15 June 2020

Your wedding day is undoubtedly one of the most important days of your life. If you’ve been saving diligently after meeting “the one”, kudos for planning in advance! However, it may be the case that your savings still aren’t enough to cover the costs of your dream wedding. 

To help you along on your journey, we share some tips on how to reduce your wedding expenses, as well as how a personal loan in Singapore can help. 

Learn how Singapore’s fastest growing micro financing company can help make your big day a reality.

How Much Can A Wedding In Singapore Cost? 

If you’re planning or getting ready to tie the knot, chances are that it won’t be cheap. Like most things in Singapore, weddings are costly. In fact, weddings typically cost more than what people expect—a wedding in Singapore has an average cost of S$40,000 in Singapore. If you want a really glamorous wedding, it can cost up to S$100,000. 

There are lots of cost items within a wedding budget. Here are the common ones for a wedding in Singapore.

Component Cost
Solemnisation ceremony S$1,000 to S$5,000
Wedding banquet in a hotel S$18,000 to S$40,000
Bridal package S$3,000 to S$6,000
Wedding photography  S$2,500 to S$4,000
Miscellaneous (e.g. red packets) S$1,000 to S$2,000
Source: Value Champion

Typically, your largest expenditure would be for the wedding banquet and bridal package. If you want these extra fancy, don’t be surprised that they will cost a bomb.

3 Ways To Reduce Your Wedding Expenses

Infographic on the ways to reduce wedding costs
Here are some crafty ways to cut down on your wedding expenses

You probably have a vision of how you want your wedding to be, and it’s understandable that you don’t really want to compromise on certain aspects. However, many couples have the tendency to get carried away when spending on their wedding.

Thankfully, there are many ways that you can cut down on expenses without scaling back too much on your dream wedding. Apart from reducing your number of guests, here are 3 ways you can reduce your wedding expenses and keep within your budget. 

1. Pick An Alternative Venue Or Unconventional Location Instead Of A Hotel Ballroom

A hotel ballroom with a wedding banquet setting, which can be funded by a personal loan in Singapore
You don’t necessarily need to hold your wedding banquet in a hotel ballroom

One of the best ways to cut down on wedding costs is to target the component you’ll be spending most of your money on: your wedding banquet! 

Depending on the exact venue you choose, 5-star hotel wedding venues can begin at about S$200 per pax. However, many couples these days are opting for alternative venues or unconventional locations such as restaurants, event halls, and parks instead of hotels. Not only will these options be potentially cheaper, they offer something different for your guests too—who may enjoy a different kind of venue for a change.

If your parents are more traditional and insist on hosting your wedding in a hotel, you can go for 3 or 4-star hotels, or a boutique hotel to save on cost. 

You can also hold the solemnisation ceremony just before the banquet to skip the lunch reception. Choosing to host your wedding on a weekday (instead of a weekend) can also save you money. 

Just remember to keep an open mind!

2. Consider Bridal Packages And Carefully Compare Them

Bridal packages are popular as they’re often one-stop solutions. 

A bridal package can include a wedding gown, suit rental, photography (pre-wedding and actual day), hair styling, and makeup services. It might make the most sense to get a bridal package since engaging different vendors for different services can easily burn a hole in your pocket. 

That said, make sure you do your research and carefully compare different bridal packages out there. Also, bridal studios typically provide you with a comprehensive list of things you want in your package for you to tick off. Be selective and make sure to include only what you really need, as well as switch any items if needed.

If you wish to go ala-carte for your gown because you want a specific style for your gown, note that this will be more expensive. Renting a gown starts from about S$600, whereas the starting price of customising your own gown is double that.  

In addition, you can consider getting a wedding planner. While most think that doing so will only increase your wedding expenses, it might not necessarily be the case. Wedding planners usually have their own network of vendors that can offer discounts, and could help you save especially if you’re planning a large-scale wedding. 

3. DIY Where Possible Or Get Help From Family And Friends 

Why not save on things such as wedding decor and entertainment expenses by taking care of it yourself? Do you have friends or family members who have artistic flair, musical talent, or are passionate about photography? It might be a good idea to request favours from them. 

Your friends or family members may be more than happy to help, and may even be thankful for the opportunity to flex their talent! With all your loved ones helping out on your big day, this would be a great opportunity for them to have some quality bonding time.

What Are The Benefits Of Taking A Personal Loan In Singapore For Your Wedding?

