GXS Digital Bank - GXS FlexiLoan

[hclee01]

GXS Digital Bank now offering GXS FlexiLoan via its apps. Details can be found at its website here:
https://help.gxs.com.sg/GXS_FlexiLoan
Just login and was offered an interest rate of 3.80%. Did not continue with the application.

 

[sohguanh]

GXS Digital Bank now offering GXS FlexiLoan via its apps. Details can be found at its website here:
https://help.gxs.com.sg/GXS_FlexiLoan
Just login and was offered an interest rate of 3.80%. Did not continue with the application.

Some SCB eSaver ppl on invite can get 4%. You can take this put there and pocket the 0.2% diff if the amount they loan to you is big? But timing is always critical for such risky move as it seems eSaver bonus give quite late and you may miss payment for this flexiloan

 

[hclee01]

Some SCB eSaver ppl on invite can get 4%. You can take this put there and pocket the 0.2% diff if the amount they loan to you is big? But timing is always critical for such risky move as it seems eSaver bonus give quite late and you may miss payment for this flexiloan

Thanks! I just signed up OCBC 360 and got some promotional interest rate too. Will give it a miss as just too much work to pocket the difference. haha...

 

[purplewave]

i find GXS very confusing to use, TrustBank is better

 

[hclee01]

got feedback that it's an unsecured personal loan

any idea if having such a credit facility will affect credit score, even if u dont draw on it, since personal loan is more jialat than balance transfer since its longer tenure (shows u got problem paying)

This is just like another credit card facility. If you do not use, then unlikely it will affect your credit card. If there is usage, then the other factors such as usage to limit ％ and promptness in paying up the monthly payment amount.

 

[sglandscape]

Some SCB eSaver ppl on invite can get 4%. You can take this put there and pocket the 0.2% diff if the amount they loan to you is big? But timing is always critical for such risky move as it seems eSaver bonus give quite late and you may miss payment for this flexiloan

This is bad advise. The 3.8% quoted is not the EIR for the loan. You would have negative carry if you did this.

Makes more sense to do BT with SCB with EIR or 3.1% or lower and place in FD to do a carry trade.

 

[sglandscape]

i find GXS very confusing to use, TrustBank is better

The EIR and rates for the GXS loan (EIR at 7.15%) are not even remotely competitive, when SCB and HSBC could grant cheaper balance transfer for 3-6m tenure (around 2.8-3.1% EIR). Citi is close if you have a good credit rating and have a high credit limit (EIR closer to 3.5%).

Only benefit is if you prepay early, you would not incur interest on the amount repaid.

Please do your research for those who need a loan - don't pay double the interest, assuming you already have credit limits with SCB/HSBC/Citi.

 

[sglandscape]

Their interest is non-compounding, so EIR is not accurate?

I think how much u have to payback each month affects this

The EIR was quoted from their site, I believe they assume equal payment over 24m. A typical BT only requires 1% payment every month and a final payment at the end (no compounding interest either).

If you prepay early the GXS loan makes sense, but then for most people who need such products are looking to reduce the cost of debt in the short to medium term.

 

[koonzlah]

Anyone got approval for this. Sounds like data mining. I got good credit score and income they reject it..

 

[sglandscape]

Anyone got approval for this. Sounds like data mining. I got good credit score and income they reject it..

ya a bit suspicious, also the amount of data requested is rather massive.

 

[woodlander]

actually... i looking forward for their Credit Card.. hopefully no annual fees (like trust bank).... all big bank annual fees too high...

 

[wira]

Some SCB eSaver ppl on invite can get 4%. You can take this put there and pocket the 0.2% diff if the amount they loan to you is big? But timing is always critical for such risky move as it seems eSaver bonus give quite late and you may miss payment for this flexiloan

you can get much cheaper unsecured loan than GXS. do your research

 

[sohguanh]

you can get much cheaper unsecured loan than GXS. do your research

Thanks but me not in urgent need to borrow monies. Me more is find ppl take my monies (legally of cuz) so I can earn interest. My earlier post is just to tag to GXS and wondering how it is a good way to borrow monies.

 

[jinsatkilife]

Anyone got approval for this. Sounds like data mining. I got good credit score and income they reject it..

whats ur credit utilization score? how much debt % u have against ur limit?

also, whats the interest offered? since u got rejected, im guessing 8%?

 

[koonzlah]

whats ur credit utilization score? how much debt % u have against ur limit?

also, whats the interest offered? since u got rejected, im guessing 8%?

Only at 30%. That why I thinking it is by invite only? Not 8 thibk ard 5-6% I can't recall

 

[sglandscape]

actually... i looking forward for their Credit Card.. hopefully no annual fees (like trust bank).... all big bank annual fees too high...

yeah agree, and hopefully they have a cashback card that is higher than 1.5% and no hoops to jump through. 2.5-5% would be nice, along with competitive FX rates for travel.

 

[sglandscape]

Only at 30%. That why I thinking it is by invite only? Not 8 thibk ard 5-6% I can't recall

Try to download your credit bureau report and see what's your score and rating. Could be their risk scoring model is too stringent.

Heard of a friend who has many unsecured facilities but unused (but added up to 6x of annual income) , got rejected.

 

[sglandscape]

Could be this is just a trial for them to show MAS they can run a bank and want high quality candidates

At those rates, any high quality borrower may not be interested

 

[sglandscape]

I received an email to reapply, said that I may now be eligible based on my previous credit profile

They relaxing their credit scoring model?

 

[sglandscape]

https://www.businesstimes.com.sg/co...ress-banking-pain-points-singapores-consumers
This seems overly reactive to external analyst opinions, and entirely missed the learning from SVB on the need for diversified deposit base and how the non-big players need to be extra vigilant, especially digital banks on monitoring outflows and paying up more to keep the deposits with them.

Fake it until you make it syndrome?