Wedding Loans

If something new is harder to cover than something old and something borrowed, you might want to consider a wedding loan.

Updated

Fact checked

The most important day of your life can be very expensive. From the dress and the venue to the catering and the wedding cars, your special day can cost you in upwards of S$50,000. If you don’t have that money saved, you may be looking at other ways to finance your wedding. Our guide below details the different loan options you have available and how to find the right one for you.

DBS Personal Loan

DBS Personal Loan

From

3.88 % p.a.

rate

  • Borrow from S$500
  • Repayment flexibility, subject to lending criteria
  • Instant approval

DBS Personal Loan

Apply today to get approved for up to 10X your monthly salary over 5 years.

  • Max. loan amount: Up to 10x fixed monthly income
  • Loan tenure: 1 - 5 years
  • Approval duration: Instant approval
  • Effective Interest Rate: 7.56% - Apply today and you could get an interest rate as low as 3.88% p.a.
  • Fees: 1% processing fee
Go to site
Promoted

Loans that you could use to finance your wedding

Name Product Interest Rate From Minimum Loan Amount Maximum Loan Amount Processing Fee
DBS Personal Loan
3.88% 

EIR: 7.56%

S$500
Up to 10x your monthly salary
1% processing fee
Apply today and you could get an interest rate as low as 3.88% p.a. (EIR 7.56% p.a), plus a 1% processing fee. Loans of up to 10x your salary may be available.
Standard Chartered CashOne Personal Loan
3.48% 

EIR: 6.95%

S$1,000
Up to 4x your monthly salary, subject to a cap of S$250,000
S$0
Apply by 20 July 2020 to receive Cashback equivalent to 50% of your first month's instalment loan amount. T&Cs apply.
POSB Personal Loan
3.88% 

EIR: 7.56%

S$500
Up to 10x your monthly salary
Based on your personal credit and income profile
Enjoy a fast approvals service and an interest rate starting at 3.88% p.a. (EIR 7.56% p.a), plus a 1% processing fee.
HSBC Personal Instalment Loan
3.7% 

EIR: 7%

S$1,000
S$200,000
S$88
Get an S$88 processing fee waiver if you apply by 31 October 2020. T&Cs apply.
Citi Quick Cash Loan
4.55% 

EIR: 8.5%

S$1,000
S$100,000
S$0
Get cash starting at 4.55% p.a. (EIR 8.5% p.a.) on a 36-month loan tenure. The interest you pay will vary depending on factors such as your credit score.
loading

Compare up to 4 providers

What are the different wedding loans and how do they work?

Couples looking for a way to finance their wedding have a few loan options to choose from. The option you choose will depend on your current financial circumstances, the way you want to use the loan, your outstanding debts and active credit accounts. Here are the options you may want to consider:

  • Personal loan.

As the loan will be used to finance personal items, you may want to consider an unsecured loan. These loans place no restrictions on the way you use the amount, so you can use some of it to buy a dress, book a venue and even pay for some of the honeymoon expenses.

  • Line of credit.

A line of credit may be an option if you are unsure whether you will need to borrow money. Lines of credit work by you setting up an overdraw limit on one of your active bank accounts, and from there you are able to access money up to and including that amount. You will be charged a set interest rate when you access the additional money, while you may also be charged fees to have this feature available to you. You can talk to your current lender to see if this option might be a good choice for your situation.

  • Credit card.

If you already have a credit card with a competitive interest rate and find that it will offer better value than a loan, then you may want to consider using your credit card to make wedding-related purchases. If you are planning to put a few purchases on your card, you may want to consider a 0% p.a. installment payment card, or if you accumulate debt on your credit card, you can also transfer your debt over to a 0% p.a. balance transfer credit card. You can take a look at these products using the navigation menu on the top of this page. Keep in mind the limitations of your card and whether this will be enough for your wedding expenditure.

  • Bad credit personal loans

If you’re one of the many across Singapore who suffers from an impaired credit score, there is still hope for you to afford your dream wedding. You could be eligible for up to S$10,000 with a bad credit wedding loan provider. There are some lending companies in Singapore that may look past a bad credit history and loan you money. While you may not get the whole S$10,000 you are looking for, it could be the difference between your dream wedding and a nightmare.

