It is not uncommon to have wedding plans ruined because of financial constraints. You might start wondering how to get money for your wedding ceremony as the date approaches. Since it is your big day, it is normal for you to need more funds to make the occasion something to remember for years to come. Although some Filipinos may be able to afford the expenses upfront, others don’t have such a chance. Wedding loans are therefore an easy way to ensure that you get enough money to cover your wedding costs.
Wedding Loan Philippines
A wedding loan is a form of personal loan, which is generally unsecured (does not require collateral). There are many Filipino financial organizations ready to help with varying terms and conditions. Ordinarily, for loans like this, the lender might not ask what the exact purpose of money is. However, funds borrowed for weddings should ideally be used to cover the main ceremony, reception, and honeymoon.
Most banks in the Philippines offer loans for wedding for terms ranging from 6 months to 5 years. This loan period can be further extended, depending on your proposed loan amount. However, if you feel your loan can be repaid quickly, short-term credit is an excellent choice to opt for. A nice incentive that comes with short-term credits is the small interest rate attached, but the catch is that the first few repayments will demand high amounts. Some Filipinos are more comfortable with applying for a wedding personal loan that will be repaid over a more extended period. Such loans come with lower monthly repayment amounts.
For convenience, it would be best to apply for wedding loans low interest rates of which are fixed. This way, you will be making payments for a few years. There are also medium-term loans, although they might come at a high-interest rate. Still, you can budget a fixed amount of money to be paid every month. On the flip side, if you go for options that offer significantly lower rates, know that the amounts to be repaid every month would change from month to month.
Loans for A Wedding
Getting loans for a wedding in the Philippines should not be worrisome as long as they are obtained from the right platform. Cashcat is one of the best wedding loan lenders in the country. It has quickly become a trustworthy place for couples-to-be to seek financial aid and make their big day successful. Cashcat’s wedding loan rates are attractive, and it is one of the main reasons why Filipinos like this online platform. Also, Cashcat gives the best loans for weddings at low interest rates. There are similar organizations that offer identical wedding loan services. Here are some of these platforms and their wedding credit options:
- BDO Personal Loan: This credit option lets Filipinos borrow between 10,000 PHP and 1,000,000 PHP at rates between 25.98% and 26.76% for some time between 6 months and three years;
- BPI Personal Loan: Wedding loans between 20,000 PHP and 1,000,000 PHP are granted here at an interest rate of 14.4 percent and are to be repaid in 1 to 3 years;
- Citi Personal Loan: Amounts from 20,000 PHP to 2,000,000 PHP are granted as credits to couples-to-be at a rate between 15.16% to 16.5% for 1-5 years;
- HSBC Personal Loan: Personal loans are granted for weddings in amounts of 30,000-500,000 PHP at the 14.52%-15.48% interest rate for anywhere between 6 to 36 months;
- EastWest Bank Personal Loan: Filipinos have the opportunity to obtain wedding loan amounts in the range of 25,000 PHP to 2,000,000 PHP, which should be repaid in one to three years with an interest rate of 22.68%;
- Maybank Enable Personal Loan: Philippine residents can get 50,000-1,000,000 PHP for a repayment time of 1 to 3 years at a rate of 15.6%.