Skip to content


July 14, 2016


Line Of Credits Directory

SG MONEY MATTERS LATEST SINGAPORE LOAN NEWS What to consider when choosing a personal loan

Do you need money for an upcoming holiday, want to do some renovations or are you interested in consolidating your existing loans? Whatever the reason, you may require a personal loan.

SGmoney allows you to search, compare and apply from over 160 legal line of credits. To start comparing just fill in the form at the top of the page   for instant results or, you can choose from one of our popular searches at the center of the page.

To assist you in the process, our Personal Loans Guide shows you what you need to consider when applying for a personal loan. It’s an easy step by step guide to help you find your way. Alternatively, if you’re not in the market ready to purchase and would rather spend more time researching, head to our news section for all the information on the latest trends and tips on getting the better personal loan.

Moneylender Singapore

Personal Loans Guide

Read the Personal Loan Guide Personal Loans Guide provides you with tips and useful information to assist in your decision when purchasing a personal loan.

Regardless of whether you need more information about your personal loan repayments and how they are calculated, the fees involved with applying for a personal loan or the range of features available with some personal loans, you will find the answers in this section.

Be sure to bookmark or print this information to assist with searching for a personal loan – it’s bound to help you find the right loan for your needs, not just any loan. Whether you intend on using the finance for a holiday, new home, vehicle or new business venture the personal loan guide will ensure you make an informed decision. Just as important though is a repayment strategy so be sure to do your research properly.

Loans Singapore

Consider bundling multiple debts into one

Consolidating multiple high interest debts into a low rate personal loan could make your debt more manageable while providing fixed repayments that are easier to budget for. Be aware this strategy will only work if you resist the urge to take on fresh debt, including reloading your credit card with new purchases.

Refinancing a credit card debt into a personal loan may be a more affordable option too. The average advertised credit card interest rate is around 17 per cent, while available data shows unsecured personal loan interest rates below 10 percent.


Take the knife to card costs

If your credit card debt is creeping up on you, it’s worth looking at ways to get the balance back under control.

The golden rule here is to pay as much as possible off the card and stop using it for new purchases. Remember that by paying only the minimum repayment amount on your card debt can extend the length of your debt by decades and increase the amount of interest paid by thousands.

Personal Loans In Singapore

The majority of credit cards require only a 2 percent minimum monthly payment. Making repayments at this rate – and based on the average interest rate charged – it would take 29 years and 8 months to clear a $5,000 balance and cost a whopping $15,300 including interest. Increasing your repayments to just 3 percent of the outstanding balance can halve the time it takes to pay off the debt.

A low rate balance transfer deal may help you get ahead with your card though be sure to choose the offer that matches your budget and be sure to read the terms and conditions for the card before deciding whether it’s the best option for you. There is not much point opting for a card charging 0 percent for 6 months if you really need 12 months to make a serious dent in the balance.

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: