Originally posted by YummyGummy:
In the classified section of the newpaper there are lots of advertisement about people giving out small loans.I was planning to take a loan but then my father now tells me that all this advertisement are from loadsharks and they charge very high interest.Is this true?Has anyone taken a loan from such places before?
Bank Loan Interest is 3-6% per month. Minimum monthly income of $1,800 to qualify.
Licenced MoneylendersInterest is 20% per month. No minimum income qualification. $80 needed to do a credit search on guarantor and borrower, and 20% monthly interest on outstanding amount will have to be collected the next day. Pay on the 15th of each month, late payment penalty is 10% of the prevailing interest per day.
Hire Purchase "You can apply for hire purchase through Courts, Best Denki, Harvey Norman or Safe Superstore (Safe is open to civil servants only). Once the application approved, we will buy back the goods from you and pay them cash on the spot and you only need to maintain monthly installment. For goods, we buy back at minimum 70% of the retail price value. We will tell you what item to purchase when you are processing their application."
Sign new handphone lines or upgrade existing lines$150 per 2-year cellular contract. Some offer $500 per broadband contract I think. You can sign up as many lines as you need.
CPF LoanGet 1%, in cash, out of commitment of your CPF money to invest in unit trust.