Loans for wedding on the Pilippines

A Simple Guide For Getting A Wedding Loan In The Philippines

So you're tying the knot in a few weeks or months? We understand that weddings can be very costly, and managing your finances during the heat of the big event could be challenging. Moreover, poorly planning for your wedding could make you overspend or get more debt than you can afford.

Ideally, savings and donations from friends and well-wishers could cater to your big day. However, if the wedding could come sooner than you expect or may overwhelm your bank savings, there's no need to worry. Wedding loans are one of the most straightforward ways to save your big day.

The following paragraphs guide you towards getting loans for a wedding in the Philippines. Additionally, you'll learn about the best wedding loans Philippines lenders offer and their requirements.

About Loans For Weddings

Suppose you fled to a lender or your traditional banker after seeing this article's headline to request a wedding loan. Your potential creditor would most certainly appear bewildered with your request. Instead, they'd offer you an alternative lending offer. Well, why's that? That's because there isn't anything as a "wedding loan."

Your prospective bank or lender would likely offer you a personal loan to fund your wedding. That said, let's tag the personal loan you take to foot your wedding as a "wedding loan" throughout this article.

How To Apply For A Loan

Before considering the different wedding loan providers in the Philippines, you want to consider if you meet the requirements. You want to identify and compare different lenders who could provide you with what you need.

Personal loan providers range from traditional bank lenders to online loan apps and other financial institutions. Of course, the different categories of loan providers have specific terms and conditions. Go through the requirements of such lenders, and don't hesitate to apply to the most favorable option to get a loan for your big day.

Pros And Cons Of Getting Loans For Wedding

Take note that any debt you take today would affect your future finances. So, it'd be best to tread carefully while considering a wedding loan.

Pros

Here are a few benefits to getting a wedding loan.

1. To Avoid Unnecessary Stress on Your Day

Your wedding day events could be unpredictable. Getting wedding loans could help you prepare cash on reserve and adequately manage unexpected expenses.

2. A Convenience Alternative

Applying for a loan can be as straightforward and quick as a 5-minute online application. The speed of getting a wedding loan could alleviate the challenges of paying your wedding vendors.

3. To Avoid Borrowing from Family

Even if your family members could lend you money to finance your wedding, there are potential threats to that option. For instance, you might want to avoid potential misunderstandings over the wedding loan.

4. To Pay Your Suppliers Upfront

Perhaps your savings can only pay for the catering. A wedding loan is an excellent tool for paying the other wedding expenses upfront.

Cons

While wedding loans are helpful, they also have their demerits. Following are some things to be wary of before signing a wedding loan application.

1. You Could End up Taking Too Much Loan

Too much debt could lead to financial stress later. You want to avoid borrowing beyond your budget.

2. Debts Could Stress Your Family

Kicking off your new family with debt in the background may not be the best for you. Getting a debt, especially at a high-interest rate, could stress the home against your wish for a happy home.

Loan For Wedding Requirements

Remember, you need to qualify before getting loans for wedding from any financial institution. However, while different lenders have specific requirements from applicants, there are general factors that most wedding loan applicants need to meet.

• The most ubiquitous condition is for the applicant to have a stable source of income.
• Additionally, the eligible applicant owns government-backed documents like an ID, utility bill, or driver's license.
• The eligible applicant is of legal age.
• Some lenders also require that an applicant has paid employment for a minimum time.

Best Wedding Loans In The Philippines

Now to the most renowned lenders that can provide you with funding for your wedding.

1. BDO Personal Loan

BDO is one of the biggest banks and also one of the most stable in the country. Funding a wedding with BDO doesn't have to be a hassle as long as you have the right qualifications. However, you may be wary of this option due to the high-interest rates.

2. BPI Personal Loan

BPI usually offers clients up to 3 years to repay whatever personal loans they took. BPI also lends substantial amounts to applicants, giving you a wide range of finances to plan your big day.

3. Citi Personal Loan

Citi Bank offers up to PHP 2m for a loan payable for up to 5 years. Of course, if you aren't afraid of the implications of taking up such amounts, then Citi might be the lender you need.

4. HSBC Personal Loan

For a loan package that can strike a good balance between budget and time, consider HSBC Personal Loan. HSBC offers up to PHP 500,000 PHP at a fair interest rate.

5. EastWest Bank Personal Loan

EastWest bank offers up to PHP 2m for a maximum of 3 years. While EastWest offers a high loan, you may want to tread carefully with them over their interest rates.

Short FAQs

Here, we'll provide brief answers to a few common questions people may have about getting wedding loans for bad credit citizens - even if you have a good credit history or have never applied to borrow money.

1. How Much To Borrow For My Wedding?

The amount you borrow for your wedding depends on your current savings, your financial history or expectations, and how much you want to spend for your wedding. That said, consider borrowing within your budget, or consult a wedding planner to help determine how much to borrow.

2. Can I Get A Wedding Loan With Bad Credit?

You can get a wedding loan despite a credit, as some online lenders waive that requirement when considering your loan application. Conduct your research to know what lenders fall into that category.

3. What Are The Factors Upon Which The Marriage Loan Amount Depends?

The wedding loan you receive usually depends on your credit history, your creditor's terms, and how much you're willing to get. However, different lenders have special conditions for determining how much you receive to fund your wedding.