loan

[st10000]

Does anyone have experience dealing with personal loan? If have can introduce some trusted company to me? I've already tried every other ways, personal loan is my last choice

 

[Mecisteus]

Why? How much is your debt?

How much is your credit limit?

 

[BBCWatcher]

It looks like CIMB's CashLite Promotion is currently (as I write this) the lowest EIR personal loan offer in Singapore. EIRs range from 6.4 to 6.6% depending on the tenor. However, if you're able to do a credit card balance transfer then you can get the EIR down to 2.06% for a 3 to 12 month "float," also with CIMB.

 

[st10000]

LOAN

Im not qualified to loan from bank, that's why im looking for personal loan outside.

 

[BBCWatcher]

Im not qualified to loan from bank, that's why im looking for personal loan outside.

OK, you've got these basic choices aside from bank loans, in no particular order:

1. Credit card debt. The cost of this type of debt is usually about 2% per month, which is quite high but lower than what money lenders charge. Aside from balance transfer offers (which are evidently not available to you), if you happen to have the Maybank Visa Platinum credit card then that particular card has the lowest interest rate that I'm aware of (about 14% per year, closer to 1% per month). OCBC's CashFlo credit credit includes automatic zero interest installment payments if you happen to have that card, and assuming you still make sufficient monthly payments.

2. A licensed pawn shop. This is a secured loan. Asset valuations tend to be low, but if you can surrender a particular valuable object for a period of time (valuable jewelry as a classic example) then you may be able to get a not outrageous interest rate.

3. A licensed money lender. There are over 150 of them in Singapore, and the cost of this debt is typically about 4% per month. It's really expensive, in other words.

4. Borrowing from close family members. Usually the cost of this debt is low, but I recommend making it formal and official with a written loan agreement.

5. Unlicensed money lenders (a.k.a. loan sharks). This is absolutely illegal and could get you maimed, killed, or arrested. Don't even think about it.

6. A salary advance or other type of loan from your employer. There are some employers that offer this sort of facility for good cause.

These options (except #5) are really only viable if you have a genuine short-term liquidity problem, meaning you have a reasonable or better prospect of having plenty of surplus income in the near future. If you have a solvency problem then you should pursue other options, and you shouldn't make your current situation worse with more and higher cost debt.

 

[greenblue]

Im not qualified to loan from bank, that's why im looking for personal loan outside.

You can try these, I know a few friends who got rejected by the banks for personal loans but got approved by these fintech moneylenders. Don’t worry they all got license.

- QianNow - interest rate as low as 0.55% per month
- Credit Culture - monthly interest capped at 1%