We tend to be apprehensive when we talk about taking up Personal Loans, perhaps because some people have been known to misuse the facility and incur huge debts. But personal loans aren’t exactly always bad – for one, they come in useful when you need cash immediately or for big-ticket items. The key is to make sure you use the cash wisely and pay the debts off regularly. Most of the leading banks in Singapore offer personal loans to citizens and permanent residents. GoBear gives users the widest options of Personal Loans from a total of 12 banks.
Why Look for the Right Personal Loan Company?
Emergencies are inevitable and when you get caught in that moment when you need to have instant cash, the first thing that comes into your mind is to apply for a personal loan. Whether you want to finance a car or home improvement project, personal loans are made available by banks in Singapore for you to solve your current financial woes.
What to Look for When Applying for Personal Loan
Applying for loans in Singapore is not at all difficult. Banks, credit companies and other lending institutions will be pleased to know you are interested to get their products. But before you grab those offers blindly, here are a few tips from GoBear for you to know what to look for when applying:
- Interest rates – interest rates highly depend on the type of loan you are considering. If you are not providing additional asset as security, interests entailed with the loan may be high. On the other hand, interest rates will be low for borrowers who provide assets as security for money borrowed.
- Repayment options – loan companies provide different repayment options including regular payment schemes and additional lump sum. Check for benefits from these companies if you decide to settle your borrowings earlier ahead of time.
- Fees and Charges – Fees and charges have a significant impact in deciding whether to tale the loan or not. Before signing, make a balance between the interest rates and all the fees charged to the loan amount. Only then that you will get to know how competitive the offers are.
With Singapore retaining its post as the most expensive city in the world, it is best for you to apply for a personal loan with the lowest interest rates and fees to help you manage your finances right. Compare personal loan offers at GoBear today and see what terms are perfect for your needs!
Compare insurance and banking products, and find out how much you can save.
Why compare at GoBear?
- Free and Unbiased - We cut out the middleman and don’t play favourites with banks.
- Simplicity - No hoops to jump through. 3 steps is all it takes.
- Personalised Search - Skip the brochure-talk. We get personal.
- Time saver - Widest loan options. Don’t waste time looking around.