Breakdown of personal Loans

[SianZronG]

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.

 

[fotoudavid]

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

 

[raincool2005]

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... "

 

[blueayz]

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.

 

[asterixsg]

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)

 

[frederickykfoo]

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

 

[SianZronG]

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

 

[SianZronG]

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... "

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.

 

[SianZronG]

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.

 

[SianZronG]

BTW anyone has actual personal loans experience? haha.

 

[John Teoh]

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.