5 Factors to Consider When Getting a Marriage Loan
Are you planning to get married, but doesn’t have a sufficient budget for the wedding? If your answer is yes, then consider getting a marriage loan to achieve your dream wedding day here in Singapore. With that said, here are the things you need to think over.
Financial Credibility
Take note of your financial credibility, if you can pay off the marriage loan on time. So, before going to an authorised money lender. Calculate how much your expenses and savings are in a month because this will help you determine how long you will be paying off your marriage loan.
Know the Credit Score
Check your credit score before going to an authorised money lender. Because you never know if all the details written on your financial history are correct or not, and this will help the authorised money lender how desirable your money lending application is.
Check Loan Terms
Yes, it is necessary to know what the loan terms are for a marriage loan because there are some cases, you will be paying a small amount over a longer period, that’s pretty good, but it will also mean you have to pay more interest, and you will be in debt longer. So check and read the loan terms carefully.
Determine Interest Rates
Before signing a marriage loan, you have to be certain about the interest rates, because there are authorised money lenders who offer a fixed rate, which means the interest won't change throughout your money lending request.
Look Out for Additional Fees or Hidden Charges
Some authorised money lenders would sometimes charge you for defaulting, pre-payment or when you didn’t pay the marriage loan or other money lending request on time. So do ask more things about this matter to secure there will be no trouble with your marriage loan.
With all of these, have you considered getting a marriage loan for your wedding? That’s a yes, then don’t forget to prepare all the documents you need to go to an authorised money lender like Power Credit Enterprise in Singapore.
Resources: https://ibb.co/5FPYXL7
