Ravi Chandran
Throughout your life, there’ll be times you need some help with your finances, this is where quick a quick loan can come in handy – especially if you have run out of other options.
By: Hitesh Khan/
If you need extra money, there are plenty of lending options – but think carefully before taking on debt. Before taking a quick loan, ask yourself if you really need it and whether you could save up for it instead. If you can’t avoid going into debt, research your options – you could save hundreds or even thousands of dollars in interest.
But if you really need a quick loan, some lenders offer better rates and flexibility to suit your needs. They will work with you to make sure you get the best value option, so you can clear your debt as quickly as possible.
Table of Contents
Your borrowing options
Overdrafts
Overdrafts are great as an emergency back-stop, taking the stress out of unexpected expenses or not getting paid on time.
Credit cards
Credit cards are a handy way to pay for everyday things. The trick to managing a credit card well is to make sure you pay the balance off in full each month – or at least make the minimum repayment to avoid additional charges.
A low interest rate credit card could be a good alternative to a personal or motorcar loan, depending on how much you want to borrow. You can also reduce your interest payments on your existing credit card by taking advantage of balance transfer offers, where some lenders offer very low interest rates for a set period of time if you transfer your outstanding credit card balance from another bank’s credit card.
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Personal loans
Personal loans are designed to help pay for larger items or events, such as overseas travel, weddings or household furniture. Personal loans can also be used to consolidate debt – bringing it all together into one place, so you only have one bill to pay, often at a lower interest rate.
Home equity loan top ups
Home equity loans don’t just have to be used for buying property. If you have a private property, home equity loans can be used to pay for things like renovations, cars or unexpected medical expenses. There’s nothing wrong with this, but you should try to pay off the extra debt as quickly as you can by setting it up as a separate loan portion with a shorter term.
Hire purchase/Store credit
Furniture, appliance and department stores often promote ‘interest free’ offers. Be careful with agreements like these – if you don’t pay them off before the interest free period is up, you may get stung. Try to make regular payments throughout the interest free period so, when the time’s up, there’s nothing left to pay.
There can also be a number of fees and charges associated with these kinds of agreements. Ask questions and read the fine print! Paying by direct credit or automatic payment can help you keep on top of hire purchase repayments.
What banks and other lenders look for
You’ll need to be able to show lenders that you’re responsible with money and can pay off what you borrow. They’ll look at things like:
- your income
- whether you pay your bills on time
- whether you save any money
- whether your wages are regularly paid into your account
- whether you have any other debt
- your credit rating.
Breaking the debt cycle
If you have to take a quick loan, paying off your debt as quickly as you can is the fastest way to financial freedom.
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Work out a realistic budget and include the highest repayments you can afford. Set up automatic payments on your pay day so you never miss a payment. And once you’ve cleared the debt, start making your debt payments into a savings account. Before you know it, you’ll see that interest working for you, instead of against you.
A quick loan can offer you a financial assistance when the unexpected things incur during the course of your daily life that requires money to pay for that you do not have. There may be several times when you find yourself in need of a quick infusion of cash.
If you cannot afford something that you like, taking out a quick loan can be your best option. There are many individuals who need to get financial assistance at some point in their life. Whether you want to pay urgent bills or go on a holiday, it can help your dream come true. However, the licensed money lender can deliver you the helpful feeling.
How to Secure Personal Loans Quickly
If you are in a financial crunch and are searching for personal loans to expand your business, the loan consultants at iCompareLoan can set you up on a path that can get you a it in a quick and seamless manner. Our loan consultants have close links with the best lenders in town and can help you compare various loans and settle for a package that best suits your needs. Find out money saving tips here.
Our Affordability Tools help you make better property buying decisions. iCompareLoan Calculators help you ascertain the fair value of a property and find properties below market value in Singapore.
If you are looking for a new home loan or to refinance, our Mortgage brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us for your business expansion needs.
Contact us for advice on a new home loan.
Contact us for home loan or refinancing advice.
