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GM Creditz Pte Ltd is a licensed moneylender (License No. 101/2021) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

Licensed Money Lender Personal Loan Ubi

Licensed Money Lender Personal Loan Ubi

Personal loans seem like a quick and easy way to get back on your feet, especially amid the pandemic. However, it’s important to look at the long term and not just focus on what seems like an easy solution right now.

Here are some things that you should never use it for–they might just save you from making a big mistake!

  1. For Your Wants

It’s never wise to take on debt to satisfy your “wants.” The best thing you can do is exercise self-discipline and set aside money for the occasion, or consider getting a savings account with a higher interest yield. 

  1. For Investments with little to no yield

It’s never a good idea to invest in something that can make you less money than the interest rate on your personal loan.

  1. If you can save up for the same amount

A personal loan can be an easy way to access the funds you need, but it might not always make sense. If there’s a little money left over from your paycheck every pay period, then saving now for that amount would usually work out better in the long run rather than taking on debt and paying interest rates later down the road.

  1. For home renovation or improvement that won’t add value 

One of the most important decisions homeowners can make when planning renovations for their homes is whether they will add any real monetary value. 

And while it may seem like a no-brainer to add some personality and charm with paint colors and furniture arrangements, there are many other ways that you could invest your time in more meaningful work than just decorating.

  1. If there are smarter options

For example, if you want to take out a personal loan for business purposes, it would be better to take a business loan. This is because business loans have higher loan amounts and longer repayment terms than personal loans. 

It’s important to be specific about your goals when you’re looking into loans. Lenders will ask your purpose for the loan, so it’s best to be specific to get the most suitable loan plan for your needs. 

Final Word

In this day and age, it is imperative that you carefully plan your finances. When times are tough, there’s nothing wrong with taking on a personal loan if need be as long as the decision is thought out properly.

Suppose you decide to take a personal loan. In that case, it’s always wise to get from an established, 5-star rated licensed moneylender in Singapore who is offering customized loan plans with fair interest rates and terms that will help make your repayment plan flexible and manageable. 

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