Like a kid in a candy store, consumers have various loans to choose from. From education loan to home loan, we shall look at personal loan through a microscope.
Personal loans are used for family emergencies, home furnishings, or consolidating other debts. These loans are often short-term.
1. APPLICATION PROCESS
You will be asked to complete a loan application that may include: your name, NRIC, date of birth, address, current and previous employers, length of employment, occupation, sources of income, total monthly income, and information about existing credit accounts.
Image Credits: Chris Potter via Flickr, (stockmonkeys.com)
Your credit card report includes your bill-paying history, amount and type of accounts you have, late payments, collection actions, outstanding debt, and so on. This along with your application shall help the bank decide if you are trustworthy and credible enough to pay the personal loan.
2. THE MORE PARTICULAR IT IS, THE CHEAPER IT GETS
When getting loans, be as specific as possible. The reason behind it is that loans that are particular often have lower interest rates. So, do not take up a personal loan to pay for a school debt when you can just apply for an education loan.
Personal loans tend to charge about 6% to 8% interest while Renovation Loan, Education Loans and etc. tend to have interest rates that are as low as 2%. Know what is best for your situation.
3. REVIEW YOUR OPTIONS
You may be tempted to immediately contact your current bank but that may bite you in the back. Personal loans and its interest change outrageously across time.
When there is less people borrowing from the banks (e.g., bad economy), they tend to lower the interest rates or give more lenient payment terms. So, look for a bank that is willing to give you the best offer and the maximum rewards.
4. WHAT HAPPENS WHEN YOU PAY LATE
Before venturing in, you must find out the clause of the payment penalties first. Like credit cards, it is not impossible to get an “interest adjustment” for a late payment.
Frets not…banks understand that certain circumstances such as unemployment or chronic illness can make it difficult to meet the bills. If this happens, contact your creditor, explain your situation and work out a repayment schedule together.
Tertiary Education and Graduate Studies can be too costly especially to people who live by one cost at a time without any savings plan what so ever. On the other hand, just because a bank tells you that you are qualified and approved for an education loan does not mean taking it is a good idea.
Here are 4 Things to Consider Before Applying For An Educational Loan:
1. EDUCATE YOURSELF
Before applying for any education loan, it is tantamount to understand what the student’s course aspects are such as the eligibility criteria and the loans needed to complete the whole course.
Educate yourself about the loan’s dimensions such as repayment, pre-payment fees, and cancellations.
2. SWIM THROUGH THE WHOLE POOL
Study all the possible options by swimming through the whole pool. Some banks offer the best interest rate while others offer the best processing fee. So, to save you money, enquire about all the loan schemes available in the market.
3. KNOW THE TOTAL COST
Be aware of the interest, pre-payment fees, additional processing fees, repayment options, and cancellation fees. It is always better to get rid of the debts as soon as possible but some banks may impose additional charges for pre-closure of the loan. So, ask yourself if is worth it.
Usually loan applicants concentrate only on the principal and interest to reach repayment amount. By doing so, you will have to pay extra charges that the bank authorities have not clarified. This is why it is vital to ask after educating yourself.
4. CHEAPER ALTERNATIVES TO REACH THE GOAL
Explore if there are cheaper ways to reach the same goal. Other universities offer online diploma courses that are cheaper than if you take it up on the university’s premises.
Image Credits: Will Folsom via Flickr
But, if you have done the math and your financial account cannot cover the expenses just yet…fret no more. Be resourceful instead. Volunteer works, internships, and a Polytechnic diploma may help you acquire the necessary skills without going back to undergraduate school.
By obtaining a diploma in the same field you will take in undergraduate school may help you get other subjects exempted. I have a couple of classmates who are exempted for a couple of semesters or even a year just because of the subjects and electives they have taken up in Polytechnic. Hence, it will not only save you time but it will also save you money.
