Easy Low Interest Personal Loans – A simple guide to four types of personal loans comparing interest rates, one-time processing fees, loan terms, and when you should apply for each. 1) Personal Payday Loans The first is a general personal payday loan. Different banks have different names for it, but the principle is the same: you borrow a certain amount, pay a one-time processing fee (banks usually waive this) and agree to repay the amount in fixed monthly installments for up to 60 months. Here’s how it works: Personal payday loans allow you to borrow an amount of money and pay it back in equal monthly installments. Interest and fees are calculated over the entire loan period and added to the total loan amount. Fees: One-time processing fees range from $0 to 3%. Interest rates vary from bank to bank and start from 3% (effective interest rate 6.96%) and higher. Banks sometimes waive processing fees and offer special interest rates during promotional periods. Loan Amount: Installment loans are based on the available credit limit of your personal loan account or loan account. Generally, the maximum is 4 times your monthly salary. If your annual income is more than $120,000 and you have a good credit history, this can go up to 10 times your monthly salary. Loan Term: The repayment period usually ranges from 12 to 60 months. When you should use it: Personal installment loans are ideal when you need a large sum of money to cover a big-ticket cost that will take longer to pay off. Example: Your investment has gone bad and you are looking at a $40,000 loan. Take a long personal loan, say 24 months, and repay the amount in equal monthly installments throughout the tenure. Compare the most attractive personal term loan offers in Singapore now. 2. Line of credit A second type of personal loan is a line of credit, an overdraft service that only charges interest when you withdraw money from the account. How it works: Once approved, funds can be withdrawn through ATMs, checks, online banking or by visiting a physical bank branch. As soon as you earn money, you are charged interest. No interest is charged when you pay. Fees: A line of credit typically has an annual fee of $60 to $120. Before any promotional offer the interest rates usually range from 18% to 22% p.a.
Loan amount: Banks usually give 2x your monthly salary as the loan limit, but this can go up to 4x or 6x when you include other credit facilities. Tenure: No permanent tenure. You have a station for as long as you want. You pay interest when you spend and vice versa. When you should use it: A line of credit is important as a standby fund for unexpected expenses. If you need money urgently, you can get money immediately without any approval process. But the trick is to withdraw these funds only when absolutely necessary. Example: You are a small business and need a standby cash center to purchase office supplies, equipment or hire additional staff to cope with the sales period. Pay off the loan quickly as soon as the busy period is over. Compare the most attractive loan offers in Singapore now. 3. Fund Transfer or Balance Transfer The third type of personal loan is Fund Transfer (FT) or Balance Transfer (BT). This loan method uses the existing credit on your credit card. You pay a one-time processing fee and enjoy a very low or 0% interest rate between 3 and 12 months. After that, you can pay the balance in full or you will be charged interest rates between 18% and 29%. %, depending on the loan service provided by the funds. How it works: Balance transfers help you transfer outstanding balances from one or more credit cards to a low or 0% interest account or line of credit. It gives you quick cash in times of emergency or need. It is subject to a one-time processing fee for the authorized transfer amount. Fees: For balance transfer offers, banks usually charge a one-time processing fee of 1% to 5% of the approved loan amount. The best balance transfer offers will waive this processing fee. Loan Amount: Standard balance transfer loans range from a minimum of S$500 but can go up to 10X your monthly salary if you are a high earner and have a good credit history. Loan tenure: The typical repayment tenure is 6 to 12 months before the higher interest rate kicks in. When you should use it: A balance transfer is best if you need money quickly, or have a large short-term expense on the horizon and want to avoid the high interest rates of other types of loans. Common use cases include credit verification on multiple credit cards or emergency car repairs or medical bills, investments or business opportunities. Also, remember to compare the best balance transfer offers in the market, which may waive or completely waive the processing fee through incentives or cashback. Example: You have a total debt of S$30,000 across multiple credit cards, and you struggle to pay an interest rate of 20-25 percent on each credit card every month. Use a balance transfer to consolidate all outstanding credit card debt into one for the duration of the loan, enjoying a zero or low monthly interest rate for the term of the loan, and pay off this consolidated amount gradually each month. Have a plan to eliminate or reduce the total amount of debt owed as much as possible by the end of the term. Compare the most attractive balance transfer offers in Singapore now. 4. Debt Consolidation Program Debt Consolidation Program is a government approved program available from all major banks in Singapore and is the fourth type of personal loan. If you have multiple unsecured debts – such as loans and credit cards – and are finding it difficult to manage all the repayments, look into a debt consolidation plan. It brings all your open unsecured loans under one umbrella, which means easier repayment and loan management. You only have to remember one payment date and the interest rates are lower than a regular personal loan. How it works: DCP applies only to credit cards, lines of credit and personal loans. Once approved, the new bank will take over all other loans from other banks. All fees and charges are paid. Those accounts will be closed or temporarily suspended. You have to make monthly payments to the new bank where you arranged the DCP until the total amount is paid. You can refinance your DCP with a new bank 3 months after the initial agreement with the previous bank’s DCP.
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Fee: There is a one-time processing fee. Depending on the bank and the rates offered, the effective interest rate is usually 6.7% to 12% p.a. Loan Amount: The loan amount will be the total balance of your credit cards, lines of credit and personal loans. You should have an outstanding loan of at least 12 times your monthly salary before applying for DCP. Loan Tenure: Tenure between one and 10 years. When you should use it: If you’re struggling to keep up with your loan repayments and have a large amount of debt, a rough guideline is 12 times your monthly salary. A large amount of debt to pay. It not only lowers your interest rates, but also forces you into a disciplined repayment plan. Unless you repay the loan in full, you are less likely to accumulate more debt as your other facilities are closed or frozen. Example: You have an outstanding loan of $100,000. Apply for a debt consolidation plan that shuts down all other debt services, allowing you to focus single-mindedly on paying off this debt every month for up to 10 years straight. Compare the most attractive loan consolidation offers in Singapore now, on . What you need to know before taking out a loan 1. Having a repayment plan is a common misconception that personal loans are bad. The truth is, it’s not all negative. Credit has a function, and occasionally, a profit motive. For example, suppose you have money in stocks. Selling it at current price means losing money. So take a loan and pay the interest and pay when the stock price goes up. If the profit from the shares is more than the interest you paid, you still get a net profit. The real problem with personal loans is that most people don’t have a good repayment plan. A common game plan is to borrow money
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