How To Get A Wedding Loan With Bad Credit In Singapore

Written by Shannon Wong on February 28, 2023

Your wedding approaches, and you need every cash you can get. Your credit score isn’t helping matters, and it seems impossible to get a loan.

In this case, what you need is a wedding loan. This loan can give you the wedding of your dreams and a memory that stays with you and your partner for life.

Whether big or moderate, wedding expenses can be pretty heavy to charge to a credit card, making wedding loans an excellent choice for new couples.

This may seem out of bounds if you don’t know how to get a wedding loan with bad credit. But it is not – you can get a wedding loan with bad credit in Singapore, and the subsequent sections will show you how.

What Is A Wedding Loan?

Wedding loans are personal loans used to cover wedding expenses. These loans feature a blend of personal loans and installment plans taken out to foot the projected cost for nuptial events.

Unlike most personal loans without a specific purpose, wedding loans are designed for couples seeking marriage. Wedding loans exist in different forms, and it’s super important to understand which wedding loans in Singapore best fit your financial situation.

Whether from reputable banks or licensed money lenders, wedding loans are guided by strict guidelines determining how much you can borrow and when to take out these loans.

Wedding loans are offered based on the applicant’s repayment ability, which is why you need to learn how to get a wedding loan with bad credit.

A wedding loan schedule is set up after the money lender or bank has evaluated your income and has ascertained that hefty loan repayments won’t burn you out during your honeymoon or generate unnecessary tensions between new couples.

Such wedding loans serve to protect new couples from losing their assets. Secure loans from banks may get messy for a couple as they risk losing their home or car if their finances take a downturn.

How Much Money Will You Need For Your Wedding?

Wedding costs can be mind-boggling. From the cost of the ceremony, venue, gown rentals, catering services, flowers, photography, makeup service, and many more, weddings generally demand a lot of cash.

For example, a wedding banquet alone can cost between $3,000 to $30,000, and this alone can exceed the money you have at hand.

On average, a moderate wedding in Singapore costs anywhere between $30,000 to $50,000. If you’re taking your wedding up by a notch, you may be looking at a lavish wedding, which can cost up to $100,000.

Considering these costs, you may dismiss the possibility of having even a moderate wedding, especially if your credit score is not so great. But you only need to know how to get a wedding loan on bad credit, and you can have the wedding of your dreams.

Money shouldn’t stand in the way of your happiness, nor should a bad credit score.

Advantages Of A Wedding Loan

Wedding loans offer several benefits to intending spouses, especially those whose wedding aspirations don’t match the money at hand.

If this is you, here are the advantages of a wedding loan in Singapore:

Quick And Easy To Apply

The standard application process in banks or credit unions takes weeks before your loan is approved. However, with money lenders like 1AP Capital, the process is pretty fast and simple.

You will find online loan application forms to fill out when you visit their website. Once submitted, you get a notification that your application has been successful, and you’ll be required to visit the office with all the required documents.

At 1AP Capital, we have a team of loan assistants happy to help you map out a repayment scheme that works for you. They will provide the needed assistance and ease your worries, especially if you’ve been wondering how to get a wedding loan with bad credit.

Moderate and Flexible Interest Rates

The Singapore personal loans industry is heavily regulated to protect borrowers from exploitation. So, when you approach licensed money lenders like 1AP Capital for wedding loans, you can rest assured you will be offered low-interest loans with favourable and flexible payment terms.

We understand this is a big day for you and are delighted to offer you affordable interests that keep your mind at ease.

1AP Capital aims to provide you with a wedding loan package that meets your expenses and fits your financial situation, which is why we always work out an interest rate that matches your ability.

Get Paid in a Lump Sum

When you’re in a fix and pressed for cash, borrowing from family and friends seems a good option. However, such arrangements hardly pay you in a lump sum and often leave you with less independence to flaunt as much as you want.

By applying for a wedding loan, you get all the money you need in a lump sum. This gives you a clearer vision to plan your wedding without worrying about your budget. You enjoy the freedom to make decisions without pressure.

Maybe you’re wondering how to get a wedding loan with bad credit and whether any licensed money lender can provide you with a lump sum. With 1AP Capital, this is possible. Just complete our online application and present the necessary papers, and we’ll devise a plan for you.

More on this topic:

How To Get A Debt Consolidation Loan With Fair Credit In Singapore

Where To Get A Short Term Loan In Singapore

Enjoy Stress-Free Nuptials With A Wedding Loan From 1AP Capital. Apply Now.

