Day: January 17, 2021

Finding the Right Personal Loan For Home Renovation in Singapore

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Like all financial businesses, there are various types of money lenders – including personal loans for home renovation in Singapore. There are many unscrupulous money lenders who are only looking to take your hard earned money and run off with it. So, before accepting any personal loan for home renovation in Singapore, you need to ensure that you are dealing with a reputable company. Many people end up taking the first loan they are offered simply because they are desperate to get the work done and do not want to go through the hassle of finding a reliable and respectable loan provider. However, the risk is far too high and you can save yourself a lot of headaches and heartache if you adopt a systematic approach to finding your personal loan.

Choose the best personal loan for home renovation in Singapore

To help you choose the best personal loan for home renovation in Singapore, we have compiled a list of several things that you should be looking for: Price: You should always shop around and compare the interest rates between various personal loans for home renovation in Singapore. The higher the interest rates, the less beneficial the deal will be. For example, if you borrow $1000 to get a concrete kitchen job done; you should be able to find a decent interest rate with the price less than half that. Service: Always make sure that the service provider you choose is able to meet your needs. If you find a company online, make sure you check up their credentials. There are many illegal money lenders in Singapore, who may not be very trustworthy, so make sure that you know the company you are dealing with before signing any type of contract.

Origination Fees: On top of the interest rates and service fees, some unscrupulous loan providers also charge origination fees that can be quite high. origination fees refer to the fee that is taken from the borrower’s proceeds and not the company who has provided the loan, so it is technically not a “loan” per se. There are cases where a bank or other financial institution does not charge any origination fees; if this is the case, do not even consider applying with them. Banks are known for having high interest rates. Companies who provide no origination fees will be charging an unreasonable amount of money from the borrower, and is not worth applying to.