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Published on: 04 Feb 2017 by susanlau
Whenever you’re stuck in a rut or just want to gain some extra cash for your expenses, personal loan for foreigners is a great way to get money fast, especially for foreigners living in countries such as Singapore. However, availing of loans can be a bit complicated especially for first-time loan applicants who are a bit wary with regards to the workings of personal finance. But then again it is very important to be well versed with handling your personal finances as this will make sure that you will be secured both in the short-term and long-term.
Availing of personal loan for foreigners has its benefits, and this article will be discussing the various advantages of this loan.
Lower interest rates
One of the things that make personal loans so popular among people is that these loans usually offer lower interest rates as opposed to credit cards, especially if you have good credit history. A personal loan usually has an APR of 6%, whereas credit cards will usually compel you to pay an APR of 15%. This is particularly significant if you want to make large purchases.
Personal loans can be used for a wide range of purchases
One of the advantages of personal loan for foreigners is that you can basically use your personal loan cash for just about any purchase that you want to make. You can opt to use your personal loans for buying a car or a house, which is important especially if you want to easily settle in a foreign country. Unlike with other loan types, which can restrict you with regards to the purchases that you want to make, personal loans offer the kind of flexibility which other loan types lack.
Personal loans can also be used for consolidating debts with high-interest debt due to its relatively lower interest rates. Personal loans are flexible enough that you can actually use them to pay off smaller high-interest debts such as credit card dues. In addition, debt consolidation also enables you to save off money on interest rates and help you redeem your debts faster. This is very helpful especially if you have trouble with tracking multiple accounts or if you are unable to pay your dues on time.
Improving your credit history
If you want to paint a better picture of your credit card score, then availing of personal loans are one of the surest ways to improve your credit history. This is because personal loans add up to your credit history depending on the account types that you currently own. But although it might not be very healthy to seek personal loans just for the sole purpose of improving your credit score, personal loans become more practical for large purchases instead of using credit cards as this could help in boosting your credit score.
Personal loans are indeed a great way to make purchases in an instant. However, it is important to have a thorough understanding of how credit works before getting yourself involved in the credit industry and risk yourself getting buried deep in debt. It also helps if you transact with a bank that you can fully trust.