This article is sponsored by Standard Chartered Bank (Singapore) Limited (“SCBSL”). 

A personal loan can be a boon in times of financial need. Although there are costs associated with taking out a loan, the advantages of doing so can outweigh its monetary costs.

Here are four such situations in which getting a personal loan may make sense:

  1. When you need to finance home improvement

If you own a home, you probably have a list of things you’d like to upgrade, renovate or repair. However, home improvement isn’t cheap. According to renovation platform Qanvast, renovating an entire 3-room HDB flat (65 square metres) could cost at least S$18,000.

If you need help in tiding you over this expense-heavy period, a personal loan may be a good option to consider. It could help you manage these expenses by breaking down large payments into more affordable monthly instalments …