Whether it’s for unexpected expenses such as car repairs or to pay off credit card debt, taking up personal loans in Singapore can be a good way to finance urgent needs and expenses. However, it’s important to compare the full range of personal loan products in Singapore to find one that fits your unique financial situation. From personal loan interest rates to repayment periods and instalment loans, there are many details to consider – that’s why we’ve created this handy guide to help you make the best decision for your next personal loan!
A personal loan is an unsecured credit product that lets you borrow a lump sum of cash upfront and pay it back in fixed monthly instalments. This allows you to better manage your cash flow and budget, as opposed to other types of borrowing products such as revolving lines of credit which can fluctuate over time. In addition, personal loans offer lower interest rates than other forms of debt such as credit card debt. However, it’s always recommended to exercise prudence and avoid over-borrowing, as doing so can affect your credit and income profile in the long run. personal loan singapore