No matter how financially sound you are right now; there will come a time in your life where you will be facing some kind of a financial problem. It may be for a needed medical procedure or a major home repair that needs to be done or any other expense that is not within your usual expenses. For this kind of emergencies, getting or applying for a payday loan in Singapore is one option that you can take. However before immediately BORROWING that money, you must first organize and plan on the how, where and when you’re going to apply for the loan.
Do Not Immediately go to a Bank
Economics 101 teaches us “get as much as you can but pay as little as possible to get it”. This rule also applies when borrowing money. The goal is to borrow as much as you can but find one that offers the least interest and charges. Banks are not usually like that. Because of the nature of their business, their interest rates especially on personal loans are usually not competitive. However, there are banks although rare that offer low interest rate so it is not a waste of time to also look around.
Credit Union; a Good Source for Loans
Your credit union is one of your best sources to file for a personal loan. Because they are a non-profit financial organization, they offer the least amount of interest and finance charges on loans.
The internet today is also a good source in finding where to get the best loan. Because of the increasing numbers of lenders online with hardly an overhead expense on their business, they can surely offer better loan deals than those you can find holding offices in buildings all over the city. However read reviews of the online lender before approaching one.
Peer-to-Peer Lending or Social Lending
Peer-to-Peer lending are provided by non-traditional money lender. Also known as social lending, they are quite popular nowadays because they can offer as low as 5% on interest charges depending on the loan amount and repayment terms.