According to Robert Kiyosaki, a successful businessman and author of Rich Dad Poor Dad, continuous learning is the key to getting rich. If you want to be successful in life, you need to have the right attitude, the right mentality, and seek continuous learning. Even after graduating, you should continue to upgrade your skills, which you can do so with a personal loan in Singapore.
With the quick advancements in technology today, more jobs and skills are deemed irrelevant and unnecessary. No job is permanent in the world, including in Singapore.
However, it’s never too late to upgrade your skills. Learning is one of the best investments you can make in life, and personal loans in Singapore can help you with that.
Skills upgrading in Singapore is not as difficult as you think. For starters, it definitely does not require you to quit your job and enrol in a full-time university degree.
In Singapore, there are short-term courses that can help you with skills upgrading and lifelong learning. Short-term courses usually last a few months to a year or two, and are often in the form of night classes or weekend classes. There are short-term courses you can do online as well.
Short-term courses are great for learning important skills quickly and effectively. If you’re seeking a better future but lack the money for education, you may choose to take on a personal loan in Singapore to enrol in self-upgrading courses. In the long run, you’ll be able to secure a job with a higher pay with these new skills set.
Local Universities In Singapore With Short-term Courses
Here are some of the short-term courses offered by local universities in Singapore.
- Arts & Social Sciences
- Business & Management
- Computing & Tech Services
- Data Analytics
- Healthcare & Medicine
- Supply Chain & Logistics
- Public Policy
- Communication Skills
- IT & Information Studies
- Personal Development
- Human Capital, Management & Leadership
- Technology & Intelligent Systems
- Financial Services
- Business Management
- Service, Operations & Business Improvement
- Cloud Computing
- Early Childhood & Chinese Language Education
- English Language & Literature
- Building & Project Management
- Sports & Physical Education
- Biomedical Engineering
- Business Analytics
- Accounting & Finance
- Business Management
- Chemical Engineering
- Communication Skills & People Management
- Design Innovation
- Food Technology
- Health Sciences
- Infocomm Technology
- Pharmaceutical Engineering
Besides local universities, other options for short-term courses are available in Singapore.
Local Polytechnics With Short-term Courses
These 5 local polytechnics offer short-term courses for skills upgrading as well:
- Nanyang Polytechnic
- Singapore Polytechnic
- Ngee Ann Polytechnic
- Temasek Polytechnic
- Republic Polytechnic
Using SkillsFuture Credits For Short-term Courses In Singapore
The Singapore government provides plenty of support for skills upgrading. As the name SkillsFuture suggests, the goal is to help Singaporeans secure relevant skills for a better future.
The good news is that every Singaporean is entitled a SkillsFuture Credit of S$500, which can be used to help individuals take ownership of their skills development and embark on lifelong learning. Essentially, you can use it for short-term courses to upgrade your skills.
Online Courses Such As Coursera, Udemy, And General Assembly
Online courses have been increasingly popular in Singapore too.
They allow you to learn in the comfort of your home so you don’t have to travel out for physical classes. They are streamlined for fast and effective learning, helping you gain a new skill in the field quickly and move onto the next within a short period of time.
While it’s true that you can take up a new career or go back to school at any age, it becomes increasingly difficult as you get older. Having to juggle a job and a family may make it difficult for you to set aside time for learning.
Online courses make it easier for you to upgrade your skills as many of them allow you to learn at your own pace and at your convenience. All you need is a computer and an internet connection.
If you’re a working adult or a parent who needs to look after your child, online courses offer great flexibility that does not disrupt your everyday life and yet helps you achieve your goals.
Coursera, Udemy, and General Assembly are online platforms that offer top education and courses from all over the world. With the technology available today, you can apply for online lessons to learn any skills you want.
For instance, Udemy offers more than 10,000 online video courses with new additions every month. You can basically sign up for any course ranging from business, photography, design, to banking and more. Courses are also reviewed by other users to ensure that the quality is consistent.
Coursera, on the other hand, helps individuals build their skills with courses, certificates, and degrees online. They collaborate with education institutions from all over the world to bring you the latest skills and knowledge. Coursera also allows you to learn at your own pace with flexible options.
