How To Get A Wedding Loan With Bad Credit In Singapore
Each engaged couple should consider applying for a loan to make their wedding dreams a reality.
To many, the word “huge” is the only one that adequately describes weddings. You should get your financial house in order before the big day.
Loans of this personal nature are frequently taken out to cover the many varied and often expensive aspects of weddings.
The amount and timing of any loans you take out, whether from commercial lenders or trustworthy banks, will be subject to stringent regulations.
There is a wide variety of wedding loans available in Singapore, so it is vital to research to determine which is best suited to your needs before applying.
What Is A Wedding Loan?
There is no difference between a credit card and a wedding loan.
Even though “wedding loans” may be listed as an option on the websites of some lenders, the interest rate and loan term you receive will be the same as those offered for personal loans on the same.
Many engaged couples choose personal loans to cover wedding costs because of their flexibility and lack of restrictions on their intended usage.
Advantages Of A Wedding Loan
There are various benefits to a wedding loan, and below, we have explained a few:
Applying for a Wedding Loan Is Simple and Fast
In contrast to traditional lending institutions like banks and credit unions, which can take weeks to approve a loan application, the application process for a wedding loan is quick and easy.
You may get online application forms from any reputable lender, including BTS Credit. Quick approval of your loan application is guaranteed after you show up to the office with the necessary paperwork. They’ll devise a manageable repayment plan to ensure that debt doesn’t weigh you down.
Singapore Wedding Loans at Reasonable Interest Rates
Because they know your day’s importance, moneylenders are committed to providing you with a reasonable interest rate.
Better still, they want to ensure you get the best wedding financing possible to cover your bases. Moreover, their wedding loans are tailored to your budget so that you can enjoy the wedding of your dreams.
They also want newlyweds to relax into married life and take pleasure in their honeymoon without worrying about making loan payments or going into debt so soon after the ceremony.
Receive your Money In One Lump Sum
You can get all the money you need in one convenient sum by applying for a wedding loan. This will allow you to organize your wedding without stressing over costs.
Although borrowing from trusted loved ones is always an option, you may feel obligated to follow their wishes if you do so.
How Much Money Will You Need For Your Wedding?
This is determined by:
- How much you borrow
- How much interest you pay
- How long do you have to pay back the loan (the loan term)
- If there are any fees
Unsecured wedding loans, such as short-term and installment loans, have a higher interest rate than secured loans. Because secured loans are less hazardous for the lender, they are more popular.
If you fail to repay your obligation, the lender may seize your collateral to recuperate its losses. In the case of an unsecured personal loan, the lender’s only option is to contact you frequently and report nonpayment to the credit bureaus, which will harm your credit score.
For example, a $200 loan with a 14-day term and a $15 finance fee per $100 borrowed would need to be paid back with $230.
How To Get A Wedding Loan With Bad Credit
Several financial institutions are ready to assist people in securing a wedding loan but need better credit. These financial institutions are enthusiastic about granting your loan request. It’s crucial to the company’s financial viability to continue operations.
You might be wondering how easy the application process is. Well, all you have to do is fill up the form with the following information:
- Research different loan options: Begin by researching different loan options available in Singapore for borrowers with bad credit. Look for lenders who specialise in providing loans to people with poor credit scores.
- Check your credit score: Before applying for a loan, check your credit score and credit report to understand your current credit situation. This will help you identify any errors or discrepancies that may be affecting your credit score.
- Gather necessary documents: Collect all the necessary documents required by the lender such as proof of income, NRIC, and proof of address.
- Apply for the loan: Apply for the loan by filling out the application form and submitting it along with the required documents.
- Provide collateral: If your credit score is very low, you may be required to provide collateral such as a property or vehicle to secure the loan.
- Wait for approval: After submitting your application, wait for the lender to approve or decline your loan. If approved, the lender will provide you with a loan agreement that outlines the terms and conditions of the loan.
- Sign the loan agreement: Review the loan agreement carefully and make sure you understand the terms and conditions before signing it.
- Receive the loan: Once the loan agreement is signed and the lender has processed the loan, you will receive the loan amount.
- Repay the loan: Make sure to make your loan payments on time to avoid any late fees or penalties. Paying off the loan on time will also help to improve your credit score. You can check out BST Credit if you need a bad credit wedding loan and anticipate needing a few years to pay it back.
Where And How To Apply
Although applying for a wedding loan may feel like a leap of faith, there is a good possibility that you will be granted if you put in the time and effort required to do so.
However, check that the lender has a valid MAS license and follows all rules established by Singapore’s Central Bank.
This way, you can rest easy knowing that your lender is secure and reliable enough to extend credit to borrowers without income verification. Below are a few places you could apply and get a wedding loan:
To qualify for a wedding loan from a Singaporean bank, you must meet specific requirements, such as being a permanent resident, being at least 21 years old, and having a decent credit score.
When applying, you’ll need to give specifics about yourself, such as your name, date of birth, and proof of identity; your assets, debts, and liabilities; and your employment, including your income and the contact information for your employer.
In general, the standards put forth by legitimate moneylenders tend to be more lenient. In addition, they offer a range of loans to qualified consumers at affordable interest rates and make individualized product suggestions based on their needs.
One would typically make an appointment through the company’s website to use a money lender. During your scheduled session, they will discuss your requirements and determine if you are eligible to apply.
Licensed money lenders in Singapore are also among the quickest in the business. If your application is accepted, you can pick up the cash the same day.
Which Bank Is The Best For A Marriage Loan?
Numerous lending options are available. Here’s a selection of loans we’ve put together:
- Standard Chartered CashOne Personal Loan
- HSBC Personal Loan
- Citibank Citi Quick Cash Loan (Existing Customer)
- DBS Personal Loan
- POSB Personal Loan
- Citibank Citi Quick Cash Loan (New Customer)
- UOB Personal Loan
- OCBC Extra Cash Loan
Get Your Wedding Loan With Bad Credit Today
Taking out a loan for your wedding is a good idea, but you should do it responsibly. Having a long-term perspective while going through this procedure is the single most crucial thing.
Determine the type of loan you need, your reasons for needing it, and your repayment strategy. Compare the terms various lenders offer to find one that works with your wedding spending plan.
If you don’t feel like dealing with all that stress, BST Credit can be the way to pay for your nuptials.
As a Singapore money lending service, we provide convenient personal loans with adjustable rates and repayment schedules.
You can submit your application in a matter of minutes and expect a response within a few hours.