Renovating your home? Skip the awkward favors from friends and family members and borrow smart!

Congratulations on reaching the incredible milestone of owning your new home! As you stand in your living room, envisioning it as the perfect spot for get-togethers, reality sets in. Do I have the budget needed to create my dream home?

Sounds familiar? Well, you’re not alone.

Many of us have found ourselves in this situation. We need a temporary cash boost for home improvements but, at the same time, are hesitant to rely on awkward favors from friends or family members. 

That’s where borrowing smart comes into play. Here’s why GXS Bank, Singapore’s home grown digital bank, might have the best solution for you. 

The Best Friend To Borrow Money From

Borrowing from those close to you can be a double-edged sword. It might be easy to get that “loan” but fail to fully understand the unspoken terms, or worse, be late in paying them back, and you could end up with a very strained relationship. This is where GXS FlexiLoan steps in, like a trusted friend who understands your needs but less the drama.

The GXS FlexiLoan lives up to its name by being incredibly flexible. Whether you need a small amount for a quick fix or a larger sum for a home renovation project, it’s there to support you. 

Why GXS FlexiLoan stands out as the ideal financing option:

Flexible Borrowing

Borrow what you need, when you need it, for however long you need it

When it was launched, the GXS FlexiLoan was hailed as a revolutionary game-changer in personal finance. It is the first financing option in the market that lets you tailor your borrowing experience according to your individual needs.

Think about it – a renovation loan typically has a higher loan quantum that is more suitable for larger renovation projects. If you just want to upgrade your kitchen or create a cozy haven in your living room, you might not need such a large quantum. The GXS FlexiLoan puts control in your hands and allows you to draw down multiple loans from your credit line starting from as little as S$200, up to $100k (subject to your available credit limit). GXS FlexiLoan has got your back, on your terms. 

Low Interest Rates

Interest rates start from as low as 2.99% (EIR 5.65% p.a.) which is lower than the interest rate you’d pay if you used your credit card. By taking advantage of competitive rates, you can save on interest costs, and stretch your renovation dollar.

Flexible Repayment Options

You call the shots with GXS FlexiLoan 

With GXS FlexiLoan, you call the shots. Imagine you’re in the midst of your home renovation project, and you want to establish a clear timeline with your interior designer to keep track of progress.

The GXS FlexiLoan is designed to let you call the shots on how much and how long you want to take up the loan. This means you have the power to align your repayment plan with your renovation timeline. Want a shorter repayment period of 2 months to swiftly tackle smaller upgrades or an extended tenure of up to 60 months for comprehensive renovations? The choice is yours.

No Early Repayment Fees

Why pay more when you can save on interest?

You can enjoy interest savings with GXS FlexiLoan because interest on the loan is calculated daily, based on the outstanding balance at the end of the previous day, without compounding interest. This means that if you make an early repayment, the outstanding balance is reduced, resulting in immediate interest savings.

Moreover, there are no early repayment fees, giving you added financial benefits and motivation to settle your loan sooner. This way, you can allocate more funds towards your home renovation project and achieve your dream space without unnecessary financial burdens.

No Hidden Fees

Suppose you’re still not ready to take the loan immediately, there’s no need to worry because, with GXS FlexiLoan, you have the option to apply beforehand and keep it as a reliable standby credit line. There will be no interest charged till you make a drawdown, giving you peace of mind as a backup during your renovation journey.

Limited Time Offer

From April 3rd till June 30th 2024, when you sign up and use your GXS FlexiLoan, you stand a chance to win fantastic prizes in their dream giveaway. Prizes include a dream home makeover, a thrilling overseas adventure for two, an iPhone 15 with free Singtel mobile postpaid bills for a year. You also stand to get a S$50 Grab voucher.

Apply via the app which it is available for download on:

For more information, and to check the results of the giveaway, check here

Visit www.gxs.com.sg/flexiloan for the full terms and conditions, and start your journey towards financial empowerment today.

Footnotes:
GXS  is a digital bank proudly backed by Grab and Singtel. GXS FlexiLoan is provided by GXS. GXS holds a banking licence and is regulated by the Monetary Authority of Singapore.  GXS is a separate entity and is not associated with the businesses of Grab Holdings, Singtel, and their entities, or Money Digest.

Terms and conditions apply. For the full terms and conditions on GXS FlexiLoan and the campaign, visit www.gxs.com.sg/flexiloan. All figures in the images are illustrative only.

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Cash Crash? 5 Ways to Get That Fast Cash Loan!

