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Thread: Breakdown of personal Loans

  1. #1

    Default Breakdown of personal Loans

    Anyone can help me out with personal credits given out by banks?

    E.G. Cashline , easicredit.

    What's the difference with these personal loans and the ones offered by GEmoney.

    Rates,interests,repayment plans? seems that they dun put much on their websites.
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  2. #2

    Default Re: Breakdown of personal Loans

    its the same to me, they suck till u are drop dead.

  3. #3
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    Default Re: Breakdown of personal Loans

    Quote Originally Posted by SianZronG View Post
    Anyone can help me out with personal credits given out by banks?

    E.G. Cashline , easicredit.

    What's the difference with these personal loans and the ones offered by GEmoney.

    Rates,interests,repayment plans? seems that they dun put much on their websites.
    the bank type carries an interest rate of double digit (12-16% pa), some banks may even woo u to borrow by giving u a 6 months interest free but charge u processing fees.. some may give free thumbdrives or umbrellas etc... just to make u borrow their money.

    GE Money carries a lower interest rate, it is a joint business by Singpost and General Electric (US Company)

    I suggest u grilled the bank officer on any doubts u have.. make sure u got what u need to know.

    I personally dun like overdraft and credit cards..

    There is a saying " poor is not an issue but in debt is a big issue... "

  4. #4
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    Default Re: Breakdown of personal Loans

    HSBC has this personal loan credit facility that has lower interest than GE Money, and a flexible repayment scheme so that you can shorten your loan tenor without any penalty.
    HSBC Personal Loan

    Another product is Personal Credit that works slightly differently
    HSBC Personal Credit

    Anyone know anything else about them? They seem to be better than GE Money.

  5. #5
    Senior Member asterixsg's Avatar
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    Default Re: Breakdown of personal Loans

    DBS cashline is currently having a promotion of 0% interest for 6 months with a 2% upfront processing fee.

    Do note that you should these Line of Credit products very wisely. If you need some urgent cash to cover a shortfall and you are ABSOLUTELY certain that you can repay when funds arrive, only then you should use these. Don't ever use overdraft facility to fund big purchases. The interest rate of 16%++ will kill you. (ok, that was an extreme word to use, but you should get the picture)
    The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt....

  6. #6
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    Default Re: Breakdown of personal Loans

    Hi,

    Be really really careful when you borrow from anyone; i.e. friend, relative especially bank and credit instituition. It may look nice at the begining but the interest can kill you eventually. Best not to borrow to buy equipment unless you know you can pay in the next few months. I know people where the banks chase them everyday for payment. Whatever they earn, goes to the bank.

    Just be very careful

  7. #7

    Default Re: Breakdown of personal Loans

    Oh i see i saw GE money's break down of repayment scheme and calculated a 24% interest rate.
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  8. #8

    Default Re: Breakdown of personal Loans

    Quote Originally Posted by raincool2005 View Post
    the bank type carries an interest rate of double digit (12-16% pa), some banks may even woo u to borrow by giving u a 6 months interest free but charge u processing fees.. some may give free thumbdrives or umbrellas etc... just to make u borrow their money.

    GE Money carries a lower interest rate, it is a joint business by Singpost and General Electric (US Company)

    I suggest u grilled the bank officer on any doubts u have.. make sure u got what u need to know.

    I personally dun like overdraft and credit cards..

    There is a saying " poor is not an issue but in debt is a big issue... "
    Quote Originally Posted by blueayz View Post
    HSBC has this personal loan credit facility that has lower interest than GE Money, and a flexible repayment scheme so that you can shorten your loan tenor without any penalty.
    HSBC Personal Loan

    Another product is Personal Credit that works slightly differently
    HSBC Personal Credit

    Anyone know anything else about them? They seem to be better than GE Money.
    Oh thanks HSBC's website is more helpful then OCBC's. Thanks.
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  9. #9

    Default Re: Breakdown of personal Loans

    Quote Originally Posted by frederickykfoo View Post
    Hi,

    Be really really careful when you borrow from anyone; i.e. friend, relative especially bank and credit instituition. It may look nice at the begining but the interest can kill you eventually. Best not to borrow to buy equipment unless you know you can pay in the next few months. I know people where the banks chase them everyday for payment. Whatever they earn, goes to the bank.

    Just be very careful
    THanks, i will think carefully. As long as the payment is not of a killer amount, a small amount spread over time should be very easily handled. Just want to know is there any good deals for personal loans.
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  10. #10

    Default Re: Breakdown of personal Loans

    BTW anyone has actual personal loans experience? haha.
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  11. #11
    Moderator John Teoh's Avatar
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    Default Re: Breakdown of personal Loans

    For GE Money, you need to take note of the following:

    1) You need to pay penalty if you repay early.
    2) If you are using GIRO and forgotten to have sufficient balance in the account, you will be have to pay 2 penatly. One for late payment and one for failed GIRO deduction. Total amount is about to $50.

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