General Assembly specialises in in-demand skills today such as tech, data, design, business, and more. They have a suite of courses that are tailored for the growth and development of teams and individuals.
There are full-time, part-time, and short-form course options, conducted either on campus or online. If you’re looking to learn or upgrade skills like web development, digital marketing, product management, or user experience design, they have a range of learning paths that match your goals.
How A Personal Loan In Singapore Can Help You Upgrade Your Skills
Lifelong learning is key. One cannot underestimate the importance of education and self-upgrading, especially during a time when skills turn obsolete quickly.
Still, you should never let financial difficulties stop you from securing a better future. In the long run, having better skills will help you secure a higher salary and a better job. If you require financial help, you can apply for a personal loan in Singapore to help you with the course fees.
While taking on a personal loan may sound daunting, it generally works the same way as taking an education loan, study loan, or student loan in Singapore. You take on a loan to upgrade your skills, find a higher-paying job after completing your course, and secure a better future.
To better explain, here are 4 ways a personal loan in Singapore can help you with skills upgrading.
1. Personal Loans Give You The Freedom To Take the Course Of Your Choice
There are other ways aside from personal loans that help you get the cash you need for your course. For instance, you can choose to borrow money from your family and friends for your skills upgrading course.
However, there’s a chance that you won’t have control over the choice of the course you’re going for. For example, a relative might agree to finance your course, but on the condition that you take an accounting course, which you might not want to. You might also be under unwanted pressure to do well in the course as your relative is funding your course.
In addition, when borrowing from family and friends, you risk harming the relationship between them. Regardless of how close you and your family and friends are, money is a touchy subject.
Applying for a personal loan for your further education can reduce the possibility of ruining precious relationships. It also allows you to pursue the course that you want, at your own pace.
2. Personal Loans Offer Flexible Repayment
One of the greatest benefits offered by licensed money lenders in Singapore is the flexibility of their personal loans. As a borrower, you have flexible repayment options to pay off your loan, without straining your wallet.
At Crawfort, you can choose to make either weekly, bi-weekly, payday, or monthly instalments for your personal loan.
3. Personal Loans Are Unsecured Loans
Unsecured loans simply mean that you don’t need to submit any collateral. This means that you won’t risk losing any asset or valuables should you default on your payments.
How much you can borrow depends on your creditworthiness — in other words — your ability to repay. Your creditworthiness is influenced by factors such as your credit history and other loan commitments.
Unlike banks, licensed money lenders in Singapore are more lenient when it comes to looking at your credit score and credit history. So even if you have a bad credit history, you’ll still be eligible for a loan with a licensed money lender as long as you make timely repayments.
If you’re worried about your financial standing, financial consultants at Crawfort will help you structure a loan plan tailored to your financial capacity.
4. You Won’t Drain Your Savings And Emergency Funds
You may have thought about using your savings or emergency funds to pay your course fees.
However, it’s risky to do so as you never know when an emergency might hit. Taking out a personal loan for skills upgrading allows you to save up for rainy days and set aside cash for other needs.
Here’s a table summarising how much you can borrow based on your income, as a Singaporean or permanent resident:
|Annual income||Maximum loan amount|
|Less than S$20,000||S$3,000|
|$20,000 and above||6 times monthly income|
When Should You Take Up A Personal Loan To Upgrade Your Skills?
A personal loan can come in handy to help you fund your learning. Some courses may not be eligible for education loans or SkillsFuture Credits. Here’s a list of courses eligible for SkillsFuture Credit.
Taking up courses in Singapore can be quite costly. For example, this part-time digital marketing course costs S$5,350. Your SkillsFuture Credit may not be enough to fund the course, even if it’s eligible for subsidy.
Furthermore, SkillsFuture Credit only offers Singaporeans aged 25 and above an opening credit of S$500. Even though the Government has recently announced a one-time top-up of S$500 SkillsFuture Credit which expires in Dec 2025, it may not be enough to cover the course you’re keen on taking. With a personal loan, you’ll be able to pay the remaining balance with it.