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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
Unlike using a credit card cash advance, which need to be paid in full by the due date, personal loans have a fixed term. You have up to 5 years to pay a personal loan, which won't put a strain on your monthly cash flow and offers the flexibility to plan your budget around your loan payment.
Personal loans also have a fixed interest rate that is often less than 20% p.a. Compared to a credit card cash advance, which has an interest rate of around 26% p.a., a personal loan helps you save a lot of money on interest payments. The fixed interest also means you know exactly how much your monthly instalments will cost you every month.
Because this amount will never change, fixed interest rates also make easy to compare loans across different banks. This allows you to save money on payments and gives you time to find the best deal. You can use SingSaver.com.sg's comparison tools to find the right personal loan for you.
Most personal loans are granted on an instalment repayment basis, which means you will pay the loan back, including interest, over a series of regular payments. The most common payment frequency is monthly - i.e., you'll have to make a payment once a month, by a specified date each month, say the 15th.
You will be notified of the due date of your first payment (often, the month after the one in which you receive the loan amount), as well of the end date of your loan. Your installment payments will last throughout the loan's tenor, at the end of which you would have paid up your loan, if you had kept up with the payments.
Do note that there are penalties for missed or late payments, which will be added onto your amount owed. These charges will accrue interest at rates that are often significantly higher than your personal loan, so make sure you clear any late payments as soon as you can.
The advertised interest rate is the rate the bank charges you for lending you the money. This is different from the effective interest rate (EIR), which you'll notice is often higher than the advertised rate.
The EIR represents the true cost of borrowing. It includes admin fees or other charges charged by the bank for processing and approving your loan. These extra charges are added to your loan, which means you have to pay back more money. This causes your interest rates to go up.
Before taking up a loan, check with the bank on what exactly goes into the EIR, so you don't get stuck with hidden charges or fees.