Competitive interest rates
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When you want to apply for a personal loan, you should first compare multiple offerings so you can track down the right product. Ask yourself:
While personal loans are helpful in many scenarios, it’s in your best interest to avoid certain traps and pitfalls.
You can use Finder Singapore to compare personal loan rates, fees, charges and term periods of different personal loans. Once you find a loan you wish to apply for, proceed to the lender’s website by clicking ‘Go to site’ and start the application process.
Remember that lenders will want to ensure your ability to repay a loan before they lend you any money. As a result, they might want to take a look at your credit file and may also ask for copies of your payslips, details of other loans you have, credit card bills and bank account statements.
What can I use a personal loan for?
That’s up to you to decide. You can use a personal loan to cover almost any large expense or even to consolidate your debt. A loan can help you reach your next goal, whether it’s buying your dream car or boat, taking care of financial obligations like bills, or funding your next big purchase.
What exactly is the Effective Interest Rate (EIR)?
The Effective Interest Rate (EIR) offers a more complete picture of the total cost of your loan. It’s the loan’s rate of interest, plus any other fees charged. Also, EIR takes into account your repayment schedule and considers how much of your monthly repayment goes to paying off the money you borrowed, and how much goes to paying off interest.
Why is the interest rate different from the EIR?
The interest rate is more simplistic and doesn’t take into consideration how much fees – such as a processing fee – impact your repayments. That’s why you’ll see it expressed as a lower percentage than the EIR.
What other charges should I be aware of with a personal loan?
Late payment fees, insufficient funds fees and early repayment penalties are just some of the charges you could face. It’s really important to read the terms and conditions of any loan you are considering so that you understand both the overall cost of your loan and all fees and charges.
What personal loan feature should I care about the most?
Do you care the most about rates? Monthly repayments? What’s the overall loan cost? Consider what matters the most to you and your financial circumstances and start comparing lenders based on that feature.Back to top
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