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5 Invaluable Tips to Use When Looking for a Low Interest Personal Loan

Posted June 26, 2018 by EasyFinance.com to Banking 1 0

If you are shopping for a Singapore personal loan, you are in good company. The financial industry has become every competitive over the years as more household owners seek new lines of credit to plug shortfalls in their finances. Personal loans are now the most sought after financial products in the country and for many good reasons.

The Most Important Benefits of Personal Loans to You

These loan products can be used for a variety of financial needs including renovations, car purchase, travelling, business, medical and education bills among others. Whatever you have in mind, it is now possible to get it done and stop worrying about it.

Due to the competition in the industry, you can access cheap loans online as licensed lenders up their game to compete with traditional lenders. There is no one-size-fits-all loan package but instead, consumers can choose the loan product that suits their financial situation. 

If you are looking for fast cash personal loan in Singapore, below are some considerations to help you make the right decision:

1. Evaluate Your Financial Needs

The easy availability of personal loans in the country is a relief to most consumers. However, it can also be a bad thing if you are not responsible in your borrowing. Start by evaluating your financial needs and list items that can be sorted using a loan.  You also need to evaluate your monthly income and consider what impact buying a new loan will have in your circumstances.

2. Understand the Rates

In any competitive industry, the players will try every maneuver to win over customers. In the financial industry, consumers are lured using appealingly low applied interest rates (AIR). You must consider this just as an advertised rate and instead look for the effective interest rate (EIR), which reflects the actual cost of the loan. Always use the EIR to determine the best loan products for your needs.

3. Get Different Quotes

The internet platform now makes it easier to compare different lenders in the country. Start by checking the history of the lender by reading reviews and testimonials by other customers. If there are myriad complaints, keep looking.

4. Buy a Tailored Loan

The best personal loan should be structured according to your needs. You should look for a lender who is willing to offer a customized loan product that dovetails with your financial needs.

5. Consider the Entire Loan Package

Beware of other fees which might negate all the cost savings you expected to make from a good loan. For instance, check for processing fees, insurance, late penalty charges, and prepayment penalty among other hidden charges.

Credit 33’s Singapore personal loan product is affordable, flexible and easily accessible. Visit our website today and get your life back on track with a custom loan.

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