When two become one. Weddings are meant to be a joyous affair. Ask Lending Bee® today.
For some of us, weddings are a rite of passage for every couple. You get married, have children and grow old together. For others, it’s a celebration of the unity between two soulmates.
No matter the reason, every couple wishes to have the wedding of their dreams. After all, you’ll probably only be walking down the aisle once.
That said, the planning and execution of a wedding is not all butterflies and rainbows. In many cases, limited finances tend to be a major hindrance and probably the only pitfall that’s stopping you from going ahead with the wedding.
This is where a wedding loan from Lending Bee can come in handy.
*Final interest charged and loan approval time varies for each applicant.
**Final amount borrowed and loan tenure varies for each applicant.
Weddings are known to be an expensive and lavish affair. It’s undoubtedly going to be one of the major life things that each of us will spend on throughout the course of our life.
The average cost of a wedding in Singapore will set you back by S$28,000. To put things into perspective, if you are planning to get married in 1 years’ time, you will need to set aside at least S$2,300 a month.
Functioning in the same way as personal loans, wedding loans are a great way to help finance your wedding costs. You will be able to cover for costs such as your wedding bands, hotel banquet, suit and wedding dress, pre and actual day photography and wedding invites.
After knowing that your wedding costs will be well take care of, you can then confidently plan for your big day after accessing the required finances through a wedding loan.
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Below is a breakdown of the cost of an average wedding. Do note that the costs listed below are based on estimations. Ultimately, they will differ between each couple and their wedding preferences.
This will take up the bulk of the wedding cost. The average cost is S$30,000. This cost has been driven up over the years by various factors that include venue customization, and the demand for premium venues. A table of 10 usually costs between S$1,180 and S$1,340 depending on whether it is a weekday lunch, or a weekend dinner. The pricing will often vary based on the venue of choice. With 300 guests, you will need 30 tables which will push your cost to over S$30,000.
If you are looking to have their wedding at higher end hotels, the cost for 300 guests can be over S$95,000. But on the other hand, if you opt for a more average venue, and with 200 guests, the cost can be as low as S$10,000. Depending on how and where you source your venue, you can get a good enough discount package to bring your costs low.
These can range between S$3,000 and S$6,000 and usually include make-up, bridal gown, suits, and bridesmaid’s dresses. They are popular because of the convenience they offer, and will often come with such perks as a pre-wedding photo shoot. The gowns and suits are rentals, but this is much more economically friendly than having each person purchase their gown on their own. Custom gowns can cost as much as S$2,000.
When you select a bridal studio to work with in this regard, you get to choose from 3 or 4 options and alteration is free. In addition, you get an excellent make-up artist to make you and your bridesmaids look the best, and a photo shoot both indoors and out.
The costs will vary based on several different factors. These include the gowns selected, the number of gowns used, how many locations are used in the photo shoot and whether they are premium locations which can include overseas photo shoots. The number of pictures you will be expecting in their wedding album is also a factor.
Usually, most people purchase the engagement ring first, and then buy wedding bands for the ceremony. Each ring can go for between S$1,000 and S$2,000, which brings the average cost of rings to between S$2,000 and S$6,000. The difference in pricing is dependent on varying factors as well: Which material they will be made from, the width of the band, whether they will be diamond encrusted and the like. Those who opt for signature rings designed by famous designers will also find that their rings cost a lot more than average.
Singaporeans of Chinese descent still follow their traditions and that includes paying a dowry to the family of the bride. Most times, it is a gift of jewellery or cash, and the average cost of this dowry is between S$500 and S$5,000. Where the family is not as traditional, they may accept a token gift of several hundred dollars.
This ceremony is not as expensive as a wedding and is often quite casual. In fact, some couples have it done to be able to get their build-to-order flats from the HDB, since they must show proof of marriage. Those who opt to solemnize the union at the registry can do so at a minimal cost of S$1,000. Grander occasions at a different venue with a fancy lunch and floral arches can go up to about S$5,000.