How you can compare wedding loans

  • The features on offer. Some lenders offer features on a loan that can help you save money. For example, some may allow you to bundle a personal loan with other financial products to get a discount. Other lenders may have flexible repayment options, or if you opt for a credit card, you may be able to earn rewards points for your purchases. Take a look at some features offered by these lenders and see if any of them appeal to you.
  • Flexibility of the loan. The flexibility of this loan should suit the way you plan to use it. For example, you should check if you can repay the loan early, or if you will be able to extend the loan or opt for an ‘interest-only’ option if you are struggling to make your repayments.
  • Repayment options. This is a feature that can help reduce the amount of interest you pay on your loan. Some lenders may let you make additional repayments, but they may charge you to be able to do this. This can offset any benefit you get from making the extra repayments, so check the associated fees before you apply.

Loans for wedding rings

Things to consider before you take out a wedding loan

Before applying for a wedding loan, it’s crucial to understand the financial commitment required for servicing the borrowed amount. You and your future partner should sit down and discuss your financial situations beforehand. Below are some of the questions you should be discussing.

Other financial obligations to consider for your wedding

Whether you’re having a small ceremony or an all-out extravaganza for your big day, there is always going to be a range of items and services you may need finance for.
Consider the expenses below:

  • Engagement party invites
  • Engagement party venue
  • Engagement party food and drinks
  • Hens/bucks party and bridal showers
  • Wedding invites and thank you gifts
  • Wedding dress and accessories
  • Bridesmaids dresses and accessories
  • Groom/groomsmen suits and accessories
  • Flower girls, ushers and pageboys
  • Wedding location/church and marriage celebrant
  • Reception location, catering and decorations
  • Photography and videography costs
  • Entertainment considerations
  • Makeup, hair facials for bride and bridal party
  • Transport to and from wedding
  • First-night hotel stay
  • Honeymoon

How you can apply for a wedding loan

To apply for a loan in Singapore you will generally need to be over the age of 21 years, be a permanent Singapore resident and have a good credit rating. When you apply, you will need to provide the following:

  • Personal details including your name, age and proof of your identity
  • Financial details including your assets, debts and liabilities
  • Employment details including your income and the name and contact details of your employer

There are ways to finance your wedding when you don’t have the money available. Compare your options and make sure you’re applying for a loan that’s competitive and affordable to you on your budget.

Read more on this topic

  • UOB Personal Loan Review Singapore The UOB Personal Loan offers a range of benefits, including a 0% processing fee and quick disbursal of funds.
  • Education Loans in Singapore Guide to getting an Education Loan in Singapore – Education loans can help cover your course fees while you’re still studying.
  • DBS Debt Consolidation Plan DBS offers a debt consolidation plan with a flexible loan tenure and promotional interest rate.
  • DBS Balance Transfer Review Access short term financing with 0% interest for up to 12 months with DBS Balance Transfer.
  • DBS Personal Loan Review Repay your personal loan over a period of up to five years with DBS.
  • POSB Personal Loan Review Take advantage of a fast approval process for a personal loan with POSB.
  • HSBC Personal Instalment Loan Get a quick decision in-principle on your personal loan of up to seven years with HSBC.
  • Standard Chartered CashOne Personal Loan Review Find out what you need to know about Standard Chartered CashOne Personal Loan. Get competitive rates and a loan that’s matched to your needs.
  • Citi Quick Cash Loan Review If you’re looking for a loan to meet any type of expenses, Citi Quick Cash Loan could be an option to consider. Existing Citibank customers with a Citi Credit Card or a Citibank Ready Credit can apply to convert their unused credit limit to cash in their Citi Deposit Account. This needs to be paid back in monthly instalments, along with your regular credit card payments.
  • What is a processing fee on a personal loan? Learn how lenders apply processing fees, how much they cost and where to find a personal loan without this fee.
Go to site