Advice on cheapest personal loan

[xxduckxx]

Hi all,

I’m in the market to take a personal loan to tide over some large upcoming expenses.
Would like to ask what is the cheapest personal loan in the market at the moment if im looking to take between 10-15k and repay within a 3-5yr window.

Thanks!

 

[MoDiE]

standard chartered cashone loan is quite attractive...

 

[couscous.falafel]

my colleagues' encounters with SCB are not that good. their managers are not willing to negotiate to waive certain late fee, finance charge, etc etc.

UOB and POSB more customer-friendly and can jiam siong if you need an extension on the payment deadline.

if possible, check with any cooperative that you are a member of. Some cooperatives offer lower effective interest rates than most banks.

 

[xxduckxx]

cooperatives?? u mean like NTUC?

 

[iCuteCube]

No offense , but why do you need 3 - 5 years to repay 10-15k? Isn't that a little too long? If it is possible, the interest rate would not be so kind to you.

Repay within 1 - 2 years will be the best for you if you can afford to.

 

[Kentang]

well, just got a call from SCB...

they offering 5.88% pa for up to 5years..

u can try...

 

[MoDiE]

well, just got a call from SCB...

they offering 5.88% pa for up to 5years..

u can try...

wow.. i did a simple calculation... so a 15k loan for 5 years, monthly is around $323.50..

 

[sogoofy1203]

Agreed. For 10k - 15k, you ideally should pay it back by 2 years. dbs personal finance loan is at 17.80% p.a. UOB also 17.80% OCBC 17.95%

 

[Fifa2006]

5.88% flat or effective. Need to make sure else is 1 times higher

 

[alisonfisher325]

U need to be sure. The 5.88% may not be the effective interest rate, read the wording carefully. Don't know of any credible place that charges only 5.88% effective interest. You have to understand that personal loans are considered high risk loans so the interest will be high. I took a personal loan from dbs/posb 2 years back, 12 k. paid back in 18 months..

 

[ccssgm]

2 years Total is 11.76%

 

[aphroditee]

I've came across a personal loan from a bank,
5.68% p.a., 5 years tenure.

Eir is by far the lowest I saw, 12.09%

Monthly repayment for 10k loan only $214.
Super worth and affordable. If you're interested let me know, I can refer you to my friend

 

[cookie_philosopher]

I've never considered personal loans but wow! Didn't know that repayment is at 5+% pa!!! If you have a relatively rich family member/friend, be honorable, write a contract and repay at at 4% pa im sure a lot of people will lend you. CPF only paying 2.5%