Of course, you would want to capture the memories you make on wedding day. This calls for hiring a professional videographer and photographer for the wedding. The cost for these services can range between S$2,500 and S$4,000.
The honeymoon serves as a time to rest from all the work of planning the wedding, and to simply connect to one another. Usually, couples opt for a fortnight away in some exotic place where they can relax and enjoy themselves as they explore their environs.
The cost for that can be anywhere between S$5,000 and S$8,000. If you don’t wish to spend so much, you can definitely get more affordable options in neighbouring countries.
Having a miscellaneous budget is always smart. This amount takes care of some of the incidents that may arise on the day of the wedding, or the days leading up to the wedding. This amount can also be used to cover costs of additional entertainment, corkage, the after party, cost of transport and the hiring of cars to carry the bridal party, and to buy wedding favors or gifts for the bridal party. Usually, it is safe to budget between S$1,000 and S$2,000.
If there are rebates to be had if you pay using your credit card, consider taking advantage of those.
Ask for discounts on big ticket items like the wedding banquet.
If the wedding expenses are more than you currently have saved up, consider taking out a wedding loan to help you out. The truth is that a wedding loan will be cheaper in the long run than using a credit card, especially if you cannot pay off the debt on the card within a month of making payments.
A wedding loan is a great way to work through your wedding expenses, and because it is considered a personal loan, you don’t have to worry about collateral. The eligibility requirements are also quite simple and the process flexible and fast. Simply sit down, work on a budget, and approach a lender to give you the amount that you need to cover your costs.
There are several advantages of taking a wedding loan:
Many couples never make a marriage commitment to each other because of the lack of finances for a wedding ceremony. Taking a wedding loan helps you to finally realise the wedding of your dreams. After all, weddings are probably only going to happen once in a lifetime so it might as well be an unforgettable one.
Borrowing cash from an institution rather than from people gives the couple independence when planning for their wedding. Getting cash from others may have the consequences of losing the freedom to make decisions when planning the wedding. You may be forced to go according to the desires of the people who financed them. For example, you may end up settling on a venue that is not of your choice. A wedding loan from Lending Bee gives you the freedom to choose facilities that are your heart’s desire, as you plan for your big day.
Trying to borrow money from family or friends may result in a shortage of funds. This is because those who can give may be very few and the amounts given may also be limited. You may also risk harming relationships in the process. On the other hand, applying for a wedding loan ensures that all the cash is received in one lump sum*. This enables you to plan the entire wedding smoothly.
Getting a fixed amount from a wedding loan tends to help when budgeting for the wedding. It becomes easier for you to select a venue, wedding attire, and other items because you already have a fixed figure to work with. This makes the planning process easier and smoother, with minimal cases of conflict.
*Final amount borrowed varies for each applicant.
Our wedding loans allow you to plan and budget for your own wedding. You won’t risk harming relationships.
It is clear that a substantial amount of funds is needed to hold a wedding in Singapore. Some Singaporeans choose to skip the entire wedding banquet simply because they lack the requisite funds to do so.
The cost of living in Singapore is undoubtedly very high. Therefore, it might pose as a challenge for most people to have an amount in savings for a wedding. In view of this, many Singaporeans turn to a wedding loan to help them finance their big day.
At Lending Bee, we are constantly committed to providing loans for those who find themselves stuck in a financial knot. Our wedding loans enable you to borrow up to S$100,000* over a period of 3 years*. We understand that different couples may have different financial capabilities. This is why we try our best to keep our loan tenures as long as possible.
In addition, if you are currently struggling with poor credit, chances are banks and other traditional financial institutions will reject you without much consideration. That said, you’ll find comfort in knowing that Lending Bee does not reject those with poor credit straightaway. We will carefully access each individual’s financial situation and if we see an improvement over time, we might still be able to consider you for the loan.
*Final amount borrowed and loan tenure varies for each applicant.
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