Weddings are a costly affair. Even if you’ve decided to try your best to cut down on cost, you may still find yourself having not enough. If you find yourself in such a situation, taking a personal loan in Singapore could help.

Personal loans are a fast and easy way to get some extra cash when you have to pay for deposits or cover expenses quickly for a wedding. 

Let’s look at some of the key benefits of taking out a personal loan in Singapore for your big day.

1. You Won’t Have To Borrow From Family Or Friends 

As close as you may be with your loved ones, you may have reservations about borrowing money from them for the wedding. After all, you might not want to place a financial burden on them, or you might have a personal principle of not borrowing from family or friends.  

Whichever the reason, you can have peace of mind by borrowing from a licensed money lender in Singapore instead. 

2. You’ll Have A Greater Sense Of Autonomy Over Your Wedding

Most of us want to have a substantial say in how our wedding turns out without feeling like we need to give in to the preferences of family or friends.

Knowing that you’re fully responsible for financing your wedding gives you the sense that you’re in charge of your special day. This will give you and your spouse-to-be a better frame of mind to plan and execute your big day, without feeling obligated to submit to requests from friends or family.

3. Making Your Wedding A Truly Special Day

Having sufficient finances for your wedding can give you the chance to plan for and realise your dream wedding. This will make for a wonderful and unforgettable experience that you would look back on with a smile for many years to come.

4. Saving Funds For More Important Or Unexpected Matters

Some people have sufficient cash for their weddings, yet they choose to take up a personal loan instead. Why is that so?

Having reserve funds and savings is essential, especially when it’s impossible to predict what may happen in the future. 

Thus, taking up a personal loan in Singapore so that you have extra cash available might be a better option than emptying your bank account.

What Are The Requirements For Taking A Personal Loan In Singapore?

Open to the idea of taking a personal loan in Singapore for your wedding? Here are some criteria to meet when borrowing from a licensed moneylender in Singapore.

You can also read about what to consider when borrowing from a licensed money lender.

Age And Income

Firstly, you’ll need to be at least 21 years of age.

If you’re a Singapore Citizen or PR, you can borrow up to 6 times your monthly salary—provided you earn at least S$20,000 annually. If you don’t meet this income requirement, you can borrow up to S$3,000.

Citizenship

Foreigners in Singapore can also borrow from licensed money lenders. You may be required to submit additional documents such as your passport, valid employment pass, and bank statements.

As shown in the table below, you can only borrow up to S$500 if you earn less than S$10,000 annually.

Annual Income  Singapore Citizens and PR Foreigners living in Singapore
Less than S$10,000 Up to S$3,000 Up to S$500
Between S$10,000 to less than S$20,000 Up to S$3,000 Up to S$3,000
At least S$20,000 6 times monthly income 6 times monthly income

Employment 

Naturally, licensed money lenders in Singapore want to know if you’re capable of repaying your personal loan. As such, you also need to show that you’re earning a steady income. This can be proven through your income tax statement or payslips.

Creditworthiness

A licensed money lender in Singapore will also look at your creditworthiness. They can do so by accessing your credit report from the Moneylenders Credit Bureau (MLCB), which will contain information like your active loans and how regularly you make payments. This will help the licensed money lender determine whether you are creditworthy, and if you’re a feasible candidate to loan to.

Keen on taking out a personal loan for your big day? Crawfort can offer one that’s tailored to your needs.

Hungry for More Articles?

Company News
Leveraging On Digitalisation To Simplify Loan Application

Singapore — (19 May 2020) — Staying ahead of the digital economy, we at Crawfort, the consumer loan subsidiary of Capital C Corporation, have incorporated digitalisation strategy to introduce a new loan platform with an improved user interface and experience on our website, alongside a new brand name and logo. In line with our goal […]

Media
The Entrepreneur 2019

Celebrates the achievements of 10 businessmen and women who prove to have what it takes to break boundaries and emerge as winners of Singapore’s Entrepreneur of the Year Awards (EYA).

Blogs and Opinions
Personal Loan In Singapore: What’s A Debt Consolidation Plan?