Life can be unpredictable! One minute you’re cruising along, the next you hit a bump in the road (literally, with a flat tire!). Emergencies can come in all shapes and sizes:

  • Car Trouble: Your car might sputter its last breath, leaving you stranded.
  • Medical Mishap: Unexpected health issues can pop up, requiring a trip to the doctor (and potentially some bills you weren’t expecting).
  • Bill Bungle: You might get a surprise call about a forgotten bill (seriously, who calls about money that early?).
  • Aircon Apocalypse: Imagine your air conditioner decides to play dead on the hottest day of the year. Ugh!
  • Travel Turmoil: Unexpected travel needs might arise, like needing to rush to see a sick family member.

Don’t panic, buddy! Singapore’s got your back. Here’s the lowdown on 5 ways to snag some quick cash to conquer those surprise expenses:

1. Superhero Savings Account (to the rescue!)

This might be a captain obvious moment, but hey, it’s worth a shot! Having an emergency fund tucked away is your financial superhero cape. Think of it like a secret stash of cash you built up for rainy days (or leaky aircon days!). The best part? You avoid any loan drama and those sky-high interest rates.

Here’s the Winning Move: Set up your bank account to automatically transfer a bit of your paycheck (or salary bonus!) towards your savings every month. Even a small amount, like the money you make from your side hustle, can add up fast. This way, you’ll be building a safety net without even thinking about it. Then, when those emergencies pop up, you’ll have a nice chunk of cash ready to tackle them head-on!

2. Buddy Up & Borrow (from the good kind of friend)

Need a smaller amount? Maybe a close friend or family member can be your knight in shining armor. This can be a great option if you’re comfortable talking money with them and you have a solid repayment plan.

Turn Up the Awesome: Before borrowing, sit down and have a clear conversation. Agree on an interest rate (hey, even a token amount shows respect!), a specific repayment date, and stick to it! This keeps things transparent and avoids any misunderstandings down the road. Pro-tip: Don’t forget the power of gratitude! Bake them some cookies, write a heartfelt thank you note, or offer to help them out in return – good karma is always a good thing.

3. Instant Cash Loan: Fast Like Flash

Banks and licensed moneylenders offer instant cash loans. These are like fast cash superhero loans that can get approved super quickly, almost as fast as getting a library card (but way easier than memorizing that Dewey Decimal System stuff!). They’re a great option for emergencies when you need cash right away, like when your fridge decides to take a permanent vacation.

Instant loans can be a lifesaver in a pinch, but it’s important to be aware of the costs. Think of it like paying a small access fee to get to your money super-fast. The key is to use them only for true emergencies and have a plan to repay them quickly so you can avoid any extra fees. This way, you can get the cash you need fast without any long-term headaches!

Use Your Spidey Senses: Only use instant cash loans for true emergencies and borrow the exact amount you need. Think of it as a small, temporary solution, not a free money machine. Remember, responsible borrowing is key!

4. Credit Card Cash Advance: Plastic to the Rescue (use wisely!)

Do you have a credit card? It can act like a magic ATM card and let you take out cash when you really need it. But remember, it’s not without cost. Think of it as if there’s a hidden fee monster inside your card. This monster takes a bite out of your money whenever you use your card to get cash. The fees for doing this can be pretty big, so be careful and think twice before you decide to get cash on your credit cards!

Think Like a Chess Master: Cash advances come with high interest rates that start ticking immediately. Only do this if you can repay it immediately, like within your next billing cycle. Otherwise, that debt snowball gets heavy, fast, and you’ll be wishing you had used your superpowers for better financial decisions.

5. Personal Loan: Spread the Cost

Banks and money lenders offers personal loans with lower interest rates compared to credit card cash advance. Think of it as a more manageable way to borrow money. The downside? Approval might take a tad longer, like waiting in line for the hottest bubble tea flavor (totally worth it for the perfect sip, though!). But, the upside is you get more time to repay the loan, making it easier on your wallet.

Be a Financial Robin Hood: Shop around and compare different online personal loan options before you commit. Look for the lowest interest rate, low documentation fees, and a flexible repayment plan that fits your budget. Remember, borrowing is all about responsibility. Use it right, and you’ll be back to spending on fun things in no time!

Final thoughts: Before you jump into any loan, compare interest rates, fees, and repayment terms. Don’t be afraid to shop around! Also, be honest about how much you can afford to repay. These are just tools, use them wisely and you’ll be a financial whiz in no time!

