Wedding Loans: Making Your Dream Wedding a Reality

Get the perfect wedding you’ve always dreamed of without worrying about the costs! A wedding loan can help you cover expenses like your dream venue, bridal dress, and more. Avoid cash flow issues and invite all your loved ones with a loan tailored for the occasion. No collateral required!

What is a Wedding Loan and why should you take it?

For many, having a perfect wedding may seem unattainable. Given that weddings are not just about the two individuals but also about the union of two families, couples are sometimes compelled to invite more guests than they would like. That being said, they would end up needing to fork out extra cash to cover these expenses. Most times, to ‘save face’ they’d rather search for loans elsewhere than to borrow from their relatives.

The ability to save money is often regarded as a desirable trait. Though, there are some things in life that are worth the splurge and weddings, are one of them. However, with high inflation rates, wedding costs are rapidly increasing. Compounded with concurrent big expenses like the cost of a new home, many newlyweds are experiencing cashflow issues.

Many lenders recognised the challenges that couples face and curate wedding loans for such occasions. By taking up a wedding loan, couples would be able to invite their family members without restraint. Additionally, a wedding loan can also be used to increase their budget to cover the cost of their dream venue, choose their favourite bridal dress and make their dream wedding a reality! Note that it is not required to pledge your collateral to take up a wedding loan.

Eligibility for Wedding Loans

To obtain a wedding loan, or a marriage loan in Singapore, you are expected to satisfy the following requirements:

  • You must be at least 21 years of age
  • You must be a salaried Singaporean / PR / EP holder / S-pass holder
  • Preferably to have a minimum monthly income of $2,500

How much money should I borrow?

Holding a wedding is a lifetime affair, though some prefer to do a low-key ROM reception, many would still opt for a lunch or dinner banquet to invite their loved ones. Below is the non-exhaustive list of expenses that you’d have to fork out for a wedding in Singapore. Consider the percentage of your savings that you want to use for your wedding and arrive on a comfortable amount to borrow.

Should I use a credit card or wedding loan to pay for my wedding?

There are many ways you can pay for your wedding. One of which is to use your credit card. The rationale behind this is to use credit cards for big purchases such as wedding expenses and claim the rewards. Often, you may be too focused with the rewards to notice the fees or higher interest that entails.

Service fees are also often missed out because of the ease of applying for credit card payment plans and cash advance loans. If the borrower is not careful, these fees can amass to a hefty sum.

Conversely, a wedding loan allows you to take on a large sum at a time with a specific tenor, ensuring that your accounts are more closely tracked to prevent paying for these unnecessary fees. Further, since wedding loans are a type of personal loans, the interest rates are far lower than those from credit card late repayments and cash advance loans.

Plan Ahead

When budgeting for your wedding, make a list of what you can or can’t do without. You may want to check out bridal fairs and bundle promotions from vendors.

After settling on the thing that you want to spend on, segregate your expenses between upfront payment deposits and payments that can be made after service is rendered. For upfront deposits, you may want to leverage on 35 days interest-free credit card or 3 months 0% interest payment plans. Providers such as flex, DBS, OCBC, UOB and more provide these services.

For the rest of the payments and expenses, you may want to a personal loan to pace your loans and then repay back with the wedding gift packets that you will receive from your guests. Depending on how much you want to spend for your wedding, you and your partner may want to consider taking a personal loan each. Banks could grant you up to 10x while moneylenders 6x of your monthly income.

Do note that taking up a wedding loan could affect your total debt servicing ratio (TDSR). As wedding loan and credit card spendings are forms of unsecured loan, it may affect your ability from taking on future loans. Ideally, you should keep your TDSR ratio below 55%. So do budget your expenses and do not borrow more than what you need.

Unable to qualify for a bank loan or credit card?

You may want to consider borrowing from moneylenders if you do not qualify for a bank loan or credit card. Undoubtedly, do not compare its interest in an annualised manner like how you compare it with bank loans. As it is, the interest may be ranging around 2-3%/month which accumulates to 24% - 36% a year - but know that you’ll only need this loan for a short 2-3 months. With proper planning, a moneylender loan can help you cover some of the payments.

It is imperative to choose a trusted licensed moneylender that provides the right loan with the best rates and terms. The safest way is to you go through the loan comparison websites like Lendingpot as the money lenders on these platforms have already been vetted.

From these websites, you can secure the best deal and get the loan with minimum effort. All you have to do is to submit your application here and wait for the best offers to come to you.

By going through a broker, they would also be able to advise you on how to leverage on the pre-approval to assist you in choosing the most suitable monthly rates and interest rates.

How to Apply?

Frequently Asked Questions

I am not comfortable with the proposed loan quantum and interest from the lenders. Am I able to negotiate?

Yes, you can accept the proposed indicative offer so that you can set an appointment with the lender to go down and renegotiate the terms.

Are the offers provided by the moneylenders’ guaranteed approvals?

No, the offers that are made by the moneylenders on the platform are on in-principle approval only. The more complete documents and correct information that you provide, the more accurate the offer may be. Finalized loan amount, interest rates and terms will only be informed to you when you meet the moneylender at their branch.

What is the processing time for banks and moneylender loans?

For bank loans, it can be as fast as 15 mins, depending on the complexity of your case while for moneylender loans, you can get it within the day.

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