Plus, a chance to get your personal loan waived if you’re lucky!
With the current economic climate and uncertainty about the future, navigating your finances can be tough, especially when there are so many checkboxes to tick, from insurance to loans. Speaking of which, ever wondered what are the reasons people take out a loan? As it turns out, not all loans are as unwise as you may think. Here are three instances where taking out a personal loan is a good decision, and may help you to make necessary purchases even when a recession hits.
To create your emergency fund
Personal loans can offer you a reliable emergency fund in times of need, which is especially useful when there’s an economic downturn or when you’ve lost your job. It’s a myth to think that you shouldn’t take out a loan at any cost. If your home needs some urgent repairs, or a family member has a sudden hospital bill to cover, personal loans are here to help! And depending on the situation, taking a personal loan might be even more affordable than swiping your credit card due to interest rates. Do some price comparison: Your best bet is to head over to the SingSaver platform for the best deals on any type of loan you’re after.
To make essential, big ticket purchases
Hold up, we’re not talking about getting a Rolex watch for your vanity. The big-ticket purchases here are things like buying a house or planning a wedding. These are essential life milestones that you can fund through applying for a personal loan, instead of stressing out about having to save up a huge lump sum. Financing them through a loan that’s repaid over a period of time breaks them down into manageable payment sums.
To beat your credit card debt
Racked up a load of debt on your credit card? Paying off high interest debts as soon as possible is a smart move for your finances, as these can snowball into fairly hefty sums. But what if you don’t have enough funds on hand? This is where personal loans come in – if you can get a loan at a lower rate of interest than your current debt, it’s definitely a good reason to take it up!
Psst: Stand a chance to waive your loan!
SingSaver has partnered with Standard Chartered to offer an exclusive lucky draw, where nine winners will get up to $10,000 of their personal loan waived (three per month for three months)! To take part, simply apply for the Standard Chartered CashOne Personal Loan. This loan offers instant approval, cash disbursement and flat interest rates from as low as 3.88% p.a (EIR 7.67% p.a). After applying, complete the Rewards Redemption Form with your application number (sent to your email) and you’ll be entered into the monthly lucky draw (29 May, 30 June and 30 July). Keep your eyes peeled for the winner announcement on SingSaver’s blog!
This post is in partnership with Singsaver.