9 Things To Take Note Of When Setting Personal Finance Goals

Set personal finance goals for optimal financial health and remain debt-free

Ever wonder how the money you received from your recent personal loan has dwindled? And how have you been spending your hard-earned money? Setting short-term and long-term goals is the first step towards financial independence.

When you have no personal finance goals, you will likely develop poor spending habits and may even end up in debt. Short-term financial goals act as a stepping stone to help you achieve bigger goals by providing you with information and foundational knowledge to set long-term goals. So, how should you begin? Here are 9 things to get you started.

1. Goals should be specific

Rather than setting personal finance goals such as “I want to save money”, you should have goals such as “I want to save $10,000 by December.” Specificity prompts you to take the necessary steps in achieving those goals. For instance, if you want to renovate your kitchen by the end of July, you can consider taking a personal loan in Singapore of a specific amount to finance that goal. By knowing that your goal is to repair your kitchen, you’ll have a clear budget that dictates how much money you need for materials and labour.

2. Ensure your goals are measurable

“I want to pay off my loan this year.” This is not the right way to set goals. Instead, your goal should read, “I want to pay off 50% of my loan this year.” A measurable personal finance goal helps you set the specific amount to contribute towards personal loan repayment each year. Setting measurable goals enables you to estimate the measurable amount of personal loans you need to finance your goals. When taking a personal loan in Singapore, ensure that it is fully utilised and research on personal loan interest rates that are lowest and most affordable.

3.Goals need to be achievable

Sometimes it is easy to overestimate the results of your goals, which may lead to eventual failure of adherence and demotivation. Penning down your goals creates a commitment towards achieving them. You can always feel the satisfaction of ticking a goal off once you have achieved it – the feeling is unbeatable. Once you’ve written down your short-term and long-term goals, place them in a location where they will always be seen and remembered.

4. Set realistic goals

In view of setting achievable goals, you must also ensure those goals are realistic. You should be able to reach those goals based on your current mindset, skills, and motivation. If writing down your goals is too much of a habit to inculcate, try vocalising them instead. Sharing your goals with like-minded friends and family will provide you with viewpoints on how realistic they actually are and hold you accountable for achieving them. It’s also important to discuss your goals with a financial advisor who can offer tools and insights to help you manage money better. Finance experts can even help you manage your personal finance effectively and keep you out of debt.

5. Every goal should be time-sensitive

There is no day such as ‘someday’. Ensure you have a timeline for saving or paying off that personal loan and aim at achieving it. Personal finance goals are more realistic when there’s a deadline attached to them and it will always give you foresight towards financial freedom. Hence, no delays and accumulation of debts.

6. Avoid goal comparisons

It’s easy to look around and see your friends and colleagues building homes and saving for grand weddings. But, comparison is the thief of joy. Your goals may seem small compared to those around you, but they are personally yours. There is no reason to follow the crowd when setting goals. Put the blinders on and focus on yourself.

7. Establish a budget and stick to it

When you sit down and analyse your finances, you may be shocked at just how much money is slipping through the cracks without your noticing. A budget is exactly what is needed to help analyse your monthly expenses and income to ensure you are spending money wisely. When you spend soundly, you can set aside the money you don’t need to use towards goals you have set. For personal loans, having a budget will help you determine a comfortable amount to borrow. As a result, you’ll find yourself actively seeking the lowest personal loan rates, which will save you tons of cash.

8. Keep a positive mindset

As long as you’re doing your best to achieve your set goals, maintain a positive mindset. Whether your goal is to pay off a huge personal loan or to cap personal loan interest rates by making regular payments, keep your eye on the prize. Remember, it’s normal to get discouraged along the way due to emergencies that may veer you off track. In such cases, take a look at how far you have come and keep a positive outlook and remember your goals are in sight and definitely achievable.

9. Track your progress

You can’t get to your final destination successfully if you are unsure of where you are. Seeing how far you’ve come and how close you are to your goal can motivate you to keep going. You can keep track of your goals using a journal or using apps if you prefer using technology. Ensure you have records of all your goals and what you have been able to achieve. For instance, if you’re seeking a personal loan in Singapore, you should be tracking your credit score. As your credit score improves, you’ll be at a better chance of getting a low-interest personal loan.


Now that you have these tips under your belt, it’s time to get your financial health in check. As always, speak to Galaxy Credit today if you are looking for personal loan options with affordable interest rates to keep you on track!


