Cash woes? A personal loan to the rescue!

    Personal Loan for Relocation Singapore

    In Singapore, moving from one part of the city to another is not only a hassle but also involves huge expenditure. The costs escalate further if you have large furniture. To pay for such expenses, people often apply for a personal loan. These loans provide funding with reasonable terms. Even foreign nationals who form close to 30% of the population apply for unsecured loans when they relocate to or from Singapore.

    If you are new to Singapore, dealing with daily expenses can be quite stressful. Some expatriates in Singapore are paid in their home currency and subsistence becomes a problem. If you are looking for an interim loan, the whole process can be quite daunting.

    What is a Relocation Loan?

    With a relocation loan, you can manage all your moving expenditures. It will help you pay for transportation of your belongings and quickly finish all the tasks that need to be done. Most banks in Singapore offer a relocation loan in the form of a personal loan. If you have a good credit score, lenders are likely to offer you an unsecured loan. Even if your credit score is not on the higher side, you could still be eligible for a relocation loan by providing assets such as fixed deposits or unit trusts as collateral.

    Relocation Loan for Foreigners

    Normally, the need for extra credit comes within the first couple of months of moving. Foreigners especially need loans for different reasons. They may need money to refurbish their new house, deposit a large sum for their rented flat or cover their relocation expenses. Foreigners may face difficulty familiarising with a new place like Singapore and a loan will help ease those worries to an extent. Obtaining a personal loan in Singapore for foreigners is possible but quite difficult due to strict requirements.

    Moving costs involved when relocating

    Moving all your things is only a part of your budget. The other expenses include:

    • Paying your termination bills – be it utility or credit cards.
    • Fees and deposits needed for your new home.
    • Moving insurance.

    By applying for an unsecured loan online, you can cover all these expenses and you can avoid the following:

    • High credit card fees and interest rates.
    • Cumbersome application processes and long delays.

    Is it a good idea to depend on a personal loan?

    There are benefits and drawbacks of taking a relocation loan. Whether you should take one or not is totally dependent on your personal position, your requirements and financial abilities.

    With an unsecured loan, you can move earlier instead of waiting until you arrange the required funds. You can also pay unpaid bills, giving you a new start at the new place. Having sufficient funds to move easily can make a big difference between an awful experience and a stress-free one.

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