assured the money will arrive simultaneously. With the whole money you need for your wedding, your decisions are independent and confident.
How To Get A Wedding Loan With Bad Credit
Here are some tips you need to take before getting a wedding loan with bad credit:
- Prepare the credit report. A credit report is essential in determining the amount of loan you’ll get, whether you have a good or bad credit score. You improve your credit score by paying loans on time.
- Ensure you’re financially stable. You should ensure your loan fits your budget by determining your income and the maximum amount you can pay. You improve your credit score by paying off previous debts before taking on new ones.
- Compare deals. Wedding loans in Singapore have different interests, terms, guidelines, and amounts. You should provide as much information as possible to get approved quickly.
Where And How To Apply
You can apply for a loan in Singapore from a bank or a moneylender company. To apply for a wedding loan;
In a Bank
You should pass particular criteria:
- be a permanent resident
- be not less than 21 years old
- have a good credit score
Provide your official name, identification, and age. Also, you need to provide financial information like assets, liabilities, debts, employment details such as employer details, and your income.
Money Lenders
Generally, you need to book an appointment online through your money lender’s website. Then your wants and eligibility get discussed, and you wait for your request approval. The money gets to you on the same day your request is approved.
Which Bank Is The Best For A Marriage Loan?
There are several banks* that you can choose for your marriage loan. Here is a list of the banks:
| Bank | Bank Loan | Loan Amount | Interest Rate | Charges And Fees | Repayment Time |
|---|---|---|---|---|---|
| Standard Chartered | Standard Chartered CashOne personal loan | Maximum of $250,000, add 4x monthly income | 3.48%, Effective Interest Rate(EIR):7.3% | The processing fee is $0. The first year fee is $199, and $50 for the following years. No fee if you finish the payment before the due date of the previous year. | Three years of paying $306 every month. |
| Citibank | Citibank quick cash for new customers | The primary amount of $10,000 | 3.45%, EIR: 6.5% | Processing charge: S$0 Full loan repayment penalty of 3% of the remaining initial loan amount. | Three and five years |
| OCBC | OCBC extra cash loan | 6× your monthly income if your annual is $120,000 or above 4× your monthly income if your annual is $30,000 to $119,999 2× your monthly income if your annual is $20,000 to $29,000 | 5.43%, EIR: 11.47% | Processing charges are S$100 Restructuring charges are 3% of the remaining money | Three and five years |
| HSBC | HSBC personal loan | $100,000 | 3.4%, EIR: 6.5% | Processing charges is $0 Partial and all repayment penalty is 2.5% of redemption money | Three and seven years paying $306 every month |
| UOB | UOB personal loan | $30,000 | 3.48%, EIR7.17% | Processing charges are $0 for all loans of three to five years 1% for all loans of less than three years | One and five years |
| DBS | DBS personal loan | Primary amount of $10,000 | 3.88%, EIR 7% | Processing charges are 1% of the loan money | Three and five years |
| Citibank Citi | Citibank quick cash for existing customers | Primary amount of $10,000 | 4.55%, EIR: 8.5% | Whole penalty repayment of 3% of the remaining initial loan or $100 first choice is the one that’s higher | Three and five years |
| POSB | POSB personal loan | Initial amount of $10,000 | 3.88%, EIR: 7% | Processing charges of 1% of the loan Whole repayment penalty of S$250 | Three and five years |
*Information correct at time of publication
Generally, wedding loans with low interest rates are the best, so the banks providing them are your best choices. For example, Standard Chartered, HSBC, and Citibank.
Get a Wedding Loan to Have the Magical Day of Your Dreams
Remember, in Singapore, bad credit is not a reason enough not to get a wedding loan. You can receive a wedding loan fitting your income if you improve your credit score.
If you need a wedding loan, contact Katong Credit, one of the trusted licensed money lenders in Singapore.
We offer wedding loans with low interest and sensible terms according to your payment abilities.
Get a loan now
Apply for a loan at lower interest rate in just 5 minutes by filling out the form manually
or simply retrieve information via Singpass and get approval within 24 hours.