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When you are looking to borrow money in Singapore, besides turning to banks, credit cards, or family and friends, a licensed moneylender is also a popular option. However, it can be daunting for first-time money borrowers who may not know how to borrow safely from a licensed moneylender in Singapore. Here are some useful tips to help you get started.

Tip 1: Find a licensed moneylender in Singapore

Before approaching a moneylender, the most important thing you have to do is make sure you are dealing with a licensed moneylender. The way to determine that is by browsing a list of licensed moneylenders on the Ministry of Law’s website and verifying your choice. . Registered moneylenders in Singapore have to abide by regulations set forth by the Ministry of Law that protects the money borrower. If you are unsure, you can always refer to the FAQ list or contact them for inquiries.

Tip 2: Identify the right loans that match your budget

When you apply for a loan, always determine the purpose and need for it. Make a plan of how many loans you need and when you need them. Personal loans are a flexible and accessible option for people looking to fund various purposes such as paying off high-interest credit card bills, medical expenses, home renovations, and so on. Identifying the right loans can help you stay objective and use them wisely to pay off your existing debts or to bridge a temporary financial gap.

On top of that, you will need to calculate your monthly budget to see what you can actually afford. While personal loans are packaged with low-interest rates, your budget will help determine how many loans you can borrow within your means and if you can repay them on time. The smaller your loan and the shorter your repayment period, the less interest you have to pay. Understanding this simple tip can help you avoid taking on a larger loan and staying in debt for a longer period.

Tip 3: What a licensed moneylender must inform you before granting a loan

Before approving loans, the moneylender is required to inform the borrower in writing, the full terms of the loan, including:

  • Nominal interest rates
  • Late interest charges
  • Other permitted fees
  • Instalment details, especially in cases where there is a fixed repayment period agreement between both parties, also known as a term loan

Tip 4: Choose a licensed moneylender you can trust

Now that you know the types of loans you need and the budget you have, it is time to research quotes from different moneylenders. One thing you should look out for when discussing loan terms is the interest rate*. Under the Moneylenders Act, the maximum interest rate that a licensed moneylender in Singapore can charge is 4% per month based on the borrowed amount or late interest from a late payment.

*The interest rate should be computed based on the monthly outstanding balance of the principal remaining after deducting the payments made.

For instance, if your loan amount is $10,000 and you have already paid $5,000, then the 4% interest rate should only be computed for the remaining $5,000.

A licensed moneylender may also impose other fees such as latefees or legal costs incurred to recover loans if the borrower fails to make payment.

Do look out for some shady practices that a licensed moneylender in Singapore is not allowed to engage in:

  • Using abusive or threatening language
  • Fishing for your SingPass ID or password
  • Failing to return your important personal identification documents such as NRIC and passport
  • Asking you to sign a blank or incomplete contract for the loan
  • Approving your loan without explaining the terms in detail
  • Failing to provide you with a copy of your loan contract
  • Soliciting for loans via text messages and phone calls

Galaxy Credit and Investments Pte Ltd is a licensed moneylender in Ang Mo Kio that provides a one-stop moneylending solution for our customers. We understand your financial needs and are committed to providing excellent loan services at the best and most affordable rates.

To apply for a loan with us, you should be:

  • At least 18 years old and have a stable source of income
  • A Singaporean, PR, EP, or S-Pass Holder
  • Able to provide proof of identity (e.g. Singapore IC or passport)
  • Able to provide proof of income (e.g. payslips, monthly bank or CPF statements, latest IRAS Notice of Assessment)
  • Proof of residential address (e.g. billing proof or bank statement (for foreigners)

To find out more about a safe and reliable way to borrow money in Singapore, contact our team of friendly and experienced loan officers today.


Most adults in Singapore have heard of a credit report even if they have not personally obtained one. It is almost always the first document that any lender, from major banks to licensed money lenders, will refer to when they are considering a loan application.

What info does a credit report contain?

A credit report in Singapore is divided into ten sections.

Section 1: Data Provided and Summary

This is where you will find personal details such as your full name, NRIC, date of birth, and postal code.

