When to Get a Personal Loan

Personal loans are effective ways to produce extra needed cash for unexpected or planned expenditures without having the need deplete your savings. A personal loan, being flexible for its purpose, allows the borrower to use it for any expenditure they may have. It can be for emergency expenses like medical and household repairs or purchases with large amount.

Throughout the years, banks have been very competitive in providing personal loans. Interest rates are starting to fall but this type of loan still has the highest rates. With all the promotions, it is a bit tempting for a borrower to get the best personal loan singapore especially when the bank promotes it as a special offer. But being a realist, here are a few instances when it is best to get a personal loan.

Emergency Expenses

As discussed above, there are cases when it is necessary to suddenly shell out a large amount of cash for emergency spending. This includes medical expenses like hospitalization and therapy. Most often, these expenses are unexpected and can cause a person shortage of funds to be used. In these cases, personal loans are great substitutes as they are easy to apply for and fast processing.

Large Purchases

There are times where purchases for large amounts are necessary such as equipment, furniture or other items that cost a lot and having a loan instead of depleting the savings is more reasonable. These purchases may also include down payments for items such as a car. It can also be for expanding your business to have a new room.

Debt Consolidation

If you have multiple credit cards and loans that are currently being paid, getting a personal loan to consolidate these debts will be very helpful. It can help the borrower keep track of one amortization payable and consolidate all the interest rates under one rate. This can even be helpful in minimizing your interest payments being made with multiple loans like payday loan sg.

Advantages and Disadvantages of a Business Loan For Your Local SEO Company

Deciding to put up a business such as an seo outsourcing agency is one of the boldest move one can make in a lifetime. Have you found yourself in a situation where you would want to hand over that resignation letter and go out that door with a big smile on your face telling yourself, “local seo business idea, here I come!”.

This typically happens to employees who become fed up in the corporate world. The problem is that sometimes, even if we think that we are ready for putting up our own business, we find ourselves stuck because of not having enough cash to support the business we plan on putting up. The best way to address this is through a business loan.

A business loan is an instant cash loan granted by a bank or any financial institution where the proceeds received by the borrower will be used to support a business. If a business loan is your option, here are some advantages and disadvantages a business loan can bring.


  • Convenience – If you are looking for the fastest way to generate funds for putting up your business, then a business loan is the best way you can get it. Instead of looking for people to put in capital, getting a business loan can offer you the fastest way to generate the money you need.
  • Ownership Exclusivity – as mentioned, if you opt to get your funding from a business loan rather than getting people to put in capital for your business idea, then you have exclusivity over ownership of the business. Unlike having someone put in capital, unless the capital is fully returned to the investor, they will always have the right to decide over the business. Of course, a part of their money is invested.


  • Strict and Lengthy Application Process – As with every business, there is a big risk that it won’t work. Banks and Financial Institutions are aware of these hence a stringent application process is in place. Banks and Financial Institutions will always try to minimize the risk that might occur hence with the type of application process.
  • Low Chance for New Businesses – Banks and other financial institutions often grant business loans to existing and operating businesses. It is more risk averse to grant a loan to existing seo agencies.

Advantages and Disadvantages of a Mortgage

There comes a point in our lives where we have our career in place, a growing family and all that’s left to complete is your own home. Decades ago, when we plan to buy a new home, it is necessary that we are able to save enough money to purchase a house. Nowadays, having a good source of income and sufficient amount of savings, you can get yourself a home through a mortgage plan.

Mortgages are means provided by a bank or other financial institution by lending an amount to the borrower that will be used to purchase the property. The borrower in turn will pay the bank or financing institution back through amortizations.

If you are planning to get a house through a mortgage, here are the advantages and disadvantages that can help you when applying for a mortgage.


  1. Makes buying a home more affordable. Because of a process known as financing, the process of buying a home becomes more affordable. It allows an individual to pay for a new home through amortizations and without the need of coming up with the entire purchase price of the property.
  2. Cost effective than other forms of loans. When you purchase your own home through a mortgage, the property is placed on lien against the loan. The property serves as the collateral over the borrowed money. Because of this, the interest rates are lower than other loans due to the secured nature of the loan.


  1. You pay more than what is borrowed. Like any other loan, the total amount you pay is more than the actual purchase price of the property you purchased. Because of the interest rates, higher amount is actually paid to the bank or financial institution that offered the mortgage.
  2. Long Term Repayment. One disadvantage of a mortgage is long term payment periods. Because of the big amount that is being financed, a longer term of amortization payments help minimize the amount to be paid monthly. This makes the loan affordable to everyone who wishes to purchase a home.

Advantages and Disadvantages of a Credit Card

Credit cards are one of the greatest breakthroughs that have been introduced in the financial world. It has made purchases and payments easy without having the need to carry cash with you. In the growing technology and evolving online transactions, people are buying and selling through the internet and works like a physical store where a buyer can purchase a product or service. Even bills payment and other forms of fund transfers are already available online. And this has all been made possible because of the credit card.

While there are cases we hear that a credit card holder goes into debt, credit cards are not all that bad. Here are a few advantages and disadvantages of having a credit card.



Ease of Purchases

One of the advantages of having a credit card is having the ease of purchase. There is no need to carry cash around and tracking of expenditures. Credit card serves as cash to almost any type of purchase or payment that needs to be made. With the advancement of technology, almost all merchants accept the payment in the form of a credit card.

Protected Transactions

One of the most secured transactions come from using the credit card. With proper diligence and use of the card, your transactions are secured because of the security measures that the credit card company implements in their system. Any transaction that is done with your credit card goes through the necessary validation before payments are approved.

Emergency Payments

In cases where you need to pay for medical emergencies where you did not bring cash or had no time to pass by the bank, credit cards prove to be most useful. Most emergency spending can now be paid through credit cards.



Spending Beyond Means

A great disadvantage a credit card brings is encouraging an individual to spend more than what the cash they may have. They are purchasing and using money that they do not have and owned by the bank.

High Interest and Accumulation of Debt

As a result of using the credit card, a credit card holder’s debt increases especially if the holder has the habit of rolling over his credit. Interest rates are being applied and accumulated that causes debt to increase.

Advantages and Disadvantages of a Personal Loan

A personal loan is a type of loan that can be used for any purpose. There is no specific use for a licensed money lender singapore to grant a borrower a personal loan. Personal loans are one of the most sought for loans as it allows the borrower the flexibility to divide and allocate the proceeds of the loan to any expenditures that borrower may have. This type of loan is an unsecured loan which in effect requires a high rate of interest to allow the lender to recover the principal amount within the fastest time possible.

If you are considering to get a personal loan, here are some advantages and disadvantages of having a personal loan.


  • One advantage of a personal loan is for emergency spending that may be related to medical, household, or auto repair. A personal loan can address these emergencies if sufficient cash is not available.
  • Personal loans can be used to purchase goods and services that are large in amount. It allows the buyer to pay for the purchase price of the goods or service on an installment basis.
  • Personal loans are flexible in nature where the bank does not require specific use of the funds. This allows the borrower to use it for whatever purpose they may see fit for it.
  • Because of its nature as unsecured loans, personal loans do not require any security. This in turn requires minimal documentation and quick approval and availability. This is the reason why personal loans are best for emergency funding.


  • As mentioned above, personal loans are one of the types of loans that offer high interest rates due to its unsecured nature. They are high risk loans that lender provides their borrowers and in turn require high interest rates.
  • If you are opting to borrow through a personal loan, one requirement is a good credit standing. Being a high risk type of loan, a good credit standing is one of the lenders basis in approving the requested loan. Having the need to check the credit score creates a variable interest rate applied depending on the borrowers credit score.