Who should apply for Personal Loan
Personal loan is extremely useful as it provide you with quick cash for your emergency needs. Personal loan is suitable for customers who need cash for a short term as the maximum tenure allow in the loan is 5 years. Take note that the longer the loan tenure, the more interest will be paid to the bank.
Many business owners would apply for personal loan for cash flow reasons. As their businesses are new, they might not have the track record to apply for a business loan, thus they need to turn into Personal loan.
Personal loan are also suitable for high usage credit card owners who are unable to pay their bills on time. In Singapore, credit card interest is charged at 24%. Taking a personal loan to repay the debt in credit card is a wise choice as there are savings due to the lower interest on personal loan.
Some homeowner turns to personal loan when the banks reject their renovation loan. The contractor engaged by the homeowner may not be in the bank’s panel of contractor.
