Here's How You Can Manage Your Cash Flow For All Your Life Plans

If you need money for emergency cash payments

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Try: Balance Transfer

While everyone is talking about cashless payment methods now, there are situations when credit just doesn’t cut it. And sometimes, you don’t have such a big amount of money in your bank account, or just don’t want to dip into your savings for big ticket buys.

The good news? With Balance Transfer, you can loan cash from your unused credit limit without additional documents. The cash loaned is interest-free and simply includes a one-time processing fee for one year from as low as 4.5 per cent a year (Effective Interest Rate from 5.2 per cent).

Other than that, it also has a flexible repayment schedule (you can choose to repay your loan in three, six or 12 months). You can make a minimal monthly repayment of 3 per cent or $50 of your total outstanding balance, whichever is higher. This plan also allows you to consolidate your outstanding credit card bill and loans into a single loan, lowering your overall interest rate.

If you need money for investments, emergency cash payments

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Try: Cash-On-Instalments

Interested in investing but worried you don’t have enough cash on hand to wait out the market? Then you’d want a loan with a longer repayment period that will give you ample time to reap investment returns without worrying about a short repayment period. The Cash-on-Instalments scheme could be what you’re looking for.

Like the Balance Transfer scheme, the limit of your loan amount is dependent on your annual pay. But, there’s a catch. You have a longer repayment period. This plan gives you the option of choosing from a period of 12 to 60 months for your repayment period. The interest rate goes as low as 4.7 per cent per annum (Effective Interest Rate of 9.06 per cent).

With this additional cash flow, you can go ahead and dip your toes into the world of investments.

EasiCredit

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Planning a wedding or home renovation? Then you’d want a loan that doesn’t involve a monthly repayment equivalent to half of your monthly salary. EasiCredit is a standby line of credit that gives you the flexibility to choose the repayment amount and tenure of your outstanding balance.

Of course, the amount you can borrow depends on your income as well. You withdraw what you need at only 1.74 per cent interest rate per month (or 20.9 per cent per annum). Repayment schedule is either 3 per cent of outstanding amount or $50 per month, whichever is higher.

This becomes your safety net as you don’t have to go through pesky loan applications that take way too long.

Best for: Weddings, home renovations and large-expenditure items.

If you need money for travel and family emergencies

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Try: ExtraCash Loans

Sometimes things happen and you need cash on your hand, but sometimes, all your cash is tied up in investments and fixed deposits. In need for extra cash to tide you over the emergency? Go for OCBC's ExtraCash Loan as it lets you borrow up to six times of your monthly salary.

You can choose your loan tenure from a period of 12 to 60 months. However, do note that there will be a $200 processing fee or two per cent of the amount you have loaned, whichever is higher. Interest rates for repayment vary with your salary.

Like EasiCredit, signing up for this plan only requires a one-off application process. You can now get cash instantly without having to worry about loan forms.