Having sufficient money can help you achieve your New Year’s goals. However, if you don’t have enough cash, taking a personal loan in Singapore is something worth considering.
With a personal loan, you can get a relatively substantial sum of fast cash, and this is useful if you already have big goals and plans for New Year.
Let’s find out the top 6 worthy goals to achieve with personal loans in Singapore.
Goals You Can Reach in 2022 With Personal Loan
Build An Emergency Fund
An emergency fund will allow you to tide through unexpected expenses. For instance, you can use it to pay any unforeseen medical bills that come your way.
However, if you don’t have an emergency fund, you will be forced to use the existing pool of money which you may need for your daily expenses. This can be quite financially taxing for many of us.
Borrowing money from relatives or friends is also not an option as it can be awkward and uncomfortable.
So, if you haven’t set up an emergency fund, you may consider taking up a personal loan. Unlike other types of loans, you can use a personal loan for almost anything – it is flexible!
We can’t predict what will happen in the future. Therefore, it is better to be prepared and set aside an emergency fund.
To Consolidate Your Debts
Do you currently have multiple debts with relatively higher interests, such as your credit card bills? It might be giving you headaches.
If so, getting a personal loan from licensed moneylenders in Singapore can be a viable option to consolidate your debts.
Licensed moneylender can only charge a maximum interest rate of 4% per month.
Moreover, it can make debt repayment easier. You don’t have to struggle to remember all the repayment dates of your debts. You can also choose to negotiate for a loan tenure that you are most comfortable with.
Additionally, you can also customise your monthly repayment dates i.e. based on your capacity to repay.
You can get further benefits if you are applying for a personal loan from licensed moneylenders:
- Quick And Easy Application
- Fast Approval
- Less Stringent Requirements
Taking a loan from licensed moneylenders can help you avoid getting scammed.
Learn how you can protect yourself from personal loan scams in Singapore here.
Making Your Dream Wedding Come To Life
On average, a wedding in Singapore costs about S$30,000 to S$50,000 and can go up to a whopping S$100,000. The cost depends on the type of wedding and the number of guests invited.
Below are the different components of a typical wedding in Singapore and how much they cost:
|Wedding Component||Estimated Cost|
|Wedding banquet||S$18,000 to S$30,000|
|Bridal package||S$3,000 to S$6,000|
|Wedding bands||S$2,000 to S$6,000|
|Wedding photography||S$2,500 to S$4,000|
|Wedding dowry or gifts||S$500 to S$5,000|
|Miscellaneous||S$1,000 to S$2,000|
|Total||S$27,000 to S$53,000|
Source: Value Champion
Sometimes, one might not have enough savings for this big day. To make your dream wedding come true, taking a personal loan can be an ideal option.
You can use a personal loan to fund your wedding expenses. At the same time, it is easy to apply, with a flexible repayment schedule.
Moreover, taking a personal loan for your wedding expenses forces you to stick with a budget. You need to tell the lender the amount you intend to borrow.
Before taking a personal loan, make sure that you carefully plan how much money you will need for your wedding.
After all, you wouldn’t want to borrow too little, which is not enough. Neither do you want to borrow too much since you will be paying more interest.
Boosting Your Property Value With Home Improvements
Home improvement is a great way to improve your home’s comfort, aesthetics, security and overall value.
If you have experience in home improvements previously, you will know that even very small changes or alterations can cost you a large sum of cash.
Couples in Singapore typically spend an average of S$50,000 to S$60,000 on home renovations.
If you don’t have enough savings, you probably can’t afford to push through your home improvement project.
But, don’t worry, a personal loan comes in handy here to cover your home improvement expenses. You can use it for any home improvements or repair projects such as kitchen or bathroom remodel.
Furthermore, you can also use it to pay for emergency repairs such as fixing your windows or doors.
Here are the key features of a personal loan and why it is a good option for home improvements and repairs:
- No collateral needed
- Flexible loan tenure
- Fast and easy application
- Quick approval
- Affordable interest rates
Making A Big Purchase
Buying large appliances or electronic devices can be expensive. You may not be able to afford it with your current savings. In this case, you can consider taking out a personal loan.
Moreover, getting a personal loan can sometimes be a cheaper option to charging the purchase to a credit card.
With the cash received from a personal loan, it may be possible to negotiate for a better price with the merchant. Moreover, you can choose a preferred loan tenure where it is easier to work out your budget and plan your repayment schedule.
All you have to do is apply for a personal loan with a lower interest rate.
Taking a Vacation
A good way to relieve stress is by taking a break. A quality break from work or the usual hectic schedule can give you a good reset and boost your productivity.
However, vacations can be expensive, and your savings might not be enough.
But, don’t worry, you can still go on your dream vacation with a personal loan. You may use it to pay your travel expenses such as transportation, meals, hotels, and other costs.
In addition, a personal loan can be a quicker and cheaper option. You can quickly apply for it using a licensed moneylender’s online form or via Myinfo, and they can approve it within minutes. In addition, it may be a better alternative to credit cards.
Unlike credit cards, it is not easy to overspend. You will end up sticking to a budget that depends on the loan amount approved. Furthermore, you can choose a loan tenure based on your ability to pay.
Discover the benefits of using a personal loan in Singapore for your vacation here.
The Bottom Line
Personal loans are known for their versatility and flexibility. You can use it for any purpose.
However, when taking out a personal loan, ensure that you only borrow from a licensed moneylender in Singapore to avoid getting scammed or paying higher interest rates. Please stay away from illegal lenders.
You may follow some tips here to get the best personal loan in Singapore.
In addition, don’t forget to be a responsible borrower, make sure that you pay on time. Remember, late repayments will incur late repayment fees.
Moreover, failure to repay on time can affect your credit score. It can signal to financial institutions that you are more likely to default on the loan.