Best Wedding Loans In Hong Kong

Best Wedding Loans In Hong Kong

A wedding is a once-in-a-lifetime event. Of course, we all want our wedding to be perfect, however, if each detail costs you tens to hundreds of dollars, the total expenditure is very high. Pumping out all your cash may not be wise, but you ask yourself, “Is it worth it to get a loan just for my wedding?” A friend of mine, Janice, is considering it every day.

A wedding costs HK$360k on average

Janice has been dreaming of a grand wedding where she can be a princess for just one day. But being a princess does cost you a diva price. According to a survey by ESDlife, the average cost of a wedding in Hong Kong was HK$384,366 (as of 2022). Nearly half of that amount went to the wedding banquet.

Her desire is understandable. Who doesn’t want to be perfect on their special date? She’s also not alone. Many couples insist on getting an ideal wedding even if it’s out of their budgets, especially when it comes to traditional Hong Kong-style families who think that a “proper” banquet is a must.

Getting a wedding loan as a helping hand

After Janice and her fiance looked at the bills, they changed their mind. They decided to do a destination wedding to save cost on the banquet. Here are the costs of 3 popular locations for travel-themed weddings:

3 Popular Spots For Travel-Themed Weddings
Location Stay Time Basic Plan Additional Service & Fees
Church Wedding In Okinawa 3 days 2 nights HK$41,999 Booking on weekends and Japan public holidays: HK$2,700
Marital Registration Fee: HK$3,400
Wedding Gown & Suit Rental: HK$3,880
Beach Wedding In Maldives 6 days 4 nights HK$72,999
Wedding Photoshoot in Guam 4 days 2 nights HK$19,279 Marital Registration Fee: HK$3,899
Makeup and hair styling: HK$2,180
Wedding Gown & Suit Rental: HK$3,880
Please note that all prices above are for reference only.

Note: The basic plans include flight tickets, hotel stay, transportation, travel insurance for 2, and a wedding specialist who will assist you along the trip.

But Janice comes from a big traditional Hong Kong family and needs to invite all of her relatives. She will need to pay for flight tickets for her relatives, which could add up to HK$100,000. In the end, an overseas wedding is way more expensive than a local one.

Whether her wedding is local or overseas, it seems that Janice will need a large amount of money. Janice decided to get a loan of HK$350,000 from banks, splitting it into 48 months, to improve her cash flow. Here’re different personal loan plans from banks:

UA Finance logo

Monthly Payment

HK$8,237

Monthly Payment
MoneySmart Exclusive
No document is required
APR*
1.68%
Total Amount Payable
HK$395,360
Total Interest Payable
HK$45,360
Monthly Payment
HK$8,237
AEON Credit Service logo

Monthly Payment

HK$7,992

Monthly Payment
MoneySmart Exclusive
Bank Promo
APR*
4.67%
Total Amount Payable
HK$383,600
Total Interest Payable
HK$33,600
Monthly Payment
HK$7,992
MoneySmart Exclusive:

 Successfully applied and drawdown of AEON Flexi Personal Loan / Debt Consolidation Loan will be eligible to receive up to HK$12,000 cash rebate#.



【⚽ ️Score & Savour】Earn HK$500 Deliveroo Gift Card during Football Frenzy!

From now until 31 May, apply for Aeon Flexi Personal Loan / Debt Consolidation Loan via MoneySmart, you can earn an extra HK$500 Deliveroo Gift Card regardless of approval! Score big on taste and excitement as you savor every electrifying moment of the game🍔🔥! T&Cs apply.

Valid until 31 May 2024
WeLend logo

Monthly Payment

HK$7,754

Monthly Payment
MoneySmart Exclusive
The lowest APR
1.88%
Total Amount Payable
HK$372,176
Total Interest Payable
HK$22,176
Monthly Payment
HK$7,754
MoneySmart Exclusive:

 Selected customers can receive up to HK$16,000 Cash Rebate upon successful draw down!



【⚽ ️Score & Savour】Earn HK$500 Deliveroo Gift Card during Football Frenzy!

From now until 31 May, apply for Welend Personal Loan / Civil Servant Professional Loan via MoneySmart, you can earn an extra HK$500 Deliveroo Gift Card regardless of approval! Score big on taste and excitement as you savor every electrifying moment of the game🍔🔥! T&Cs apply.

Valid until 31 May 2024

While the UA No Show Loan seems the best as its monthly repayment amount is the lowest, it has a maximum loan amount of 12x your monthly income. This means that if you apply for an HK$350,000 loan, you’ll have to at least earn HK$30,000/month.

To all brides: Before taking a loan, you should consider if this is necessary or not. Don’t over-stretch your affordability just for your wedding. Always borrow within your means.

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