Should I Get A Loan To Pay For My Wedding?


When preparing for a wedding, a lot of couples wonder if they are better off cutting back on their expenses or pulling out all the stops.

After all, a wedding is a once-in-a-lifetime event that you can’t put a price on. If you are about to walk down the aisle and are wondering should I get a loan to pay for my wedding and how to deal with all the wedding expenses, this article is for you.

Most couples want their big day to be one they can remember for a long time. This can be expensive and may make a big dent in your savings.

But if you’re asking should I get a loan to pay for my wedding, the answer is yes, because it will make your life a lot easier.

In this article, we will look at what wedding loans comprise, the costs they cover, and why you should opt for a wedding loan.

What Is A Wedding Loan?

A wedding loan is an unsecured loan you get from a lender to cater to your wedding expenses. The amount of money you can apply for depends on your income level, credit rating, and pre-existing debt. Your Total Debt Servicing Ratio (TDSR) should not exceed 55%.

The money you borrow for a wedding can be used to cover costs relating to the wedding. Depending on your eligibility, you can get a loan that covers all your wedding costs.

Before you decide to hold a wedding, make sure you have a wedding budget. Once you have a budget, consider the following when looking for a wedding loan:

Loan Tenure

A short-term loan will have a lower cost, but you will need to make higher monthly repayments. Make sure you choose a loan tenure that works for you.

Monthly Payments

Make sure your monthly payments fit into your budget. You can pay less monthly by choosing a longer loan tenure.

Repayment Ability

The fancier your wedding, the more it will cost you. Decide if you can repay the amount you borrow.

How Do Wedding Loans Work?

Wedding loans are unsecured loans that you apply for to cater to wedding expenses. Lenders will require that you have an income and be of a certain age. Wedding loans are short-term loans you pay back in installments over a certain period.

To apply for the loan, you will need your NRIC, your Inland Revenue Authority of Singapore (IRAS) Notice of Assessment statement, payslips for the last few months, and documents that show your address.

You can get a wedding loan from banks or licensed money lenders. Most banks and licensed money lenders have an online portal where you can fill in your details and submit your application.

If you choose to get a wedding loan from a licensed money lender, you must go to its office before it can give you the money.

Before you take a wedding loan, consider the following:

  • Choose the bank or licensed money lender offering the best loan terms.
  • Look for the lowest interest rate and a longer loan tenure.
  • Look out for other fees and any hidden charges.

Costs that Wedding Loans Can Cover

A wedding loan can cover most, if not all, of the expenses included in your wedding budget. Before spending the money you have borrowed, review your wedding budget, and ensure you have enough cash on hand.

You don’t want a scenario where you will need to borrow more money to pay for the wedding.

Here are some of the expenses a wedding loan can be used for:

  • Wedding and engagement rings
  • Wedding gown and suit
  • Pre-wedding photoshoot
  • Wedding photography
  • Videography
  • Wedding banquet
  • Wedding entertainment
  • Wedding reception
  • Wedding venue
  • Invitation cards
  • Bachelor and bachelorette celebrations
  • Honeymoon plane tickets and accommodation
  • Cars for the bridal team

It’s important to ensure you have enough cashflow to cover all the expenses.

If the money is not enough, see what you can cut down on and still have an amazing wedding. Look out for early-bird discounts.

How To Do A Breakdown Of Wedding Costs

Having a wedding cost breakdown will help you manage the costs and create a budget you can follow. Here are some ways to break down your expenses.

Wedding Reception

The location, day of the week, season, and size of the wedding determine the cost.

During holidays, public holidays, and weekends, most venues will charge more compared to weekdays. Also, if your wedding reception is in a prime location, it will cost you more.

You can opt to have your wedding on a weekday or in a less prime location to cut costs.

Wedding Gown, Suit, And Make-Up

You will need to consider the wedding gown, suit, and make-up. Look for a package for suits, gowns, and dresses you need for the day.

Buying these from one supplier may reduce the amount you will need or qualify you for discounts.

Engagement And Wedding Rings

Engagement and wedding rings are symbols of enduring love. It is therefore important that a couple gets good ones.

Most couples want to spend a lot of money on their rings. However, they should be affordable.

Marriage Solemnisation Costs

Consider the average solemnisation cost. You will need between $1,000 to $5,000 for the ceremony. Do your research and see what kind of solemnisation you need, then budget for the cost.

Food And Drinks

Food and drinks may be one of the largest wedding costs.  You have to consider the number of guests you expect and choose an appropriate menu.

It is better to look for food packages that will work for your guests. Look for affordable food and drink packages that suit your guests and your budget.

