Feeling overwhelmed from the huge cloud of debt hanging over your head? Not sure how to down scale and eliminate the series of fast cash loans threatening your credit profile? Want to beat fast cash loan repayment scammers at their own game? You’ve come to the right place! Owing too many people too much can be disorienting. Interests rack up fast, and debt collectors rarely care about your financial situation. In this article, we’ll be showing you the best repayment plans for paying off your personal loans.
How do Repayment plans for fast cash loans in Singapore work?
Many Singaporeans perceive fast cash loans as a quick financial fix. But, what they fail to note is that what defines a worthy loan is its repayment plan. Ineffective repayment plans are a constant source of financial horror stories.In Singapore, you can choose between fixed or flexible repayment plans. The good thing is, the choice is entirely up to you, the client. This is to say that among the options your lender puts on the table, you’re not obliged to pick what your lender imposes on you. Therefore you need to be financially wise to choose what works.
Fixed repayment plan
In simple terms, a fixed repayment plan is a rigid payment schedule that can’t be altered throughout the life of the loan. This plan will essentially involve making a fixed monthly payment plus the interest.
How would you be sure that the fixed repayment plan is the best fit for you? Whether as a first-timer or a repeat client, this question will help save you from financial heartache down the road.If you’re a first-time applicant, a fixed payment plan is viable if you have a valid Singapore work pass, proof of payment as a resident, and a full-time job. Your full-time job is a fixed and already established variable that guarantees you will stick to the plan.
For a repeat client, no documentation will be required because the lender uses your credit limit to determine your fixed installment plan. So, depending on the type of loan you take, a regular fixed monthly repayment will be agreed upon, and off you start repaying your Easy Cash Loan.
On that note, here are some tips to help you stick to your fixed repayment plan:
- Go the extra mile to find extra sources of income to support paying off your loan quicker
- Remember to make a list of your income sources and debts. This will help you to prioritize which payments you make first and which ones subsequent. It’s advisable that you prioritize the high interest loans since they are costlier than other loans.
- Make a budget and stick to it. This will help you make timely payments and avoid credit penalties that hurt your credit score.
Flexible repayment plan
Moving on, the other repayment plan for Singapore’s cash loans is the flexible repayment plan. Singaporean lenders have flexed their metrics to assess the eligibility of those with an inconsistent income stream.
This repayment solution works best for temporary job positions, entrepreneurs, retirees, and of course, freelancers. The question of how it works is answered by its adjustment to your needs. It works out to reduce your Equated Monthly Installment (E.M.I), which lowers your chances of default payment. During a spike in your income, a flexible repayment plan also allows for an increase to your Equated Monthly Installments.
The best thing about a flexible repayment plan is that it allows you to pay off your loan without struggling. This option allows for debt consolidation, and schedule restructuring such as switching to biweekly payments. For instance, if you have multiple loans from the same financial institution or lenders, you will have an option to consolidate the debt to your discretion.
For both first-time and continuing applicants for Singapore cash loans, you have to meet the eligibility metrics of the financial institution and be fit for the loan repayment equation. It is a lifesaver when you are not on a payroll; when you are avoiding lousy credit scores or find yourself broke in the expensive cities of Singapura.
It would be nice to follow these valuable tips on a flexible repayment plan for your fast cash loans. Work to your level best to maximize your earnings; list down all your income and debts to adjust your repayment plans accordingly. Flex to your needs and remember to make your payments.