The term wedding is revered by many new couples because it marks the most important point in their lives. See: you have met this special person, and you are committing to spend the rest of your life with. So, congratulations, but before you can grab that bottle of champagne, let’s talk about financing the wedding. What options do you have?
The two most preferred options are using personal savings and wedding loans. This post will look at the two and demonstrate why a wedding loan in Singapore is an excellent idea for you.
What Is A Wedding Loan?
A wedding loan is a loan that is specifically intended to cover your wedding expenses. In most cases, it is used as a marketing term used in place of a personal loan. And just like any other, you can qualify for the wedding loan based on your creditworthiness.
Lenders use terms like wedding, engagement, or bridal loans to attack soon-to-be-married couples. The couple can apply for this under the pretext of a personal loan and pay the amount in installments.
Pros
- It helps you plan your dream wedding without any budget constraints.
- You might enjoy a low-interest rate.
- Allows you to avoid borrowing money from your show-off relatives.
Cons
- May encourage overspending.
- May not be the best affordable option in peak seasons.
It is a Bad Idea to Use Savings on Wedding and Start a Family with Nothing
You have been making some savings every month to ensure you are prepared for unexpected happenings or needs later in life. Now that you are about to wed that special person, things that will require your savings will increase. If you have a smaller fridge or car, it might not be enough when your family grows. Holiday costs will also go up when traveling as a family.
If you go for personal savings, it means exhausting or using the bulk of it. So, do you want to start a family with zero savings? Of course, you don’t. The best idea is to look for every channel to grow your savings as opposed to exhausting it.
So, consider leaving out the family’s personal savings and using a wedding loan to fund the big event. Instead, visit SGLendela to get your wedding loan approved.
You Get the Money for the Big Day and Repay in Installment
A wedding loan is a form of unsecured personal loan, which is advanced by a lender to a borrower and has to be repaid in installments. Indeed, it closely resembles a personal loan in Singapore, but the primary purpose is preparing for the wedding. Being allowed to repay the loan in installments comes with a number of advantages:
- Only a very small amount of your monthly income will go into paying the loan.
- You have the option of selecting the loan term.
- You can combine the loan with other debts for debt consolidation.
Applying for a Wedding Loan Does Not Risk Your Assets
One of the major concerns for Singaporeans when applying for loans is the danger of getting their assets sold to recover the money they borrowed. However, you do not have to get worried about wedding loans because they are unsecured. This means that no collateral is required to get the loan approved. Instead, lenders check your monthly income plus your personal credit score to determine if you are able to repay.
Remember it is very important to ensure you repay the loan as agreed to avoid damaging your credit score, and in worst cases, getting sued and being declared bankrupt.
Wedding Loans Help You Tackle Unexpected Wedding Expenses
Do you know what the most stressful part of a wedding is?
– No, it is not the cost of the wedding.
– No, it is not the guest.
– It is the unexpected expenses that you are never prepared for.
If you don’t know the exact cost of the wedding and keep some amount in reserve, there’s a possibility that you will always be under financial strain. Wedding loans lift up that strain by offering easy loans.
The best part is that you are charged interest on the sum you borrow. So as long as you are paying your installments, you will eventually completely pay up your loan amount.
Wedding Loans Have Quick Approval Time
We have already said that a wedding loan is nothing more than a marketing gimmick to attract new customers. A wedding loan is simply a personal loan. The amount that you can qualify for is directly proportional to your credit scores. Hence, the whole application of approval of a loan becomes just a simple process.
You can use the personal loan eligibility calculator to see how much loan you can qualify for. Once you apply for it, you will soon be notified whether or not it has been accepted. The process is so fast that it hardly takes ten minutes to complete.
The Secret to Apply for a Wedding Loan Fast
Now that you know the benefits of using wedding loans instead of savings, it is time to look at the application process. The most effective method of applying for it is using lender comparison sites.
The process of application is simplified. Also, it raises the chances of getting the loan approved. Here is how to go about applying for a wedding loan:
- Visit the website to make a short application.
- The application is sent to multiple lenders.
- Lenders give pre-approved offers.
- You review the offers and pick the best.
- The website books an appointment with the lender, and you sign the loan agreement.
When the time to wed your lovely significant other comes, do not let anything stand in your way of making the day magnificent.