With the lure of credit cards and their rewards (think airmiles, cashback, free luggage), many Singaporeans end up with large credit card debt. Swiping the card is so easy and convenient, that many fall into the endless debt trap. If you find yourself struggling to make timely credit card and personal loan repayments in Singapore, […]

Personal Loan
Financing Options For Your Home Renovation: Personal Loans In Singapore, Renovation Loans And More

Just collected the keys to your new house? Buying a house is most likely the largest purchase in your life. After getting the keys, you’ll want to renovate it to make it your dream home. But before you can renovate it, you’ll need to ensure that you have enough money for it. In this article, […]

Personal Loan
The 2 Types Of Personal Loans In Singapore To Consolidate Your Debt 

Besides being symbolic of financial independence and adulting, owning a credit card is a great way to earn rewards and cashback on your spending as long as you pay your bills dutifully every month. But what if you’re unable to pay your bills on time? With sky-high interest rates and a few late payment fees, […]

Blogs and Opinions
10 Travelling Tips For Your Next Trip And How A Personal Loan In Singapore Can Help

In a world where everything has its price, your dream of travelling the world can seem far and out of reach. Especially when you have daily expenses to account for and pressing bills to pay. Travelling can be expensive. However, the experiences you gain and memories forged from travelling is oftentimes invaluable. Though travelling can […]

Blogs and Opinions
Should You Take A Personal Loan In Singapore For Your Wedding?

Most of us dream of having the perfect wedding with our significant other. We want to make the day perfect to celebrate our love for our partner with our family and friends. However, planning a wedding can be stressful. Not only do you have to decide on the location, settle the most minute details, and […]

Blogs and Opinions
When Should You Consider Taking A Personal Loan Over A Renovation Loan In Singapore?

Now that you’ve collected the keys to your new home and browsed countless web pages for decor inspiration, it’s time for the next step. Imagine, after a long day at work, going back to a home that’s furnished and personalised just the way you like it. Isn’t that exciting? That is until you realise the […]

Personal Loan
Should You Take A Personal Loan In Singapore For Your Vacation?

Have you been toying with the idea of taking a good break for a while? And when we mean a break, we mean a good, quality break that’s going to give you a good reset. Maybe it’s been something on your mind for a while now but you haven’t gotten around to it because it’s […]

Personal Loan
Why You Should Upgrade Your Skills And How A Personal Loan In Singapore Can Help You With That

According to Robert Kiyosaki, a successful businessman and author of Rich Dad Poor Dad, continuous learning is the key to getting rich. If you want to be successful in life, you need to have the right attitude, the right mentality, and seek continuous learning. Even after graduating, you should continue to upgrade your skills, which […]

Personal Loan
Renovation Loan Vs Personal Loan In Singapore For Home Renovation: What’s The Difference?

The priciest thing you can buy in Singapore is probably your home. Even if you don’t mind a rugged aesthetic, minimalistic, or industrial look, basic renovation is still necessary for installation of electrical endpoints, tilework, paintwork, and so on.  If you’ve done the maths, you’ll realise that renovations can cost an arm and leg. However, […]

Personal Loan
Personal Loan In Singapore: How Can It Help With Wedding Expenses?

Your wedding day is probably the most significant milestone as a couple. It’s a momentous and joyous occasion, where family and friends come together to celebrate the love and union between the two of you. How would taking out a personal loan in Singapore come into the picture? Well, every couple dreams of having that […]

Personal Loan
2 Types Of Personal Loans In Singapore To Consider In Times of Emergency

It’s always good when we receive a heads up before something happens, so that we can prepare for it.  But that doesn’t happen all the time. You can never predict when something unexpected crops up, and when you need extra cash urgently. In such times, a personal loan can be a viable option.  Types Of […]

Personal Loan
How Personal Loans In Singapore Can Be Useful For Grab And Taxi Drivers

The past few months have been difficult for many people in various industries. Most businesses, especially in the service industry, have been badly affected by the COVID-19 social distancing measures. Taking a personal loan in Singapore is one option to get through this tough time.  Ever since the outbreak began, less people have been going […]

Personal Loan
When Should You Take Out A Personal Loan In Singapore To Upgrade Your Skills?

