Manage Unexpected Expenses With DBS Instant Loans

Don’t let unexpected expenses throw you off your game. Get back in control with DBS Instant Loans.

One of the best parts about being an adult is being able to buy what you want. But if you’re not careful, your bills can sneak up on you.

When they do, instead of being in denial and hoping they go away on their own (spoiler: they won’t), why not ensure that you have the tools to deal with them?

While debt can mount due to unaffordable lifestyle choices and unexpected situations, strategic use of debt instruments like loans can help you get your finances back on track. In this sponsored post we’ll take a closer look at DBS Instant Loans, designed to help you better manage the bills and expenses that come with adulting.

Table of contents:

• Loans 101: Understanding cost of borrowing
• Find the most suitable loan with DBS Instant Loans
• DBS Instant Loans exclusive promos

Loans 101: Understanding cost of borrowing

DBS Instant Loans are an affordable and convenient  option should you need extra cash – as long as you use them responsibly. And part of doing so is knowing how to choose between Personal Loan, Cashline or Balance Transfer.

The key thing to consider when choosing a loan is the cost of borrowing. This is made up of the interest charges and applicable fees. In general, it is advisable to choose the loan that gives you the lowest cost of borrowing.

However, as Personal Loan, Cashline and Balance Transfer have different interest charges and fees, it may not always be possible or even beneficial to base your choice solely on lowest cost of borrowing.

Let’s take a closer look at each of these three loans.

DBS Cashline

What is it: Cashline is a personal line of credit for your short-term borrowing needs. Think of it as a stash of standby cash at your disposal when unexpected expenses arise.

For instance, your aircon breaks down and you need a replacement yesterday; that toothache you have been ignoring has now turned into a dental emergency; or your family member needs cash in a hurry. Use it to pay for purchases and bills, transfer unused credit to your DBS Savings account, or to make ATM cash withdrawals (upon approval).

With Cashline, you can repay the borrowed amount at your own schedule, making it a highly flexible financial tool, keeping in mind that you will need to make the minimum monthly payment of 2.5% of your outstanding amount, or S$50 – whichever is higher.

Sign up for a Cashline account now to enjoy S$80 cashback now, and another S$180 when you start using the Cashline account. T&Cs apply.

Cashline interest rate and fees:

• From 0.07% daily interest
• Minimum interest charge: S$10
• Annual fee: S$120 (waived for first year)

DBS Personal Loan

What is it: DBS Personal Loan caters to long-term borrowing needs. It offers monthly repayments with a choice of loan tenures ranging from 6 months to 5 years. This means you need only pay a fixed amount each month until the loan is fully repaid.

Personal Loan provides a steady way to pay for larger expenses or unexpected bills. Keep in mind that different loan tenures may come with different interest rates, so be sure to refer to the Effective Interest Rate (EIR) for a more accurate comparison. The lower the EIR, the better, but you’ll want to also choose a loan tenure that results in monthly repayments you can comfortably afford.

DBS Personal Loan interest rate and fees:

• Personalised rates from as low as 1.99% p.a.+ 1% processing fee (EIR 4.17% p.a.)
• Early termination: S$250

Balance Transfer

What is it: Balance Transfer allows you to consolidate and pay off multiple debts, after which you need only focus on repaying that one debt (the Balance Transfer). The key benefit of a Balance Transfer is the 0% interest period for 3, 6, or 12 months, which helps you save on interest charges as you repay your debt, also keeping in mind that you will need to make the minimum monthly payment of 2.5% or 3% of your outstanding amount, or S$50 – whichever is higher.

Be sure to pay off your Balance Transfer before the end of the interest free period. After the 0% interest period is over, your outstanding balance will be subject to interest at the prevailing rate.

DBS Balance Transfer interest rate and fees:

• 0% interest
• Admin fee
  • 3-months: 1.8% (EIR 7.34% p.a.)
  • 6-months: 2.5% (EIR 5.27% p.a.)
  • 12-months: 4.5% (EIR 5.06% p.a.)

Find the most suitable loan with DBS Instant Loans

As discussed above, Cashline, Personal Loan and Balance Transfer all have different use cases. If you’re a little confused as to which one to apply for, fret not – help is at hand!

Simply go to the DBS Instant Loans page and try using the “Find my loan” tool to help you find the right loan!

How DBS Instant Loans helps you lower borrowing costs

DBS Instant Loans matches you with the most suitable loan solution so you can avoid inadvertently paying a higher borrowing cost.

For example, let’s say you took a Personal Loan because you thought that was the only option. However, a Balance Transfer would have been cheaper. If you used the DBS Instant Loans Calculator to screen your options, you would have lowered your cost of borrowing, saving some money.

To recap, here’s a summary table comparing Cashline, Personal Loan, and Balance Transfer.

With DBS Instant Loans choosing the right loan is easy

Despite our best efforts, life can still catch us by surprise. This can be disorienting, but with DBS Instant Loans, it’s easy to right the ship with the right loan solution.

By guiding you to the ideal choice between Cashline, Personal Loan or Balance Transfer, DBS Instant Loans empowers you to choose the best way forward in meeting your financial needs. It puts control back into your hands when unexpected expenses or missed bills inadvertently crop up.

Want to give DBS Instant Loans a try? Don’t miss these exclusive offers!

Cashline promo*:

• S$80 Cashback when a Cashline account is approved and opened successfully
• An additional S$180 Cashback when a minimum S$188 closing balance is accumulated within the first 2 statement months upon account opening

Personal Loan promo*:

• Receive 3% unlimited cashback     
• Valid for:
  • Loan amount S$10,000 or more
  • Loan tenure 36 months and above

Balance Transfer promo*:

• Receive up to 1% cashback
• Valid for:
  • Loan amount S$10,000 or more
  • Loan tenure at least 12 months

*Terms and conditions apply

This is a sponsored post. Any view, opinion or recommendation expressed in this post does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser regarding the suitability of any investment product, taking into account your specific investment objectives, financial situation or particular needs.