Wedding Gifts And Dowry

This depends on your tradition. The Chinese observe the festival of giving betrothal gifts to the bride’s family, or Guo Da Li. You will have to include this in your budget.

The amount you will need depends on the expectations of the in-laws. Make sure you consult your in-laws in good time so you can prepare for the gift and dowry ceremony.

Photography And Videography

You will need to keep memories of your big day. Most couples prefer to have a pre-wedding photoshoot and photography and videography during the wedding.

If you have a close friend who is a photography enthusiast, you can request that he or she provide the service. This will reduce your costs.

Benefits Of A Wedding Loan

A wedding loan gives you a chance to have the wedding of your dreams. Applying for a wedding loan has the following advantages.

Get A Chance To Have The Wedding Of Your Dreams

Applying for a wedding loan gives you the chance to have the wedding you and your spouse want, without limitations.

When applying for a loan, make sure it caters to all expenses. Research good deals and you can have the wedding of your dreams. It’s crucial that you only apply for a loan you can afford to pay back.

You Don’t Have To Ask Your Family And Friends For Help

A wedding loan takes away the burden of having to ask your family for money. The loan gives you the freedom to plan your wedding on your terms.

You Get The Money You Need For The Wedding At One Shot

When you apply for a wedding loan, you can get all the money you need at once. This makes it easy to negotiate discounts as you can pay for the items you need in advance.

With all the money you need at hand, you can streamline the preparations and have the wedding of your dreams.

It Will Save You Money

Before you get the wedding loan, you will need to have a budget for the expenses and get quotations from vendors.

With the money on hand, you can negotiate deals and discounts. For instance, some of the vendors offer discounts if you book venues in advance.

You Can Pay It Off The Loan Monthly

Paying off the loan monthly makes a wedding loan a viable and affordable option as most lenders offer loan tenures of up to five years.

It’s possible to customise your loan repayment based on your income and cashflow.

You Have Time To Repay The Loan

Most wedding loan lenders offer loan tenures of up to five years at a relatively low interest. You can get the amount you need for the wedding and pay it back over a longer tenure.

 Where To Get A Wedding Loan

Several lenders in Singapore offer wedding loan packages. It’s important to compare the loan tenures and interest rates. If you are looking for a wedding, here are the options.

Licensed Money Lenders

If your wedding plans are already well underway and you are short on cash, visit a licensed money lender.

Licensed money lenders will offer you the money you need instantly. Note that the licensed money lender will give you the loan based on your income.

Make sure you work with licensed lenders such as BST Credit. They offer loans at an affordable interest rate and the approval process is fast.

This means you can pay your vendors in time and get early booking discounts. With minimal documentation, you can get quick access to the funds and plan your dream wedding in no time.


Banks offer you an unsecured loan that you can use for your wedding. You need to have a regular income and a good credit history. Here are some of the best wedding bank loan offers* from banks.

HSBC Personal Loan

Get a personal loan of up to $200,000 at an interest rate of 3.2% that you can use for your wedding. With a loan tenure of up to seven years, you can have your dream wedding with no hassle. The eligibility criteria are as follows:

  • Open to Singapore citizens or permanent residents
  • Yearly income of at least $30,000, while foreigners must have an annual salary of $40,000
  • Must be 21 years of age or older

Standard Chartered CashOne Personal Loan

Standard Chartered offers Singapore citizens or permanent residents a loan of up to $250,000. To qualify, you must earn at least $20,000 yearly.
Foreigners can also qualify for the loan if they earn at least $60,000. You can plan your wedding with ease as the interest rate for this loan is 3.48% and the loan tenure is up to five years.

DBS Cashline or Personal Loan

DBS Cashline offers you the instant cash boost you need to have a successful wedding. You can choose how you want to pay back the loan, either in a week, a month, or a year. The good thing about this loan is that you can get up to 10 times your monthly salary.

The eligibility criteria are as follows:

  • You must be a Singaporean citizen or a permanent resident.
  • Earning at least $20,000 yearly

Get The Right Wedding Loan From The Right Lender

Should I get a loan to pay for my wedding? This is a question only you can answer.

If you think about it, getting a wedding loan will give you the chance to have a perfect wedding easily.

The loan will give you the financial muscle you need to have the wedding of your dreams with ease. But make sure you do your research and compare the various wedding loan packages available.

BST Credit is a top-rated licensed money lender in Singapore. You can count on us to walk with you and make your wedding successful. We offer affordable loans at some of the best rates.

Your dream wedding is just an application away. Contact us now or apply for a loan with us today.

Ready to try BST Credit?

Apply Now