5 Ways to Get Lowest Interest Rate Personal Loan in Singapore

Posted by loantoday on November 25th, 2015

If you need a personal loan to solve your financial problems, you should also slow down and shop around before you get it due to getting the lowest interest rate personal loan will help you save big money. Here are some tips that may help you to get your lowest interest rate personal loan in Singapore.

1. Make sure your credit is good or perfect. Your credit plays a vital role in obtaining a personal loan from banks. If your credit is good, you will have a great chance to borrow money from banks and get a lower interest rate and a flexible repayment plan when it comes to repayment. Otherwise you may be rejected by banks or require high interest rate if your credit is poor. In this case, you can improve and fix your credit score if you can pay your bills on time.

2. Think of a secured personal loan. Putting your property or asset as collateral can enable you to get a lower interest rate personal loan in Singapore. In this way, it can reduce the risk of banks but it will put your property or asset in a dangerous state if you fail to repay the loan. What is more, your property or asset will be taken by banks once you default.

3. Make sure you get a fixed interest rate. If the interest rate is not fixed it may increase along with the principal lending rate without knowing. These rules are often neglected by many borrowers if they there is the first time they get a personal loan. You should say no if a lender wants to provide you an adjustable rate personal loan. The rate must be fixed if you want to get a low interest rate personal loan.

4. Consider government programs. To be honest, government programs are safer and may offer a personal loan with low interest rate for low income people or people with bad credit score.

5. Try other options. It is not the only way to get a personal loan from banks. When it comes to finding a low interest rate personal loan lender in Singapore, you can also consider licensed private moneylender. Take Credit Hub Capital for example. It is a lending money lending center with years of experience. They may provide a lower interest rate than traditional banks.