This article is sponsored by Standard Chartered Bank (Singapore) Limited (“SCBSL”). All information provided is for informational purposes only and is not intended to be as advice or an offer for any product or service. SCBSL is not liable for any informational errors, incompleteness, delays, or for any actions taken in reliance on information contained herein.
Fact: You can never have too much cash. After all, most people subscribe to the “cash is king” mentality and would rather have a good cash flow at hand.
Needless to say, having a high income is the first on the list. You’ll also need to adjust your cash reserves accordingly and be ready for unforeseen situations.
It might sound like a tall order, but if you know how to handle your finances with some help from personal loans, you are in the safe zone.
Be ready for cash flow emergencies
Don’t live for the moment. While you might be tempted to spend a good chunk of your salary to reward yourself for the hard work, there will be moments when you go overboard and spend beyond your means.
It’s easy to tell yourself that you need to set aside a substantial amount of your monthly salary for a rainy day, but your circumstances might not be as straightforward. An emergency medical procedure and home repairs are examples that may require you to fork out additional cash.
For these days, the cash that you’ve been saving up will come in handy. Six months’ worth of expenses saved up would be a safe amount to tide you through any emergencies that might crop up. For example, an extensive renovation work for your house due to a massive pipe leak.
An emergency usually means that you’ll need something at a moment’s notice. If your emergency fund falls short of what you need, don’t panic. Options such as Standard Chartered’s CashOne Personal Loan may be able to tide you through such emergencies.
Utilise personal loans for home furnishing and other big purchases
Young couples who are preparing for the next phase of their lives will most probably have one common worry on their minds – do I have enough cash available to furnish my new home?
Given that you’ll need to furnish your new home with a TV, bed or a fridge, it’s going to cost you quite a fair bit and may affect your cashflow. Sometimes, taking personal loans can be a solution to help you better manage your cashflow for home building by breaking down big purchases into monthly instalments.
Instinctively, you might swipe your credit card to pay for those items or take out a cash advance. But this is only a temporary measure, and you’ll end up with a huge dip in your savings when you have to pay your credit bills or may even end up with high interest debts.
You may consider a personal loan with lower interest rate and a fixed repayment structure to better manage the cost of such big purchases.
Borrow what you can afford
The key to keeping your cashflow positive is to know how to keep a good balance between what you need and what you can pay.
Most personal loans allow you to borrow up to 4 times of your monthly income (if your annual income is S$30,000 and above). But just because you can, doesn’t mean you should. Take stock of the actual amount you need to pay your bills or for an expected big purchase for your home furnishing plans.
At the end of the day, always ensure that you know how much you can safely allocate to clear the repayment plan. More importantly, consider all the factors, such as the loan period and interest rate (which affects your total repayment amount) and ensure that your monthly cashflow is still in the green.
Simple perks and benefits can go a long way
A personal loan can go a long way to help you maintain a healthy and positive cash flow. If you’re ever in need of one, Standard Chartered can lend you a helping hand.
With the Standard Chartered CashOne Personal Loan, you can get cash as soon as the next working day^ at a lower interest rate from 4.98% p.a.* (EIR from 9.29% p.a.*). A fixed repayment option from 1-5 years will give you the flexibility of breaking down your monthly repayment in the most manageable manner.
If you are earning an annual income of S$30,000 and above, Standard Chartered CashOne Personal Loan can lend you up to 4x of your monthly salary (up to a cap of S$250,000). What’s more, with an affordable fixed monthly repayment plan, you can better manage your cashflow and expenses.
Apply now to enjoy exclusive lower interest rate from 4.98% p.a.* (EIR from 9.29% p.a.)
^Standard Chartered Bank (Singapore) Limited’s Next Day Cash Terms and Conditions apply. For full terms and conditions, refer to https://www.sc.com/sg/terms-and-conditions/next-day-cash-terms-and-conditions
*The EIR for the applied rate of 4.98% p.a. is calculated based on a loan amount of S$50,000. Calculation takes into consideration the first year annual fee of S$199. Click here for full CashOne Comparison Sites Campaign Terms and Conditions.
All Standard Chartered Bank CashOne Personal Loan applications are subject to SCBSL’s loan approval process at its sole discretion. For more information on the Standard Chartered CashOne Personal Loan, visit sc.com/sg/CashOne now.