Very often wedding expenses are the most major for a newly wed couple to bear.
The application for marriage loans is relatively low in Singapore in the past, however, as the living standard in Singapore pick up, it is becoming stressful for the new couple.
As long as the borrower has good credit and economic income, and the borrower who meets certain conditions applies for a marriage loan, financial institution like banks, licensed moneylender is willing to lend to you.
New couple should have a proper lifetime plan at this point when they are planning for wedding.
Items to taking into consideration includes:
- Down payment for Getting a new flat
- Honeymoon trip
- individual insurance policy and expenses (transportation etc)
- New baby
- Nanny, maids
Below is the experience i encounter from a couple.
Kenny and his girlfriend. To be precise, it was his wife. It turned out that Kenny was looking for a loan for their wedding.
I was quite surprised as wedding can be plan and postpone if necessary. I cannot understand if it is necessary to get a loan for wedding?
Kenny and Catherine were in the mid 20s, they met each other during their secondary school and had been planning for this moment for years.
Both diploma holders had a combine income of about S$7000.
Kenny own a car due to his sales job and Catherine works as a full time nurse in a government hospital.
Half a year, they started to plan to get married, apply for a new flat and save enough money to go to honeymoon to get married.
Although, wedding dinner was never one of their plan, this incident has always made the two parents somewhat unsatisfied.
The budget in a hotel is S$1200-$1600 per table for wedding, $36000 – $48000 for 30 tables or 300 people.
Although it might not be a total loss for every couple, some couple manage to earn a profit of $3000-$4000 while other may make a loss.
It all depend on your networks of friends and relatives.
Fortunately, Kenny has been working in an Internet company as a sales for 5 years, and there is no bad credit record for stable income.
He was wondering if I can use the loan method to solve this big problem.
A licensed moneylender in Singapore did offer them a loan product called a marriage loan which is most suitable for Kenny as a deposit for the hotel and payment for the wedding banquet at a super low interest rate.
Something to say
Kenny : “I don’t have a car, no money, no room, no diamond ring, but I have a heart that will accompany Catherine to old.”
He wanted a happy wedding is an unforgettable time that every couple is eager to have. not only to his wife but also to their parents. We can’t delay happiness because of the temporary shortage of funds.
A marriage loan is actually a bank or financial institution that provides a convenient and convenient personal credit loan for the borrower who is preparing to marry.
The purpose can be all expenses related to marriage, including travel, decoration, beauty, purchase of diamond jewelry, wedding photography, and so on.
Some financial insitution can have a quota of $100,000.
The advantage of this type of loan is that there is no need for guarantees and mortgages.
It is intended for permanent residents and citizens who are married and have proof of income.
Moreover, nowadays, not only banks have services to provide marriage loans, but many financial institutions like licensed moneylender also have similar services.
When we choose, we can compare a number of service, package, interest rate before making a decision.
In addition, there are still some things to pay attention to in the marriage loan:
1. Is it necessary to provide a marriage certificate?
Marriage loans are highly targeted loans, so financial institution often stipulate that marriage certificates for both husband and wife are required.
If you are applying for a loan before marriage, you will naturally not be able to do it, so you must look at the requirements of the financial institution.
2. Save the shopping bill
Since marriage loan is a consumer loan, at the time of application, the use of the loan product will be written on the need for marriage expenses, such as tourism, renovation of new homes, beauty, purchase of diamond jewelry, wedding photography, etc. No matter which shopping purchase, please remember Save the purchase invoice or receipt, etc., and use it as proof of loan use. Once the loan is found not to be used for shopping but to operate, it may face high penalty interest.
3. Credit loan interest rates for marriage loans should be noted
Marriage loans are consumer loans, and consumer loans generally have two ways.
One is unsecured loans, that is, credit loans, which have the characteristics of low threshold, quick review, and fast lending.
The other is mortgage loans, which require mortgaged goods and loans. The process and time may take longer.
However, according to the data monitoring of the good loan platform, the annual interest rate of credit loans is generally high, and it is very volatile.
Because mortgages have collateral, the annual interest rate is much lower, so if the individual has a property or a car.
When you are lending, you may wish to consider a mortgage loan, which is more cost-effective.
Marry can also get a discount loan
Married to get a loan, have you heard it?
Married to get a discount loan, are you shocked?
If you don’t divorce, you don’t have to repay the principal and interest. You must have made the propaganda wrong!
The American company has launched a financial service: a newlywed couple can apply for a loan of up to $10,000.
As long as they don’t divorce, the money will be a gift from God, and it will be given to you!
Company founder said: This is like a gamble about marriage, but all of this has data as a support.
However, there is no free lunch in the world, so a project that seems to be a charity has its own profit point behind it.
They will analyze the marriage prospects based on the materials submitted by the applicant and decide whether to grant the loan and the loan interest rate.
If the analysis shows that the marriage prospects are good, then the interest rate will be set higher, that is to say, such a marriage is likely to have no need to repay the loan for the rest of the life, and once the marriage hits the reef, it must be repaid at a higher interest rate.