It also lists basic financial credit information, including the date of your first credit record on file, the number of credit lines in your name, the number of defaults and bankruptcies, your secured credit limit and unsecured credit limit, etc

Section 2: Personal Details

This is where you’ll find other additional details such as gender, nationality, marital status, and address

Section 3: Additional Names and Addresses

You’ll be able to see all the addresses and names associated with or ever have been used by you for your NRIC, bank accounts, credit cards, cheques, etc.

Section 4: Account Status History

This section details the types of credit products you have (e.g. home loans, credit cards, personal loans), the grantor banks, dates of opening and closing the account, overdue balances as well as details of how prompt you’ve been at making full payment for each account for the last twelve cycles.

Section 5: Previous Enquiries

This section shows a record of all recent requests for your credit report in Singapore, either by yourself or banks and money lenders.

Section 6: Bureau Score

This section uses all the information from Sections 1 through 5 to come up with the individual’s credit score, risk grade, risk grade description, and the likelihood of default.

Section 7: Narratives

Any other important information about your account(s) will be illustrated here. For example, if you’d applied for a mortgage deferment due to the pandemic, the date and type of request would be narrated in this section.

Section 8: Adverse

Any adverse information regarding the individual would be written here.

Section 9: Aggregated Outstanding Balances

This section shows an overview of all your financial products’ secured balances, interest-bearing unsecured balances, non-interest-bearing unsecured balances, and exempted unsecured balances.

Section 10: Aggregated Monthly Instalment

​​The monthly instalments show the amounts for each credit facility for the previous month and the total amounts for the previous five months.

Who can obtain a credit report?

Any legal resident of Singapore, including foreigners, can apply for a copy of their credit report.

Apart from individuals, banks and financial institutions can obtain your credit report for credit assessment purposes. Some licensed money lenders will also look at your CBS credit report when assessing your loan application.

Privacy safeguards regarding credit reports

All data in a credit report is obtained from the Credit Bureau (Singapore), also known as CBS. The company practices the highest level of information safety and security and there has never been a breach of CBS data.

What if there are errors in your credit report?

Your credit report may contain errors and such mistakes can affect your personal loan interest rates. If you spot an error, contact the bureau immediately. You will have to provide evidence to dispute any data on the report.

Why should you consider getting your credit report?

Both individuals and business owners can benefit from knowing their credit status.

Accelerated loan approval

· Business owners: A credit report is almost essential for current and aspiring business owners. Whether you are setting up or expanding a business, you will need capital. A good credit report will qualify you for a legal loan in Singapore faster and help you make the best use of opportunities as they present themselves.

· Individuals: Whether it is a medical emergency, sudden vehicle breakdown, or legal fees, good credit gives you the money you need quickly. You also can avoid such situations by learning how to set personal financial goals.

Lower interest rates

A good credit score informs lenders that you are a reliable borrower. They will offer you lower interest rates and may even waive certain fees and penalties. Hence, the better your score, the less you will waste on additional expenses.

· Business owners: Lower business loan interest rates to set up or expand operations.

· Individuals: Lower personal loan interest rates to be used for a variety of purposes.

Higher credit limit

· Business owners: Lenders appreciate individuals and businesses with good credit because they regard them as safe investments. They will extend higher credit limits, which means that you have access to more funds if you want to expand, or if you need to weather a slow business period.

· Individuals: Expenses such as weddings, school fees, and renovation can be huge. A high credit limit gives you all if not most of the money you need instantly.

Where to get your credit report in Singapore

Credit reports in Singapore are issued by CBS or Credit Bureau (Singapore). CBS is a joint venture between the Association of Banks in Singapore (ABS) and financial services company Infocredit Holdings Pte Ltd.

Where does CBS get its information?

ABS members share their credit information with CBS. CBS then organises this diverse information by the individual and shares it in the form of a credit report when a valid request is made.

How to get your credit report

There are a few ways you can obtain your credit report:

Cost Eligibility
Free New credit facility applicants (within 30 calendar days from the date of approval or rejection letter)
Free First 2,500 customers to complete the free credit report by HSBC application form between 01 May 2022 and 30 April 2023, both dates inclusive
$6.42 (GST included) Anyone can purchase online via eNets or credit card

Bottom line

The CBS credit report only includes your records with major banks and other financial institutions in Singapore. To obtain your loans and repayment records with licensed money lenders in Singapore or check on your overall financial health, you can consider buying your credit report from the Moneylenders Credit Bureau.

