In Singapore, it’s relatively common for someone to take a personal loan from a bank. For some, it could be a way to feed a financial habit, while for others, it’s part of a carefully thought out plan to fund an item or activity they might not have the liquid cash for. Personal loans can be extremely helpful if you require more funds than you currently have. When taken prudently, personal loans can offer some leverage in or tide you through certain financial situations. These are a few common reasons Singaporeans apply for personal loans, as well as the pros and cons of taking a personal loan.

Why Do People Take Personal Loans in Singapore?

1. To Consolidate Credit Card Bills

The most common reason why Singaporeans take a personal loan is to pay off their credit card bills...