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Five reasons to take up a personal loan

Five reasons to take up a personal loan

When it comes to savings and financial planning, even the best-laid plans can fall short, and we may find ourselves in a financial bind.

This article is brought to you by Standard Chartered Bank (Singapore) Limited (“Standard Chartered”). All information provided is for informational purposes only.

Five reasons to take up a personal loan

A personal loan can help you meet your cash needs quickly, whether it’s because you don’t have sufficient cash savings or don’t wish to deplete your emergency funds.

Here are some common reasons why people choose to take up a personal loan.

Consolidating your debts

Are you paying 26% p.a. or more on your credit card balances, or do you have multiple loans at high interest rates?

If so, it’s a good idea to consolidate these outstanding balances into a personal loan with a lower interest rate. You’ll get to choose your repayment terms and ensure that you can comfortably afford the monthly instalments

Not only will you save on the interest cost, you won’t have to struggle to remember the different payment dates. Just make sure you don’t run up new balances on your credit cards after paying them off!

Paying for your big day

Getting married is a big deal, but this joyous occasion can also be very expensive. From your wedding dress to food and alcohol, an average wedding in Singapore often costs more than $30,000.

Whether it’s the engagement ring that you’d like to pop the question with or your dream wedding, you shouldn’t need to compromise on this once in a lifetime celebration!

With a personal loan, you’ll get to ease your cashflow by spreading out the payment in a more comfortable pace.

Renovating your home

Depending on the size, type and condition of the new home you bought, the scale of home renovation can vary greatly. Renovation costs for a 4-room HDB flat can range from $4,888 to $110,0001.

Having spent most of your savings on a home, you may find it difficult to pay for the renovation costs to make it look as good as you’d like. A personal loan can help meet your immediate cash needs as you prepare to move into your dream home.

Making a large purchase

Imagine having to work from home when your air-conditioner has broken down. Or maybe you have been wanting to upgrade your entertainment centre or gaming console.

In order to not dip too much into your savings, you can use a personal loan to finance a portion of your large purchase.

Paying medical expenses

Health issues don’t happen by choice, and depending on your health insurance coverage, you may not be sufficiently covered for an unexpected medical bill.

Whether you’re paying for a dental treatment, costs at a specialist clinic or pharmacy, or expenses for your new baby, a personal loan can help you can focus on the things that matter the most.

 

With Standard Chartered CashOne Personal Loan, get cash disbursed into any existing bank account of your choice within 15 minutes2 when you apply online3.

Be financially responsible. Whether you are using it to pay off your credit card debt or to achieve your dream wedding, use the calculator on our website to understand the repayment details based on your loan amount and tenure.

Source
1 MoneySmart – Renovation Singapore Costs (2020) – How Much Should You Budget?

FEATURED PRODUCT – PERSONAL LOANS
CashOne Personal Loan – From now till 31 August 2020, get S$20 Cashback when you apply via MyInfo.

If you are thinking of taking out a personal loan, Standard Chartered offer competitive rates plus our deals are all easy to apply for.

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