Getting married is one of the most joyous moments in a person’s life. But for some, it can be stressful forking out tens of thousands of dollars to plan a wedding. Weddings are one of the big-ticket items in life that can cause great financial strain on you and your partner. There are many components involved in a typical wedding ceremony, from venue bookings, catering, décor and gown rental.
With wedding expenses being costly, not everyone can cover the costs with their savings or getting help from family members. Plus, credit cards have high interest rates and they increase your risk of spending over your budget. To alleviate of the financial burdens and help you cope with the wedding costs, there are wedding loans in Singapore you can reach out to ensure you can fully fund your dream wedding day. Besides that, here’s why you should consider getting a wedding loan.
1. Loan repayment terms are fixed
A wedding loan in Singapore is considered a personal loan, which comes with flexible repayment plans. Wedding preparations can be taxing, so you won’t have to be burdened further about clearing a loan when you get to make comfortable repayments. This can be discussed with your loan officer on a loan package that works for you. As a rule of thumb, your loan installments should not exceed 35% of your combined monthly income to avoid straining your financial situation.
2. You have several loan options
With plenty of licensed money lenders in Singapore, you will never run out of options in getting your wedding loan. This also makes it easier for you to compare the fees and rates of various lenders before appending your signature to borrow a loan for your wedding. With instant loan approval, you can access cash quick without seeking traditional avenues like banks and wait for a longer processing time. This also means you will have more cash on hand that is readily available to book your preferred venues and vendors, and make the necessary deposits for a smoother planning.
3. Make your dream wedding a reality
Loan amounts are typically tied to your monthly income, so you are likely to have some flexibility in selecting the amount you wish to borrow – for example, 6x your monthly salary. Wedding costs are rising in Singapore and the average amount spent is gradually increasing. If you’ve been eyeing that dream designer wedding gown or a luxurious hotel ballroom to host your dinner reception, you can look forward to funding your dream big day with wedding loans.
Average total cost of getting married
According to Business Insider, the average ranges from approximately $30,000 to $80,000, based on 2019 figures. This also depends on factors that vary per couple, such as venue and the number of guests. There are also wedding customs and traditions that would cost you and require you to adhere to, such as betrothal gifts and dowry, so you can receive the family’s blessing and ensure a good start to your matrimonial life.
• Bridal package: $3000 – $6000
• Wedding Bands: $2000 – $6000
• Dowry: $500 – $5000
• Solemnisation: $1000 – $5000
• Wedding Photography: $2500 – $4000
Weddings are notoriously stressful to plan and budget for, but with the help of wedding loans, you can ease the financial strain on your situation. It is always good practice to exercise prudence with your wedding spending so you can tie the knot happily and not get bogged down by paying back what you have borrowed.