What are the top uses, pros and cons of personal loans in Singapore?

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In Singapore, it’s relatively common for someone to take a personal loan from a bank. For some, it could be a way to feed a financial habit, while for others, it’s part of a carefully thought out plan to fund an item or activity they might not have the liquid cash for. Personal loans can be extremely helpful if you...

In Singapore, it’s relatively common for someone to take a personal loan from a bank. For some, it could be a way to feed a financial habit, while for others, it’s part of a carefully thought out plan to fund an item or activity they might not have the liquid cash for.

Say you renew your COE for another five years, most loan quantums offered by banks should be able to cover this, allowing you to “spread out” your loans over five years. At present, where COE prices are at about $100,000, this could be worth considering.Sometimes, going on a holiday is something you may want or need to do to recharge. Most middle-income Singaporeans take one to two vacations a year, and some take a personal loan to fund their trip.

But using your credit card to fund your gambling habits is never a good idea. Interest rates for cash advances are exorbitant and there is an additional fee of 8per cent. Which means you take a $1,000 cash advance, you are immediately poorer by $60.

Source: Loan Digest (loandigest.net)

 

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