Everyone knows that keeping fit and healthy isn’t exactly the most fun thing in the world (unless you’re one of the minority of us that truly enjoys torturing yourself exercising in Singapore’s excessively hot climate – in which case, you definitely have more willpower than me). It can be very difficult for most of us to just get our butts off the couch and do something about our fitness. Thankfully, app makers have noticed this, and have tried to make apps more fun to motivate us to exercise. Most of these apps involve some sort of “cute” element, social/competitive element, gaming elements, or just try to make being healthy easier. Hopefully with all of these new apps, your new year’s resolution of being fit and healthy will be easier to achieve!
1. Plant Nanny
Free
Available for iPhone, Android and Windows Phone
Water occupies 70% of our body weight, and yet water is something that we might not get enough of each day. Everyone knows that we’re supposed to drink 8 glasses of water a day, but how many of us actually remember to do so? Now you can track how much water you’re drinking with the adorable Plant Nanny app! Plant Nanny calculates how much water you need to drink per day according to your weight and activity level. As you drink, your adorable little plant gets watered as well, growing from a little sapling to an adult plant! Easily input how much water you’re drinking, with the type of cup you’re using as well as the ml, and never forget to drink again with Plant Nanny’s reminders. With many different cartoon plants to choose from, you’ll never be bored of drinking water!
2. SleepBot
(Image credit: prmac.com)
Free
Available for iPhone and Android
In busy Singapore, it almost doesn’t matter if you’re a student or working professional – you’re bound to not be getting enough sleep. Here comes SleepBot to the rescue! SleepBot is a Smart Alarm with Motion & Sound Tracker to track your sleeping patterns. SleepBot logs your sleep for you, and lets you know if you’re getting the quality sleep time your body needs. You may be waking up many times in the night or having a fitful sleep without even knowing, but SleepBot through its motion and sound tracking, will allow you to find out. SleepBot also tracks your sleep debt, so you know exactly how much you have to catch up on. With its handy charts, logging your sleep patterns is a piece of cake. Simply plug it in, and fall asleep.
Nexercise: Free
Available for iPhone (Challenges by Nexercise) and Android (NexTrack) Fitocracy: Free Available for iPhone and Android
The cool thing about both of these apps is that they essentially make fitness a game. Not a 1-player game either, but a game you can play with your friends. Choose from the many workouts and fitness moves in the apps or log your own workouts for points and exp. Accumulate enough, and you reach the next level, gaining badges along the way. Compete with your friends, and see who can score the most points while working out! The competition and achievements will keep working out from becoming boring, and allow you to motivate yourself better!
Blogilates, the free app for the popular Blogilates YouTube and web phenomenon is something that really complements her free videos. In addition to allowing you to keep up with Cassey Ho, Blogilates founder, the app also has an “Instagram” like forum inbuilt, which allows you to post pictures and connect with everyone else on the app! The incredibly supportive community will be there throughout all of your progress pics as you gradually get fitter and fitter.
5. Just Dance Now
(Image credit: itunes.apple.com)
Free
Available for both iPhone and Android
Just Dance Now isn’t your traditional fitness app – but it IS a tremendous amount of fun. Just Dance Now is a dancing game much like Para-Para that you can play, using your smartphone as a controller (much like how the Wii is used). You will need a connection to a television, computer, tablet or stream the game on screen from the synced website. It has a good number of free songs to try (with a daily limit of 3), and the best thing is that you can even play with your friends! While dancing may not be the same as weightlifting, anything that gets you onto your feet and moving can only be a good thing for your body!
6.RunKeeper and/or equivalent run mapping apps
(Image credit forums.appleinsider.com)
Free
Available for both iPhone and Android
RunKeeper and other equivalent apps (MapMyRun, Nike+ Running, Strava) just to name a few are apps that log the distance you run and map it for you using your phone’s GPS. Some of these apps also allow you to connect with the community and your friends. Most also come with features like tracking your pacing and other fitness objectives. Many people have even creatively used such apps to “draw” gigantic pictures with their running routes!
