Personal Finance
3 Serious Consequences of Not Making Loan Repayments on Time
By ValueChampion  •  May 20, 2022
Personal Loans: How Do They Work? A personal loan is also known as a consumer loan, where a consumer borrows an amount of money at a typically flat annual personal loan interest rate. Consumers can borrow from banks and licensed moneylenders in Singapore. These loans usually include an annual fee and have to be repaid in monthly installments, over the course of a few months or a few years. What Happens if You Can’t Repay Your Personal Loan? As per its name, personal loans have to be repaid as they are borrowed and not given money. But what happens if you are suddenly hit with financial difficulties such as an emergency, and are unable to repay the personal loan you have taken out? Most lenders consider a 30 to 90 day period of non-payment as a loan default. If you default on a loan, this could lead to some serious...
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By ValueChampion
We distill sprawling marketplaces—for insurance, credit cards, bank accounts, and more—down to choices that represent a sweet spot for value—as in offering the features, returns, or experience we think you need for the smallest outlay. We ask: Is the return on a particular purchase or decision worth the cost or risk of that option, and how does the choice stack up against other options?

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