7 Underrated Secrets for Singapore's First-Time Borrowers

May 13, 2024

 

Underrated Simple Advice That Can Help First-Time Borrowers

Living in Singapore is like living a dream. However, when you look at the reality of the Singapore lifestyle, it comes with a hefty price tag. Whether it's buying a flat or getting a higher education, some borrowing may be necessary.

This article will discuss some simple yet underrated tips first-time borrowers may find helpful in their journey.

The Singapore Borrowing Landscape

A person may borrow money from a bank or a trusted money lender in Singapore for various reasons, including:

  • Education
  • Homeownership
  • Medical Expenses
  • Car Purchase
  • Business Loan or Investment
  • Debt Consolidation

Regardless of the reason, borrowing may sometimes be a necessity to make it in a place like Singapore. The important thing is navigating the borrowing landscape responsibly.

7 Underrated Tps for Savvy First-Time Borrowers in SG

Navigating the Singaporean borrowing landscape may be confusing and challenging for first-time borrowers. We have listed seven underrated, but very practical, tips to help first-timers make wiser borrowing decisions:

1. Shop Around

One of the very first mistakes first-time borrowers make is pouncing on the very first deal they find. Due diligence is vital when it comes to taking out a loan. Compare interest rates, repayment periods, and other associated charges. Inquire with banks and lending companies, like CompareSing and other reputable lenders. A little research will do your finances a huge favor in the long run.

2. Determine the True Cost Before Committing

Loans are more than just the money you will get and the interest rates attached to them. You have things like processing fees, late or pre-payment penalties, and other hidden charges. Find out what the loan's true cost is before you sign the dotted line.

3. Only Borrow What You Need

A very underrated advice many first-timers ignore is borrowing only what you need. Resist borrowing more than you can afford to pay. Factor in your actual income and expenses to manage your debt well. Loans may seem like free money at first but keep in mind they bite back in interest rates upon repayment.

4. Have an Emergency Fund in Place

Inevitably, life will throw curve balls our way. Medical emergencies, sudden home repairs, unexpected job loss, economic crises—these things will make a major dent in your finances if you're not prepared. Finance experts emphasize the importance of building a safety net for emergencies.

5. Get a Cosigner

For a first-time borrower, getting a financially responsible and creditworthy person aboard as a cosigner may increase your chances of loan approval. This shows lenders how serious you are about repayments. Doing this improves your chances of getting loans with favorable terms.

6. Automate!

Technology has proven to be quite helpful in managing debt. Leverage technology by automating loan repayments. This prevents missing out on monthly dues and getting fined with late payment fees. It also increases creditworthiness.

7. Stay on Top of Your Finances

When it comes to your finances, knowledge is power. Keep track of your expenses and make the necessary adjustments to ensure your loan repayments are sustainable. Boost your income to help manage your finances and build a healthy emergency fund.

Wrapping It Up

Many dynamics are involved in borrowing money in Singapore. First-time borrowers can navigate the finance landscape more easily if they consider the abovementioned advice. They may be underrated or overly repeated but they do wonders for your finances.

Following these tips will help you achieve your dreams in Singapore without having the financial burden of unhealthy debt management.

 

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