How To Get A Wedding Loan With Bad Credit In Singapore
March 27, 2023
Tying knots with your loved one at a wedding is a dream come true for most people–if not all. But weddings aren’t cheap and can drain your bank account. Since this is a lifetime opportunity to create memory, you might consider taking a wedding loan to make your dream come true.
Here’s how to get a wedding loan in Singapore even with a bad credit score.
What Is A Wedding Loan?
A wedding loan is a type of personal loan specifically designed to help couples pay for their wedding expenses. These loans can cover costs such as the venue, catering, photography, attire, and more.
How Much Money Will You Need For Your Wedding?
The amount you can use to finance a wedding varies, depending on the venue, dining, costs of gowns, photography and videography, among other nitty needs. Standard or medium-budget weddings can cost $30,000 to $50,000, while the luxurious wedding will need more cash.
Because it’s challenging to determine the exact amount your wedding might cost, do your math before taking a wedding loan.
Advantages Of A Wedding Loan
Credit Thirty3 has a direct process to apply for your wedding loan online. You only fill out a form that takes 5 minutes.
Affordable Interest Rates
With Credit Thirty3, you get low, non-hiking interest rates and flexible monthly repayments that will be manageable.
A wedding loan is a personal loan, and you use the loan however you want.
Get Your Money Quickly
While some banks or institutions may take forever to approve and disburse your loan, you get your loan soonest with Credit Thirty3.
How To Get A Wedding Loan With Bad Credit
Financial institutions or banks give personal loans which you can use to finance your dream wedding. But there’s a catch. You must have a good credit rating to get loans from banks. Otherwise, most of them might reject your application. If you have a bad credit score, licensed money lenders can be your next wedding loan option.
Here’s how you can get a wedding loan with a bad credit score in Singapore.
Check Your Eligibility
Banks and licensed money lenders need you to meet certain conditions before giving you a loan. Here’s what you need in order to qualify for a wedding loan in Singapore.
- You must be a Singaporean or a permanent resident of Singapore. If you are a foreigner, you must have a work permit.
- You must be at least 21 years old and above.
- If you are planning to get a wedding loan from the bank, you must have a good credit score.
- You must be full time employed personnel.
Shop Around To Choose Your Lending Bank Or Money Lenders
If you meet the eligibility requirements, look for various banks or lenders for personal loans. Ensure you understand the terms and conditions, interest rates and fees, loan tenure, and if your income level meets their lowest income requirement.
List the most favorable lenders or banks and compare them before deciding which one to go with.
Apply And Wait For Approval
After choosing your preferred bank or lender, it’s time to apply for your marriage loan. Here are the common documents you’ll need during your application.
For Singaporeans and Permanent Residents:
- A valid identification document such as an NRIC or passport
- Proof of income, such as CPF statements or bank statements
- A valid work permit, S Pass, or E Pass
- Proof of residence in Singapore, such as utility bills, phone bills, or a tenancy agreement
- Payslips or bank statements to demonstrate income
If your application is approved, your lender or bank will contact you for an in-person sign-off and disburse the loan to you.
Tips To Help Boost Your Chances Of Getting Your Wedding Loan Approved With A Bad Credit
When it comes to getting a wedding loan with bad credit, the application process and shopping around for the best interest rates are important, but there are other tips you can take to increase your chances of getting a wedding loan with a bad credit score.
- Try to improve your credit score before applying for a loan. This can include paying off outstanding debts and disputing any errors on your credit report. A higher credit score will increase your chances of being approved for a loan and may result in a better interest rate.
- Have a solid repayment plan in place. This means having a realistic budget for your wedding expenses and being able to demonstrate to the lender that you have the means to repay the loan on time. Providing proof of income, a steady job, and a solid repayment plan can help increase your chances of being approved for a loan.
- Keep the loan amount small. A smaller amount is likely to be approved by lenders, so keep the amount you borrow to a minimum. And it will also be easier for you to pay back the loan.
- Explain your credit situation: Financial institutions like Credit Thirty3 are more willing to give loans to people with a valid reason for their bad credit score.
Where And How To Apply
You can get a wedding loan from banks, financial institutions, and licensed money lenders.
Banks can be a great place to start, especially if you have a good credit rating. Here are some banks where you can get a marriage loan in Singapore.
- POSB Personal Loan
- HSBC Personal Loan
- Citibank Citi Quick Cash Loan (New Customer)
- DBS Personal Loan
- UOB Personal Loan
- Standard Chartered CashOne Personal Loan
- OCBC Extra Cash Loan
- Citibank Citi Quick Cash Loan (Existing Customer)
Licensed Money Lenders
If your credit rating is bad, getting a wedding loan from a licensed money lender can work for you. If you settle for any lender without verifying if they are legal, that can start an endless struggle in debt with high-interest rates that hike. Take time to understand each lender’s terms and conditions, repayment period, and interest rates, and see if you fit. You can consider Credit Thirty3 for getting your wedding loan with bad credit.
Applying for a marriage loan is simple whether you use the bank or money lenders. Remember to check the waiting period before approval to avoid getting inconvenienced if you are in a hurry to get a loan for your wedding. Here’s how to apply.
1. Submit your application online on your chosen lender’s or bank’s website, providing accurate details and supporting documents.
2. If your application is approved, your lender or bank will contact you for further discussion or advice.
3. Sign off your loan in person with your lending bank.
4. Get your loan disbursed.
Which Bank Is The Best For A Marriage Loan?
HSBC is the best bank for a wedding loan. With HSBC personal loan, the interest rate is as low as 3.48% and an effective interest rate of 6.5%. Besides, HSBC has no processing fees and has the longest loan tenure of up to 7 years.
Frequently Asked Questions
Here are our customers’ most common questions.
Can Credit Thirty3 Give Me A Wedding Loan If My Credit Score Is Bad?
Credit Thirty3 provides fast wedding or personal loans for customers even with bad credit scores, unlike banks or financial institutions. You’ll only need to fill out a form on our website and wait for approval within a few hours.
How Can I Apply For A Loan With Credit Thirty3?
Here’s how to apply for a loan with us:
1. Submit your application online by filling out a form.
2. Our loan officials will contact you within a few hours.
3. Get your loan approval.
4. Sign off your loan with our officials and get the cash.