A credit report may not be a huge part of your financial plans but it is a good-to-know when you find yourself in a situation where you need to apply for a personal or business loan. Reach out to us to find out more about any legal loan in Singapore that may be suitable for your needs.

Whether you’re living alone or with loved ones, the space we call home is sacred. It’s where we relax, play, rest, and form relationships outside of work.

Renovations are a great way of beautifying these spaces and increasing our quality of life. However, it can be expensive and we might have to consider taking out a loan. It is important to consider renovation loan interest rates when deciding on which option to take.

In this article, we compare renovation loan interest rates offered by banks with those offered by licensed moneylenders in Singapore.

Renovation Loan From Banks

In general, some banks charge monthly interest fees based on the outstanding balance, whereas others base it on the total amount borrowed. Also, tenures (amount of time you’re given to repay a loan) given by banks are normally at a maximum of only 5 years, and the maximum renovation loan amount is typically 6 times your monthly wages at a cap of $30,000.

To qualify for a renovation loan from banks, you are usually required to

  1. Own a property.
  2. Be a Singaporean Citizen or PR.
  3. Fulfil minimum income requirement as determined by each bank.
  4. Be in a certain age range.
  5. Have an acceptable credit score.

Other than these criteria, one other important limitation is that banks normally determine what the loan can be used for. For instance, most banks do not allow the loan to be used for purchasing furniture.

Renovation Loan Interest Rates For Banks

Here are five renovation loan interest rates from popular banks.

1. POSB Renovation Loan

One of the more popular renovation loans from banks, its selling point is its lower-income requirement of $24,000 per annum.

The interest rate starts from 3.88% p.a. for the Green Renovation Loan, up to 4.18% p.a for a standard renovation loan.

2. OCBC Renovation Loan

The OCBC renovation loan boasts a simple online process, with a fast loan approval within 60 seconds and loan disbursements within 5 working days.

The interest rate is at 4.18% p.a. with flexible repayment of up to five years.

OCBC also offers the Eco Care Renovation Loan. This requires your home to be energy efficient as verified by the Tropical Home Energy Efficiency Assessment (THEEA). If you qualify for this loan, you stand to enjoy a lower interest rate of 3.98% p.a., along with other benefits.

3. Maybank Renovation Loan

Maybank’s interest rate is much lower if you are already an existing Home Loan customer.

The interest rate for existing Home Loan customers is at 2.88% p.a.

The interest rate for new customers is at 4.10% p.a.

The application process is fully online and can be auto-filled using your Singpass account, which makes for a seamless process.

4. DBS Renovation Loan

The terms of DBS’s renovation loan are quite similar to POSB.

The interest rate is at 4.18% p.a.

However, if you fulfil the requirements for their DBS Green Renovation Loan (POSB also offers a similar one), the interest rate can go as low as 3.88% p.a.

5. RHB Renovation Loan

RHB’s interest rates are higher than other banks. However, it offers a unique refurbishing loan that most other banks do not.

The interest rate is at 5.80% p.a.

Here’s a table summary of the bank interest rates for renovation loans (p.a.):



(Green Renovation Loan)



(Eco Care Renovation Loan)


(Existing Home Loan Customers)


(New Customers)



(Green Renovation Loan)


Renovation Loan From Licensed Moneylenders

A more flexible renovation loan option is using licensed moneylenders. A reputable moneylender goes a long way in ensuring you are borrowing safely and legally. These loans are generally kinder in terms of requirements, which may sometimes be a hindrance when borrowing from banks.

In addition, renovation loans from licensed moneylenders can be used for a myriad of home improvement works, including plumbing, electrical works, painting, and the purchase of furniture.

Renovation Loan Interest Rates for Licensed Moneylenders

Besides having more flexible requirements, the renovation loan interest rates for licensed moneylenders can be higher than banks, but with equally, if not more flexible repayment terms. Galaxy Credit is one such example. Registered with the Ministry of Law, they provide the best loan deals for customers along with simple, fast approvals.

Most licensed moneylenders offer interest rates of up to 4.0% per month, but Galaxy Credit’s renovation loan boasts a much lower interest rate, starting from 2.27% flat interest per month because the firm understands just how expensive home renovations can get.

With transparent service and professional customer support in mind, you will be assured of a customised loan package that you can channel towards building your ideal home. Talk to a loan expert about your borrowing options today.