Overcome Financial Stress With The Best Personal Loan In Singapore

Financial obligations are one of the most common reasons for anxiety among Singaporeans. This is true regardless of race, religion, age, or even socioeconomic status. But there are ways to overcome financial stress while taking control of your finances.

Consider applying for a personal loanA loan may seem like an additional financial burden but it can be exactly what you need, with proper financial goals in place. The first thing to do is find the best personal loan that licensed moneylenders have to offer. Here are some tips to help you find the best personal loan in Singapore that suits you most:

1. Compare loan interest rates – The size of a moneylending business does not determine its interest rates. Research and compare all lenders to find the lowest rates.
2. Compare fees and charges – Fees and charges can add up to more than the interest on a loan. Read the fine print to avoid surprises.
3. Look for repayment flexibility – Flexibility helps to minimise fees and charges, as well as provide ample repayment time.
4. Find an Equated Monthly Instalment (EMI) you can afford – A reasonable EMI lets you repay the loan quickly without overwhelming your budget.
5. Examine other loan possibilities – Getting an informal loan from friends or family, selling off unwanted items, or doing a second job can be a good option.

A word of caution, though. Don’t ever take a personal loan from illegitimate lenders. They may offer you attractive terms at the start but often become aggressive later on.

Make your money work for you

Most of us have some money stashed away in our savings accounts but there’s a saying “Do not put your eggs in one basket” and this applies to our finances as well.

Investing can be a daunting affair especially when you are starting with zero knowledge. However, keeping your hard-earned money in savings alone will subject it to further depreciation due to inflation, only adding to your money woes. To counter this, take that risky step and invest intelligently. Research the most reliable companies in promising sectors.

If you have a really good business idea, why not use the best personal loan in Singapore to get it off the ground?

Take care of your health

The old saying that ‘health is wealth’ is absolutely true. Now that you have some idea about personal loans and potentially starting your first investment, this is also the time to take care of your physical and mental health. When the body is healthy, the mind is free to pursue leisure and ideas to earn more money. Financial stress leading to depression is more common than you think so this is a good time to reflect upon what is most important to you about having more money.

A lot of our stress about money comes from the ‘keeping up with the Joneses’ mentality where we want the newest, shiniest thing someone else has. You will eventually find that a lot of the financial anxiety you have will evaporate when you abandon the obsession with consumerism and stop comparing yourself with others.

Other ways to deal with financial stress

Here are four simple things you can do every day in overcoming financial stress:

1. Take a time-out – Sometimes, all you need is a walk and some fresh air to clear your mind and focus on what’s important.
2. Avoid negative thoughts – No matter how dire the situation, there is always a solution.
3. Talk about it – Engage with other like-minded individuals in your circle. It doesn’t have to be about money – even just throwing ideas or perspectives is good stimulation.

Ask for help – Don’t be afraid to ask for help if you need it. It is always better to deal with stress with a support circle rather than manage it alone.

Galaxy Credit offers the best personal loan in Singapore and our happy customers can vouch for that. Give us a call to know more about how we can help improve your financial well-being.

About the Author

Nikki T

Hello! I’m Nikki and I nitpick through all the boring financial data and jargon so you don’t have to!