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SingSaver.com.sg is your go-to website for finding credit cards and personal loans in Singapore. Use our comparison tools to get unbiased, up-to-date information on personal finance products.
We are the first comparison site to provide Singaporeans with the lowest interest rates in the market, exclusively available at SingSaver.com.sg
A bank personal loan has an interest rate of around 4.5% - 12% per annum, depending on the provider. Assuming you can qualify for one, you can take a personal loan for S$10,000 and pay off your entire credit card debt. Then instead of paying off your card, you pay off the (much cheaper) personal loan in fixed monthly instalments. That?s one of the functions a personal loan serves.
We don?t suggest you make a habit of this. In effect, you?re still spending more than you should because you?re paying interest. But because personal loans have lower interest rates, it won?t drive you into the ground like uncontrolled credit card debt.
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