Personal loans in Singapore are not necessarily the same thing as debt accumulation; as a matter of fact, when you use them responsibly and know how to repay on the loan you borrow with a licensed money lender in Singapore, it can greatly help you as a borrower. Rather, consider the money loan a tool which will help you build your credit score. Consider a few of these reasons as to why you should utilize these tools, when you are in need of quick cash.
Learn more: How to Apply for a Personal Loan in Singapore?
1. More opportunities at arm’s reach
You have more opportunities when you have the available cash funds to finance or make purchases. Your personal loan will help you break down larger debts, and make them more manageable by using that lump sum to pay off smaller amounts. You don’t need $30K up front, instead, you can pay for items in installments as low as $100 per month. You can further enhance earning potential since you have disposable cash at hand, and can use it for various purchases and repayments, rather than one single payment each month to a particular lender.
2. Credit repair: loans can help
Apart from borrowing from family and a home loan, this is the loan you will find with the most manageable rates. A pawn shop will charge you 12% or more and many credit cards are in the 24% interest bracket. On personal loans however, you can find per annum rates as low as 6-8% with some lenders. Sure, you should have 6 months set aside of income in the event of an emergency; but, as many of us don’t, a personal loan is a way in which you can set aside some cash for a difficult period, until you can get back on your feet to take care of your family, for a reasonable rate.
3. Building up credit scores
Whether you have bad credit or a thin credit file, a personal loan will help increase it. You can make payments each month which will help your credit score increase over time. And, as long as you are making the payments on time, it will help drive your score up. If possible, paying more than the minimum each month is a great way to further enhance your score, and help it climb the ranks a little bit faster as well.
4. Affordability and safety
You’d be surprised to learn many money loans will only run about $100 per month when you are repaying them. Further, they are secure. You don’t have to worry about collateral or putting something up, in order to borrow the funds. They are safe, and they are quite affordable. Especially in comparison to credit cards, or even bank loans with a traditional lender. As long as you go through a reputable money lender, and do your research, you can find a viable option, and one which will provide you the funds you need immediately, for a repayment amount you can afford each month.
5. Ease your stresses
A surgical procedure, a wedding, and the dream vacation you’ve been planning for for years. These are a few of the times when you might need large amounts of cash, or in the event of an emergency, a money loan can help ease your mind a bit. You have the instant cash you need, and you don’t have to worry about incurring huge credit card debts in order to have those monies. Plus, you don’t have to rely on family (which can do more harm than good down the road), when you can borrow through a well-known money lender in Singapore, when you need cash right away, for any number of reasons.
Many people are afraid of money lenders, simply because people who tell them stories, don’t properly utilise the funds. Nor do they take the time to find a viable lender when they apply for these cash loans. When you know what to look for however, they can greatly benefit you in a number of ways. These are just a few of the many ways in which you can use the money loan to your benefit, and will see there are a number of benefits which they can afford you, when you need to borrow cash right now, for any particular situation.
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