We’re often told to continuously upgrade our skills because we need to stay relevant in times of changing needs. And one way to do that is through taking up courses. Plus, doing so can be helpful when we choose to switch careers. But taking up courses in Singapore can be quite expensive. For instance, a […]

Blogs and Opinions
8 Things That Bring Down Your Credit Score In Singapore

Looking to purchase a home, car, or paying for that dream wedding? High costs of living in Singapore can make that hard to achieve. In fact, taking on loans to make those dreams a reality is not uncommon. Before applying for a loan, you should look at a few key considerations banks and financial institutions […]

Blogs and Opinions
7 Things You Didn’t Know About Licensed Money Lenders In Singapore

Getting married, buying a home, or furthering your studies are major milestones in life. And these milestones usually come at a hefty price. Remaining debt-free becomes increasingly difficult as you move up the different stages of life; the last thing you want is to be trapped in a financial emergency. Turning to loved ones or […]

Blogs and Opinions
Licensed Money Lender In Singapore: How Much You Can Borrow And What You Must Note

The cost of living is high in Singapore. There are times where we inevitably run into money problems and need cash to tide over difficult periods. For some, it could be money needed to last until their next payday, more money for their wedding, home renovation, or for a financial emergency. According to the Credit […]

Personal Loan
Secured Vs Unsecured Personal Loan In Singapore: Which To Choose?

If you’re facing some kind of financial difficulty, getting a personal loan in Singapore could help improve your situation. Whether you choose to borrow from a bank or a licensed money lender in Singapore, you have a decision to make: you’ll need to decide whether to take a secured loan or an unsecured loan. But […]

Blogs and Opinions
Licensed Money Lenders In Singapore: What Are Your Options If You Can’t Repay Your Loan?

Some of us encounter financial difficulties at different junctures in life. In such situations, borrowing from lenders like banks or licensed money lenders in Singapore would be among the available options to help get you back on your feet. Whether you borrow from a bank or licensed money lender, you’re of course obligated to make […]

Blogs and Opinions
4 Things To Consider When Borrowing From A Licensed Money Lender In Singapore

Whether it’s taking out a loan to renovate your brand new home or financing an unexpected medical emergency, there may come a time when you need some financial assistance. Taking out a personal loan to fund such expenses is a common option.  As a borrower, you’re usually faced with 2 main options: a bank or […]

Personal Loan
5 Reasons Why Your Personal Loan Application In Singapore Was Rejected

Perhaps it’s a time right now when you require extra financial support for your needs—for an emergency, for a dream vacation for you and your partner, or even for a plan to move forward and venture out of your comfort zone. However good your reasons may be, you may have faced problems having your personal […]

Personal Loan
Are You Eligible For A Personal Loan In Singapore?

When we’re short on cash, most of us will consider borrowing from friends and family members. However, if you don’t want to trouble them, how about taking a personal loan instead? A personal loan is a lump sum of money borrowed from a bank or licensed money lender. You’ll need to pay it back over […]

Blogs and Opinions
5 Ways To Improve Your Credit Score At The Credit Bureau Singapore

Ever wondered what affects your loan applications? Or why some of your credit card applications were rejected?  It’s likely because of your credit score. A bad credit score can affect your applications for personal loans and credit cards. But what’s a credit score? How do you check it, and how can you improve your credit […]

Blogs and Opinions
6 Things A Licensed Money Lender In Singapore Can’t Do When Collecting Debts

Getting a loan from a money lender in Singapore might be nerve wracking for some. When most think of money lending, they think of a pig’s head hanging by their door or that ‘O$P$’ red paint on the corridor.  However, loan sharks and licensed money lenders in Singapore operate very differently.  Let us look at […]

Blogs and Opinions
Ultimate Guide To Borrowing From Licensed Money Lenders In Singapore

Paying off bills and expenses without any assistance can be really challenging, especially when you’re living in one of the most expensive cities in the world — Singapore. Things like medical bills and wedding costs, for instance, can easily cost thousands of dollars in Singapore.  When there’s not enough money to pay off these expenses, […]

Blogs and Opinions
Licensed Vs Unlicensed Money Lender In Singapore: What’s The Difference?

Life can get pretty unpredictable. Sometimes, you might find yourself in need of quick cash, but your savings is not enough. You may have thought about taking up a loan from the bank, but what if you can’t get across the red tape? The paperwork, the waiting period, and the anxiety of not knowing whether […]

Blogs and Opinions
Borrowing From A Licensed Money Lender In Singapore Vs A Pawnshop: What’s The Difference?

Something sudden happens and you find yourself in urgent need of cash. You might be considering borrowing from the bank, but they might take a long time to approve your loan. So, you start looking for alternatives to get a fast loan in Singapore. When it comes to getting quick cash, 2 options come to […]

Personal Loan
6 Reasons Why You May Need A Personal Loan In Singapore

Have you ever found yourself stuck against a wall financially? When you have so many bills to pay, then suddenly, you or someone you know gets into an accident or gets sick. You are then overwhelmed with bills and the debt you need to pay, and the money you’ve saved or earned just isn’t enough […]

Personal Loan
4 Types Of Personal Loan In Singapore You Should Know

It is tough sometimes when we land ourselves in unexpected situations that require immediate financial assistance, such as medical emergencies or investment opportunities. At times like this, taking out a personal loan in Singapore could be a viable option to ease your financial burden.  A personal loan is a type of unsecured loan that does […]

Personal Loan
Personal Loans In Singapore: What To Consider When Applying

Personal loans can seem like a mystery. What are they? When should you take them? How do you go about applying for personal loans in Singapore? A personal loan is a lump sum of money borrowed from a bank or licensed money lender, which you have to pay back in instalments (fixed payments) over a […]

Personal Loan
How To Get A Personal Loan In Singapore Even With A Bad Credit Score

Whether it’s to buy a first home or pay for education, most of us probably need to take a loan at least once in our life. However, not all loan applications can turn out successful. If you’ve applied for a personal loan in Singapore before but it got rejected, it could be due to your […]

Personal Loan
Personal Loan In Singapore: Should You Take One?

2020 is the start of a new decade and many of us are setting goals and striving towards them. A few things that can help you reach your goals include having sufficient money and knowing how to budget wisely. And taking a personal loan in Singapore might just be something worth considering.  Before diving into […]

Personal Loan
Personal Loan In Singapore: What It Is And How To Apply

Whether you need a helping hand to achieve a resolution you’ve set for the year, or you’re in urgent need of money, getting a personal loan in Singapore may come in handy.  But before you apply for a personal loan in Singapore, here are some important things that you need to know. What Is A […]

Blogs and Opinions
Licensed Money Lender In Singapore Vs Bank: What’s The Difference

Getting married and buying a home are some of the most significant milestones and expenses you’ll incur when adulting. The last thing you want is to be strapped for cash. When that happens, most people think of borrowing money to tide them through the rough patch. You’re usually faced with two choices – should I […]

Personal Loan
5 Myths About Taking Personal Loans From Money Lenders In Singapore

It’s pretty common to take up a car loan and/or a housing loan, especially since it’s costly to own a car and a home in Singapore. But when it comes to taking a personal loan in Singapore, it’s usually perceived as the result of poor financial management.  Depending on the circumstances, taking a personal loan […]

Company News
Advisory on COVID-2019

In light of the COVID-19 situation, Crawfort Singapore has stepped up and implemented additional precautionary measures at our outlet.

Media
单枪匹马赴菲“拓荒”寻商机

一般人对菲律宾的印象,总停留在治安欠佳和交通拥堵。然而,不能忽视的是,菲律宾有上亿人口,而近年经济增长也保持强劲,可谓商机处处。Crawfort正是看到了这个商机,希望能够为那些懂得数据科技,却无法充分从传统金融机构获取服务的消费者提供服务。

Company News
Crawfort Is Awarded
ISO 9001 : 2015

Crawfort is proud to be awarded the TUV ISO 9001 mark of quality, and will continue to provide excellent quality of services.

Media
10 Business Leaders Recognised As Entrepreneur Of The Year

From training aspiring pilots to lending money, 10 local entrepreneurs received the Entrepreneur of the Year Award (EYA) 2019.

Media
The Breakfast Huddle

Find out how we can help F&B SMEs scale their businesses.

Media
CEO Conversation: Transforming Into A Digital Financial Services Provider

Find out how our Group is leveraging technology to serve underbanked customers in the region.

Media
The Case For Alternative Lending

In the last decade, we have witnessed rapid growth in the alternative lending space, with the creation of new business models opening up the range of alternative lending products available.

Media
How Fintech Is Driving Innovative Lending?

In Singapore, SMEs account for around two-thirds of the workforce and a large chunk of GDP growth. And if these firms can’t get funding, their failure to thrive has a dampening effect on the larger economy.

Company News
Crawfort Joins Singapore’s Fastest Growing Businesses

Crawfort rewrites the rules when it comes to moneylending solutions.

Media
Crawfort: Breaking Stereotypes Through Innovation

Innovative business Crawfort is rewriting the rules when it comes to moneylending solutions

8 Minutes is All You Need

Get Your Loan
Approved by
Tomorrow