Personal Loan

Desperation can drive the sanest of folks to commit something completely uncharacteristic and unfathomable. No, we’re not talking about the Pokémon hunters, but cash-strapped desperados who actually flirt with the idea of turning to loansharks.

Loansharks, known commonly as ‘ah long’ around here, are the bastardisation of bank personal loans. Common sense would dictate that what these guys are doing lurks out of legal boundaries. We know all too well about their MO for chasing down defaulters: a variety of intimidation tactics that make swimming with real sharks so much more pleasant. That’s why we’re here to set you on the right track; instead of encouraging unlawful activities, personal loans should be the ultimate baseline if you ever need cash advances. So get out of that smoky den and away from those burly sharks in gold chains. Turn to the light and compare personal loans with The Bear.

We don’t bite.

Just in case you need more reasons to entrust your financial decisions to us, here are four more to think about.

Interest Rates from Hell

Unless you’re some secret service agent who knows exactly what you’re doing, cutting a deal with the devil is almost always a bad idea. The price to pay for borrowing from loansharks? Interest rates of up to 40% a month. And you thought the 24% per annum interest on credit cards is petrifying. That said, you still shouldn’t be letting your credit card bills snowball.

Now, log on to the GoBear website and compare personal loan packages. Going with the default selection of a three-year loan and monthly income of S$3,000, the highest interest rate you can possibly find right there is Bank of China’s MoneyPlus Term Loan, which charges 8.68% per annum. That’s a mere fraction of what loansharks charge in a month. We don’t see any fight here.

Advantage: Personal loans.

Debt Consolidation

Personal loans usually come at a fixed annual interest rate. Therefore, one of the best uses of personal loans is using it to pay off all other loans, especially those with fluctuating interest rates. You would also be able to save yourself the hassle of keeping track of each payable account. This splendiferous move is called debt consolidation.

Loansharks? The only things you’ll be consolidating are blood-stained pig heads.

Advantage: Personal loans

Home Makeover

Money can be worse than constipation sometimes, because they restrict you in life goals you want to achieve so badly. Personal loans are good that way: they instantly provide a stop gap measure for hefty education course fees, a YOLO trek across Europe and home renovation projects. Let’s go with the latter for illustration. Maybe you want to remodel your bathroom to resemble the one out of the hip boutique hotels. Maybe you want to knock down walls to lessen the claustrophobia. Maybe you want to hire professionals for a fresh coat of paint. Whatever the case, don’t let the new paint job be the ‘O$P$’ kind splattered across your front gate. 

Advantage: Personal loans

A Good Night’s Sleep

The worst part about securing unsecured loans from loansharks goes beyond just physical concerns. Your mental well-being will be put to the test too. You’ll never rest easy knowing that loanshark runners can strike anytime (usually in the wee hours of predawn), and the day-to-day life feels like a ticking time bomb. That’s what you get for letting yourself fall prey to lamppost advertisements promising fast loans at unbelievable rates. While paint splashes and pig heads are two of the more common threats carried out by syndicates, horror stories also include acts of violence against family members, fastening apartment gates with cable wires and audacious break-ins.

Licensed moneylenders like your neighbourhood banks have docile, professionally dressed officers that certainly won’t resort to such means. Talk to them. Consult them on your needs and concerns. If not, talk to us. Banks have much stricter lending guidelines and the whole legit application process involves more than just photocopying your IC. Although they won’t shame you publicly, you should still exercise enough responsibility not to default. Lest you forget, your credit score hangs in the balance. But that’s a lesser evil compared to sleepless nights and having decapitated poultry thrown at your flat.

Advantage: Personal loans

Compare the best personal loans from Singapore's most trusted banks on GoBear!