A personal loan is an unsafe loan that you can get from banks and money lenders. An unsafe loan is a money loan that is not backed by any form of collateral that the lender can repossess when the debtor does not repay the debt.
Instead, a person’s eligibility for a personal loan is based on his or her creditworthiness, which is a person’s ability to repay the debt. A personal loan will be repaid via regular instalments, which occurs on a monthly basis.
A personal loan can be used for a variety of purposes, giving a borrower a chance to finance certain purchases or to pursue his or her aspirations. In this article, we will be sharing with you how a personal loan will help you to go even further in life.
Help eliminate financial liabilities and consolidate debt
A personal loan can help you to go further in life by helping you eliminate costly financial liabilities. A low interest personal loan can be used to help you eliminate financial liabilities, by using it pay off existing debts that has high interest rates, such as credit card debt.
Using a low interest personal loan to pay off debts that has higher interest rates will also help you to reduce the amount of interest you have to pay. This will prevent you from spending extra money when paying interest rates, allowing you to use the money for other purposes.
Low interest personal loans can also be used to help consolidate debt, by helping you to pay off multiple debts. Using this method to consolidate debt will allow you merge multiple financial liabilities into a single one, allowing you to pay off your debts without overwhelming your finances.
Finance higher education
If you are someone from a low income family who wishes to pursue higher education even though you are not eligible for an education loan, a personal loan will be able to help you achieve your aspirations of pursuing tertiary education.
A personal loan may be used to finance tertiary education when you are not eligible for an education loan. An education loan is a type of loan offered by banks for the specific purpose of funding further studies, however you may not be qualified for it due to certain requirements.
For example, the course that you wish to join may not be eligible for an education loan as the institute which offers the course may not be in the bank’s list of approved educational institutions. In such situations, a personal loan will be able to help you finance your higher education.
Thus, if you are from a low income family and you are not eligible for an education loan, a low interest personal loan can be used as an alternative option to help you to achieve your aspirations of pursuing higher education.
Finance down payment for wedding
A personal loan can also help to go further in life by helping you finance a down payment for your wedding. When compared to a credit card, a low interest personal loan is a better way to finance a wedding down payment due to the low interest rates that comes with the latter option.
As compared to credit cards, which has an average interest rate of 25%, low interest personal loans such as the ones offered by Soon Seng has a significantly lower interest rate that ranges from 2.27% to 4% simple interest per annum.
Using a personal loan with a lower interest rate to pay off such a large expense will be better than using a credit card, due to the amount you will need to pay. With a low interest personal loan, you will spend less money paying off the interest rates, as compared to using a credit card, enabling you to go further in life with that extra money.
Go further in your life with a personal loan
Your financial state may be a source of constant worry for you, due to your financial liabilities and expenses. At Soon Seng, we offer you low interest personal loans that will give you more credit and allow you to go further in life by helping you to finance your aspirations or purchases using the above mentioned money loans.
We offer some of the best personal loans which has flexible repayment terms and the lowest interest rates in the market. Contact us via email at email@example.com or via phone at 6292 5693 to discuss how we can help you with your finances!