Times are hard in Singapore and economists are still not enthusiastic about the economic prospects. The Monetary Authority of Singapore (MAS) has lowered its growth forecasts for 2017 to 1.8% from the earlier projected 2.1%. This comes in the backdrop of Britain’s vote to exit from the EU and a weak global economy. The effect of the slowing growth is now being felt by the ordinary citizens. A few years back, it was possible for household owners to survive without the need for credit due to high salaries but this has now changed.
According to a 2016 Business Insider Report, Singapore is now the fourth most expensive city in the world after Hong Kong, Luanda and Zurich. This has forced most people to seek for easy access to credit in order to live comfortably. While the wages in the country might be among the best in the world, you will find yourself facing financial constraints. More importantly, you might not have savings enough to meet all your financial obligations.
Here are some of the reasons you might need to look for a Singapore loan even with a good salary:
Financial emergencies: However suave you are at planning your finances, you will agree that some emergencies will force you to look for credit. Take for instance if you are involved in a car accident and you need costly repairs? In such a case, you will have to talk to your bank and your good salary will come in handy in guaranteeing a loan. If your bank does not come through an IPTO-licensed moneylender offers a perfect alternative for lending.
Business startup: While you might have a solid income, you will concur that the business idea you harbor in mind cannot be supported by your savings alone. Moneylenders are now offering low-interest SMEs loans and other financial packages targeting businesses in the country.
Home purchase: Owning a home is a lifelong dream for most people. While Singapore housing prices are falling amidst the weak economy, the Annual Demographia International Housing Affordability Survey 2015 called home prices in the country seriously unaffordable. If you are looking to buy a HDB flat, you will need to organize a mortgage to afford a good property.
Educational loans: With the increasing competition at the workplace, you need to up your skills and your savings might not be enough to cover your college fees. A loan will sort out the difference.
Car purchase: Singapore is the most expensive country in the world to own a car and you will definitely need a loan for the purchase.
There are other circumstances that will force you to get a loan even with a good salary in Singapore. Talk to financial institutions today and get the right loan product for your need.