You’ve probably put off many life plans because you’re afraid to see your bank numbers take a hit. And you don’t want to blow your credit card limit, only to struggle to pay it back on time with heavy interest rates. Taking on a personal loan is another option to manage your cash flow.
Getting a personal loan can actually help you plan your cash flow – and it doesn’t mean that you are taking one because you’re financially strapped. Instead of treating loans as an additional cost, look at them as a lifestyle financing solution.
The access to more available funds can help newly-weds plan for that dream honeymoon or even a home renovation, for example. For those with families, having that financial freedom allows you to go on fun vacations or pay for your child’s enrichment programs. And if you have always wanted to start a small business, the additional cash flow will come in handy.
According to Kenneth Tan, OCBC’s Head of Portfolio and Lending Management, forking out more money isn’t always a splurge. “It is true that money cannot buy you all the things that matter but sometimes, just that little bit more can make those memories and moments in your life much more special, which you’ll cherish for a lifetime,” he says.
So how different are personal loans from credit cards? Well, for starters, the cost of borrowing via a personal loan is much lower than the typical credit card interest charge for rollover amounts. This means that you’ll be paying less overall, while borrowing the same amount of money.
Here are personal loans that can help you in your various life plans, from education to family and emergencies:
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