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Three Reasons Why Singaporeans Take Personal Loans

Singapore is known for its urban lifestyle and high standard of living. Perhaps, that is why loan repayment is one of the highest consumption items for households in Singapore. Taking up a quick cash loan or personal loan is relatively common in Singapore. Personal loans are helpful when you need cash immediately or for big-ticket items.

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Three Reasons Why Singaporeans Take Personal Loans

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  1. Three Reasons Why Singaporeans Take Personal Loans Singapore is known for its urban lifestyle and high standard of living. Perhaps, that is why loan repayment is one of the highest consumption items for households in Singapore. Taking up a quick cash loan or personal loan is relatively common in Singapore. Personal loans are helpful when you need cash immediately or for big-ticket items. So, here are the three reasons why Singaporeans take up personal loans. Reason #1 – Vacation Singaporeans love to eat. It’s true. But they also love to travel. Going on a vacation is one of the greatest national hobbies for Singaporeans. Airline fares may be decreasing; still traveling is an expensive holiday when the entire family goes on a trip. Singaporeans take up personal loan for unconventional expenditure – traveling. Some Singaporeans turn to personal loans to finance their vacation instead of paying hefty sum from their pocket at one time. Reason #2 – Car Purchase or COE Renewal Purchasing a car is a big-ticket expense, but for Singaporeans it is even more expensive because of the rising Certificate of Entitlement (COE) price. Sometimes, COE cost is more than the actual car price. Car owners cannot even take a car loan to renew their COE, so they turn to personal loan. When you don’t have cash to pay off COE, then take personal loan from a licensed moneylender in Singapore. You get quick cash to purchase or renew your COE, and you also get to pay off your personal loan in installments. Reason #3 – Credit Card Consolidation This is the most obvious reason why Singaporeans take a personal loan. In Singapore, credit cards charge at least 24% interest per year on the outstanding amount. People turn to personal loan to pay off their outstanding credit card amount. It is the best option for Singaporeans to go debt free. Plus, access to personal loan has become a lot easier for people, with the availability of licensed and reliable moneylenders in Singapore. For example, you have taken a personal loan of S$ 5,000 at the interest rate of 12% to pay off your credit card’s outstanding amount. You will be required to pay only S$50 in interest each month, rather than S$100 per month based on your credit card interest rate (24%). You would save S$600 a year!

  2. Taking up a personal loan in Singapore is a great savior when you need immediate cash, want to purchase some expensive items or wish to go on a vacation. The key is to make sure you use the cash wisely and pay off the debts off regularly.

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