Zombies, Run! is worth a try just for its unique and interesting design. It’s both a fitness running app, AND a game. Zombies, Run! puts you in the shoes of a runner outrunning the zombie apocalpyse. This app comes with a fully featured storyline, allowing you to immerse yourself in the game (with audio recordings of the storyline that simulate the sounds of being chased by zombies), and it has been said to get people’s hearts pumping in more than one way! You can collect items for your missions while you’re out on your run, and then use those items to upgrade your base to protect yourself from zombies. This app is not just fun, but apparently incredibly effective at motivating people to run (as seen by the sheer number of positive reviews).
What are some of your favourite “fun” apps for fitness? Let us know! We all need a good reason to motivate ourselves into being healthy!
The festivity of the Chinese New Year is about a month away. Abundant food, family reunions, and little red packets called “Ang Bao” will grace Singapore once again.
These red packets are usually given during social gatherings such as weddings or the holidays. Its color embodies “good luck” that is supposed to ward off the evil spirits.
Married couples usually give these red packets to single people (e.g. children or work colleagues). Its history is rooted from the Chinese belief that you achieve the “adult status” once you get hitched. So, the newfound status comes with the privilege to distribute “Ang Baos” to those who still remain single or are younger.
Image Credits: Paul via Flickr
Since Singapore is a mixture of different cultures, we as a nation have created practices centering “Ang Bao” gifting. It is not uncommon to have marriages between two different races, leading to traditional practices being modified or ignored. But aside from the Chinese, Vietnamese, Japanese, Filipinos and South Koreans have similar customs.
A simple survey on TheAsianParent Facebook Page showed that readers usually give out S$2- S$80 to children in 2014. Furthermore, “S$4” was avoided due to its similarity to the word “death” in many dialects.
Ultimately, PerfectWeddings.sg showed that economy and income status affects the money given. During good economy, it was common to receive “Ang Baos” with a minimum of S$6 each for children but economic recession urged its reduction to S$2 each. Since, economic downturn affects the whole country, there was no judgment in the amount you give.
To help you find the right amount to give…here is a concise “Chinese New Year Ang Bao Market Rate 2014” chart by PerfectWeddings.sg:
As you can see, a red packet containing a minimum of S$2-S$20 is common to give for children, while it ranges to about S$8- S$88 for parents. Your in laws will not take it against you if you give them S$88 in the New Year. Lastly, you may give the same amount of money to your friends or colleagues’ children as you did with your own children.
Masked in Singapore streets are fuel-efficient cars. One of them is the exciting Toyota Prius. It has been one of the first mass-produced hybrid vehicles.
Image Credits: M 93: „Dein Nordrhein-Westfalen“ via Flickr
The annual fuel cost is about S$1, 816.
5. Peugeot 508 RXH Diesel Hybrid4
Peugeot 508 is a large family car launched in 2010. It has a strong engine, a roomy space, and a fuel-economy. Since it runs in Diesel, it will cost you about S$1, 299 for its fuel annually.
4. Mercedes-Benz E-Class E300 BT Hybrid Sedan
If you don’t want to sacrifice beauty over fuel efficiency, then Mercedes-Benz E-Class E300 BT Hybrid Sedan is the car to be! It is equipped with high-tech safety features such as radar cruise control. Surprisingly, its fuel will only cost you about S$1, 300 annually.
This one-ton transportation that comes in candy colors has a maximum fuel-economy rating of 44-mpg highway. Aside from being fuel efficient, it is also loan efficient.
It costs about S$18, 280 to own it in United States.
2. Ford Fiesta
Ford’s smallest sedan is a Diesel saver as it goes to about 45-mpg in the highway. You can choose between two engines: a standard 120-hp four-cylinder or an optional 123-hp turbocharged three-cylinder. Not only is the ride balanced but its braking is good also.
You will need about S$18, 639 to own it in United States.
1. Chevrolet Cruze
If you value comfort and practicality then this car is for you. The Cruze will take you to a maximum of 46 mpg in the highway once Diesel is under its hood.
Image Credits: ChevroletCruze via Flickr
Its Smartphone integration and onboard Wi-Fi features will keep you connected throughout your journey. It costs about S$24, 529 to own it in United States.
