Fund Your Dream Wedding and Turn It To Reality With A Low Interest Loan

Some may coyly accept it; others may vehemently deny it, but the truth is every person thinks about their wedding day. Everyone wants a perfect wedding..

When to-be brides and grooms plan a wedding in Singapore, they usually think of a beautiful location, delicious food, and a gathering full of friends and relatives. Women think of designer gowns, and men think of exorbitant tuxedos. Add to these dreams the cost of hiring a planner, photographer, and florist, and suddenly, a wedding becomes too expensive to afford.

In the last few years, Singapore has emerged as one of the most popular destination wedding spots. The city’s breathtakingly beautiful skyline, unique attractions, designer boutiques, and Michelin-starred restaurants make it a perfect place to organise a dream wedding. Unfortunately, today, especially in Singapore, dream weddings come with a price tag. On average, a wedding in Singapore can set a couple back by S$30,000 to S$50,000. Those with expensive tastes and grand ideas end up spending up to S$100,000. These massive figures may seem daunting, but they are not a reason good enough to compromise on the most important day of your life. It is, thus, that many Singaporean couples opt for a wedding loan to help them finance their big day.

Until a few years ago, couples used to take personal loans to finance their wedding. However, in the last few years, due to the increasing demand for loans for marriage, moneylenders have come up with unique types of loans called the Wedding loans, which is a type of personal loan. Since they can only be used to finance a wedding and have a short repayment period, they draw a lower rate of interest than personal loans. In most cases, the tenure of the loan varies from 12 to 24 months with at least 1% interest rate per month.

It is not wrong if you want to have a dream wedding. Even if you decide to compromise on your dreams, there are certain necessary expenses, such as venue and catering cost, that cannot be ignored. In any other country, taking a this loan may seem like an absurd idea. However, in Singapore, given the high average wedding costs, it is almost impossible to organise a wedding without external financial assistance. Further, licensed moneylenders work with borrowers to make sure they can have their dream wedding without financially burdening themselves. Here are a few reasons why taking a marriage loan in Singapore makes sense.

Singapore is a multiracial country and is home to a large number of expats. The ethnic Chinese makeup for 76.2% of the total population of Singapore. The Malays, who are recognised as the indigenous community, comprise 15% of the total population. A large number of Eurasians and ethnic Indians also inhabit the island. This diversity in the island’s population is also evident in the types of weddings that take place in Singapore, with the three most common types of weddings being Chinese, Malay, and Western. Let us analyse each of these wedding types and understand how this financial product can prove to be helpful while organising them.

When it comes to weddings, the Chinese people are very particular about their customs and traditions. Chinese weddings are a community affair with each equal focus on each traditional ceremony. Each different ceremony requires different items and gifts.

The Chinese are very particular about each ceremony. There is simply no possibility of leaving out any of the ceremonies to accommodate a lack of funds. Add to these specific items needed for a Chinese wedding, the cost of the venue, decorations, and catering, and the total wedding cost becomes unaffordable for most people. With a loan in hand, Chinese couples can forget their financial worries and enjoy the wedding.

Following the traditions and customs is an integral part of Malay weddings. It involves ‘gotong-royong’ which means that both families of the bride and groom are involved in making the wedding a successful one. The reason why this is a family affair. Couples seeking the blessings of their elders must organise a Malay wedding respecting their customs.

In reality, having a Malay wedding is also expensive. It involves gifts and ceremonies. Malay weddings usually last two days and more. During this time, it is mandatory to have non-stop catering as guests can arrive anytime. After adding small and significant costs, Malay weddings become quite expensive. Loans allow Malay couples to take care of these non-optional expenses.

Singapore is home to a high number of expats. Thus, western weddings are one of the most common wedding types in Singapore.

Given the high cost of living in Singapore, it is not surprising that Western weddings average at anything between S$ 30,000 to S$50,000. Further, since many young couples are also young professionals, it becomes hard for them to find the time to organise everything. In such a case, a wedding loan allows them to hire a wedding planner, enjoy their wedding, and still stay committed to their work so that they can repay the loan in time.