Ways to Save Money on Your Repayments for a Personal Loan

Written by

Hailey Ang

Updated on: December 21, 2022

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Ways to Save Money on Your Repayments for a Personal Loan

Taking out a personal loan in Singapore can be a great way to cover unexpected expenses or pay for large purchases, but of course you want to keep your monthly payments as low as possible.

Here are some tips on how to save money on your repayments when it comes to taking personal loans in Singapore:

1. Pay Off The Loan as Quickly As Possible: By paying off the loan faster than planned, you’ll save money in interest payments over time. Try to make larger payments whenever possible and consider setting up automatic payments so that you don’t miss any due dates.

2. Consider Refinancing: Shopping around for a better rate can help you save money on your loan repayments – particularly if interest rates have dropped since you first took out the loan. Refinancing could also help with extending the repayment period and reducing your monthly payments.

3. Consolidate Your Debt: If you have more than one loan outstanding, then consolidating them into one personal loan could mean lower overall costs by combining interest rates and making only one payment each month.

4. Check Your Credit Score: Make sure to regularly monitor your credit score, as having a good credit history will make it easier for lenders to offer favorable terms like lower interest rates or reduced fees on loans in the future.

By following these tips, you would be able to save some money on your personal loan repayments – allowing for greater financial freedom in the long run.

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