Adulthood comes with dozens of big financial decisions. Big ticket purchases like renovating your dream home and the costs of raising a child – as joyous as those affairs may be – might put you on an instant noodle diet afterwards.
If you have huge savings to cover them all, congrats. But if you don’t, then you may find our primer on UOB Personal Loans and Balance Transfers useful. Comb through so you know exactly how they work.
In a nutshell, personal loans refer to a sum of money you borrow from the bank for your personal use. Balance transfers are a bit different. It allows you to move the debt accumulated on your current credit card to a new credit card with lower interest rates.
To determine which plan suits you best, consider how much money you’ll need to borrow and how long you might need to pay it off.
With UOB Personal Loans, the processing fee is waived. You’ll also get instant funds disbursed into your account upon application approval, and a maximum of 5 years to pay it off. Fixed interest rates start from 2.88% p.a (Effective Interest Rate, or EIR, from 5.43% p.a).
If you live paycheck to paycheck and are in need of a large sum of money to cover an unexpected emergency, whether it’s job loss, medical bills, or a funeral, personal loans can help cover the costs. It also grants you a longer period of time to pay back, so you can take your time to refinance the loan figure without blowing all your dough at once.
As for Balance Transfers, UOB offers a 0% interest rate fee-based loan for a period of up to 12 months. If your approved loan amount is $10,000 or more, you’ll receive a 0.5% cash rebate. However, keep in mind that a processing fee will be applied, from 1.48%. Once your interest-free period is up, the outstanding balance will be charged on the bank’s prevailing interest rate.
UOB Balance Transfers also give you flexible monthly repayments from as low as 2% of the statement balance. The funds will be disbursed directly into your account, so you essentially get instant cash with zero interest.
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Say, you have a relatively low credit card debt and are pretty likely to be able to pay it off. You just need a bit more time of 12 months or less to sort out your finances. In this situation, balance transfers might be a better option for you. By shifting the debt from your current credit card to a new one, you can save hundreds of dollars on interest charges.
Adulthood comes with several financial obligations. So whether your bank accounts are running low on rainy day funds to cover those immediate needs or if you’re just a go-getter who wants to get the most out of life, let UOB Personal Loans and Balance Transfers lend a hand.
Whether you’re looking to take out a loan or transfer your credit card debt with UOB, you’ll just need to submit a simple and straightforward application. To meet the criteria for successful application, you’ll need to be Singaporean or PR, between the ages of 21 and 65, own a UOB Credit Card or CashPlus account, and have a minimum income of $30,000 per year.
With the rising cost of living, you might have spent your savings on daily expenses. That’s why, when emergencies pop up and you’re hit by hefty bills, think about the financing options at UOB.
This post was brought to you by UOB.
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