Top 3 Milestones in Life That Might Require You to Take a Personal Loan in Singapore

Every one of us goes through milestones in our lives. The painful reality of it is that each of these major steps of progression in life requires money to make it happen – and not all of us are equipped with a high disposable income to invest in ourselves. That’s why personal loans exist with flexible interest rates according to your needs.

A couple purchase a home

Personal loan interest rates vary according to the type of loan you are taking and the phase in your life. Here are the top three milestones in life that might require you to sign up for a personal loan in Singapore.

1. Pursuing higher education

Upgrading yourself for better career advancement means you have to invest in tertiary and higher education. Whether or not you’re a fresh graduate or senior executive, learning new skills has become a common practice especially in today’s economy.

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For most of us, education does not end from the moment we graduate – we are still learning every day at work taking courses for career progression. To be able to make this happen, learners need to invest in themselves. However, not all of us have extra disposable income on the go. If you’re short on funds, this might be the time for you to take up a personal loan in Singapore.

A female student in a library

In this case, a study loan from banks, licensed money lenders or financial institutions is the practical solution to help cover your education fees. So, if you’ve been putting your dreams of furthering your education on hold, here’s your chance to research more on the lowest interest rate for a personal loan.

2. Getting married

The next milestone that might require you to take up a personal loan in Singapore is getting married and planning a wedding. It is no surprise that even with a pandemic, weddings and celebrations of marriages continue to thrive. Some of you might still want an extravagant one for the special day which is entirely acceptable and there is nothing wrong with that.

If you are one of those couples who are willing to spend a significant amount to celebrate the special day, you should budget well as the average cost of a wedding in Singapore is between S$30,000 and S$50,000. Luckily for you, wedding loans and personal loans from licensed money lenders are available as an option for financial assistance and have made it possible for you to get quick funds when you need them.

3. Purchasing your first home

Another common milestone in life that requires you to come up with a large sum of money is definitely purchasing a new flat or house and renovating it.

A couple painting and decorating a room

To get your dream home, you will definitely need to renovate and set aside a budget for that. A home renovation for a flat in Singapore costs an average of $50,000-$70,000 which is a lot of money. But don’t worry too much; there are other ways for you to secure financial assistance. Always look for the lowest interest rate for a personal loan from licensed money lenders. This is a legal and credible option to make sure you can have your dream home.

For those of you who are not first-time homeowners but are looking to sell and buy a new one, there is also a specific type of loan you can take. The property bridging loan is designed specifically to offer existing home owners a short-term loan to help with payments on their next property while waiting to secure a buyer for their existing home. Basically, this personal loan allows homeowners to close the financial gap between buying and selling legally.

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