How To Get A Wedding Loan With Bad Credit

If you’re planning a wedding and need some cash, knowing how to get a wedding loan with bad credit will help you navigate the process.

A bank may not be an excellent choice to take out a wedding loan if you have bad credit. Licensed money lenders are deemed better alternatives as they are generally flexible. Not only that, but they also give favourable and low interest rates that keep your mind at rest while honeymooning with your spouse.

In any case, following some simple tips can increase your chances, so here’s how to get a wedding loan with credit:

  1. If you’re approaching a bank or licensed money lender, research their specific requirements, expectations, available deals, and testimonials to determine whether you’re eligible and if they’re a good fit for you. You can deepen your research by exploring social media and other public online communities for what customers say about them.
  2. At this stage, you are expected to have narrowed your search and now have a few feasible options. Pay attention to their terms and conditions, income requirements, and credit score limits. If their wedding loan offer does not bode well for your finances, it may be wise to back out. For example, some banks may offer you wedding loans despite your bad credit if you can offer collateral. If you accept, you will have a secured loan agreement with strict requirements. Except the pros and cons work for you, it may be better to try licensed money lenders who offer unsecured wedding loans. Once you learn how to get a wedding loan with bad credit, your options become clearer.
  3. Whether it’s a bank or a licensed money lender, you have to tender your credit reports, income statements, and bank statements to verify your ability to repay the loans. At this stage, it would help to forward supporting documents reflecting a good debt-to-income ratio and latest credit reports. Before applying for a wedding loan, you can pay off some debts quickly to increase your credit score and debt-to-income ratio. This can corroborate your claim that you’re committed to repaying the wedding loan, despite your bad credit score.
  4. You can include a co-signer with a high credit score in your application. A co-signer takes responsibility for your loan in case of a default, so having one on your application is generally attractive to banks and money lenders.

The real gist of knowing how to get a wedding loan with bad credit is showing that you’re capable and committed to paying back instalments. Once this checks in, you will be good to go.

1AP Capital welcomes intending couples needing a wedding loan to send in applications. We offer simple, flexible, and personalized wedding loan packages. Begin the process by filling out our online form, and we will revert to you in 24 hours.

Where And How To Apply

You can approach a bank or licensed money lender for wedding loans. It may seem futile to get such a loan, especially if you’re wondering how to get a wedding loan with bad credit. But these institutions feature structures that make it easy to obtain a loan.

Specific criteria will be required if you’re taking out your wedding loan from a bank or licensed money in Singapore. You may be a Singapore citizen, permanent resident, or foreigner and aged 21 years at least.

They will need your name, age, proof of identity, financial information such as debts, liabilities and assets, employment details, income details, and employer information. So, get ready to tender your NRIC or Passports, CPF, bank statements, or any proof of your income.

As a foreigner, you may be required to submit your work permit, S Pass or E Pass, utility bills, phone bills, home rental agreement showing proof of residence, and pay slips.

Money lenders are flexible with these requirements, offering competitive interest rates and personalizing their loan recommendations to suit your financial situation. They may also offer helpful advice on how to get a wedding loan with bad credit.

You can visit a bank to initiate your loan application process or apply online if you’re using a licensed money lender.

Which Bank Is The Best For A Marriage Loan?

The best banks for a marriage loan are:

  1. Standard Chartered – CashOne Personal Loan
  2. HSBC – Personal Loan
  3. Citibank – Citi Quick Cash Loan (new customer)
  4. UOB –Personal Loan
  5. OCBC – Extra Cash Loan

These banks are known for their low interests, moderate charges, and long repayment periods, which might be of interest if you’re learning how to get a wedding loan without interest. But HSBC stands out.

For Singapore citizens or permanent residents with an annual income of $30,0000, or foreigners residing in Singapore aged 21 and above, HSBC provides you with one of the lowest annual interest rates of 3.2%.
Plus, there is a credit limit of up to $200,000, and you pay interest only on what you eventually spend.

HSBC also features one of the longest tenures of up to seven years, allowing you to spread your repayments over a longer period.

Access a Quick and Easy Wedding Loan for Your Big Day

Don’t let money deter you from reliving the wedding of your dreams because you sure deserve it.

At 1AP Capital, we’re happy to offer quick, simple, and customized wedding loans at moderate rates. We believe that your credit score is only temporary, but the joy of your big day lasts a lifetime.

Apply now or contact us for any enquiries you may have.

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