6 ways a personal loan may be what you are looking for

a personal loan borrower sitting with a moneylender in singapore

You have seen advertisements for loans on your mobile phones before. You always tell yourself that you will never ever need such a service—borrowing from credit companies. One because you have savings, two because you are not sure about using them compared to more familiar banks.  But think again. Legal credit service companies can provide personal loans that can help you tide over emergencies so that you can solve problems with reasonable repayments.

The need is dire for personal loans when you have a low income but hefty price tags to pay for. Reputable credit companies can turn that around for you. In fact there are many instances in your life where you can use the help of a credit company.

Bridging Loan

Many entrepreneurs face times when they need to take a SME business loan. During uncertainties such as the Covid-19 pandemic, business revenue may be down but businessmen still need to pay for salaries, rent, supplies etc. A bridging loan comes in handy since you get access to capital loans to ease short term or mid term cash flow challenges.

Wedding loan

The wedding bells are ringing, you have been dating your significant other for years on end  and you are ready to tie the knot but do not have quite enough money to blow on a banquet, engagement ring and wedding dress. The total bill can add up to a whopping $30,000 to $50,000 on average. A table at a five star hotel for the banquet costs about $200. Photographers also ask for around $3000 for actual day photography and pre-shoots. Not forgetting dowry amounts you have to gift to your in-laws.

Renovation loan

You plan to settle down, the key for your new home is finally in, so the next thing is to renovate your new home. According to renovation portal Qanvast, the average HDB renovation cost is $53,000. If you want to hack a wall it will cost you around $400-700 and if you want to add a partition, it will cost you around $800.  To illustrate with an example, a 4-room HDB flat’s floor finishing costs you $4000 and windows and grills can set you back by $6000. You would also need to furnish your home with nifty pieces of furniture. A set of sofa with a table from Ikea will cost you about $1000 and you would also need to buy electronic appliances such as fans, air conditioners and fridges.

Medical loan

They say the last thing you want when you are poor is to fall sick since the doctor will slap down a pricey medical bill. When you fall sick especially for critical illnesses when you need to go for an operation, the medical bills can add up. For example an operation to remove a cataract plus hospitalisation fees can add up to around $20,000. Some people face a very real problem as they do not have medical insurance to fall back on. Again even if you have medical insurance you will also need to pay upfront private medical bills first before insurance plans reimburse the money to you later.

Study loan

Many people aspire to study overseas. A good education in the United States can open doors for you later in life for better job prospects. Adding school fees and accommodation, living costs in the US can amount to US$60,000 a year for a top tier university. Other ways to offset the hefty costs include applying for study grants from universities, or taking up part time jobs. Then there are also cheaper options such as studying in Australia. Some people think that taking up a study loan is a wise move as they can earn a very much good pay with the reputable qualifications and life experience in the foreign country.

Grab/Gojek loan

When life gives you lemons, you make lemonade. And so if you lose your job, the next thing to do that strive many people is to become a Grab driver. Even then there are financial considerations such as buying a car to chauffeur passengers. A conservative buy like a second hand Hyundai will cost you around $35,800, and there is the annual road tax of about $238 and petrol prices to foot. Fret not, you can get a tailored loan from credit companies known as the Grab or Gojek car loan. Then you can begin your new career earning some keeps monthly.
So the next time you are in need of an urgent loan in Singapore you can contact a trustworthy credit company one of which is Soon Seng Credit that offers affordable loans to set your mind at peace.

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