There you have it! With a little planning and these handy tips, you can conquer those emergencies and get back to the fun stuff – like devouring your favorite chili crab without a care in the world! Just remember, borrowing is all about responsibility. Use it right, and you’ll be a financial whiz in no time!

 

 

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Standard Chartered launches the new Journey Credit Card and you can earn up to 3 miles per dollar

The ‘X Credit Card’ is rebranded to the new ‘Journey Credit Card’ with enhanced benefits

Are you ready to embark on an incredible journey? Look no further than the Standard Chartered Journey Credit Card, the ultimate companion for all your travel aspirations. Packed with fantastic benefits and unmatched rewards, this card will take you places you’ve only dreamed of. Let’s dive into the incredible features that make this card a must-have for avid travelers.

First and foremost, the Standard Chartered Journey Credit Card offers an amazing welcome gift of up to 45,000 miles for new cardmembers! Yes, you read that right—just for joining the Standard Chartered family, you’ll receive a generous welcome gift that will kickstart your travel goals in the most extraordinary way possible. Imagine the possibilities as you jet off to your dream destinations, all thanks to this exceptional welcome offer.

Here’s how can you pick up the bonus miles:

  • Up to 25,000 miles: Earn additional 5 miles per dollar from eligible spends within 30 days of card approval, capped at S$5,000
  • 10,000 miles: From annual fee payment of S$194.40
  • 10,000 miles: From S$5,000 eligible foreign currency spends

This limited-time offer is is valid until 30 June 2023. T&Cs apply.

But the journey doesn’t end there. With the Standard Chartered Journey Credit Card, you’ll earn up to 3 miles for every dollar spent, ensuring that every purchase you make brings you closer to your next adventure. This is the only card where you can earn 3 miles for every S$1 spent on online transactions from transportation, grocery and food delivery merchants. On top of that, you can earn 2 miles per S$1 for foreign spends and 1.2 miles for every S$1 spent locally.

Whether it’s booking flights, accommodation, dining at your favorite restaurants, or indulging in retail therapy, your spending will be rewarded with miles that can be redeemed for flights, hotel stays, and a variety of other travel experiences. With this card, every dollar spent is an opportunity to unlock remarkable rewards.

But that’s not all. The Standard Chartered Journey Credit Card comes with a host of other enticing benefits designed to enhance your travel experiences. Enjoy exclusive access to airport lounges, where you can relax and unwind before your flight. Take advantage of complimentary travel insurance that provides coverage for you and your loved ones, giving you peace of mind wherever you go. Additionally, the card offers attractive dining and lifestyle privileges, allowing you to enjoy discounts and special offers at a wide range of partner establishments.

Applying for the Standard Chartered Journey Credit Card is quick and easy. Simply fill out the online application form on SingSaver to get started. As part of an ongoing offer till 31 May 2023, you will also receive an additional $20 Cash via PayNow plus 1x ReboundTag, on top of the 45,000 miles!

For more information about the Journey Credit Card, click here.

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Unlock the Mysteries of Mortgage Rates

Mortgage rates are an important factor to consider when buying a home. They can have a significant impact on how much money you will pay in interest and the size of your monthly payments. With mortgage rates constantly changing, it’s important to understand what affects them and how they may change in the future. In this introduction, we’ll take a look at what factors influence mortgage rates and how they may affect your decision-making process when purchasing a bank home in Singapore.

Factors Affecting Mortgage Rates

  • a. Inflation
  • b. Federal Funds Rate
  • c. Economic Activity and Unemployment Rate
  • d. Bond Market Activity
  • e. Credit Availability and Demand for Loans

Mortgage rates are a key factor to consider when deciding whether or not to purchase a home. Although there are many factors that can affect mortgage rates, five main ones tend to have the greatest influence. These include inflation, federal funds rate, economic activity and unemployment rate, bond market activity and credit availability and demand for loans.

Inflation has an important role in determining mortgage rates because it affects the overall cost of living. As prices increase due to inflation, lenders will generally raise their mortgage rates as well in order to offset the extra costs associated with providing loans in an environment of higher prices.

The federal funds rate is another major factor that can affect mortgage rates. This is set by the Federal Reserve Board and it influences how much banks charge borrowers for loans as well as other lending activities such as issuing mortgages. Generally speaking, when this rate goes up so do interest rates on mortgages (and other types of loans).

Economic activity and unemployment rate also play a role in setting mortgage rates since lenders use these figures to assess potential risks associated with providing home finance products such as mortgages.

Types of Mortgage Rates

  • a. Fixed-Rate Mortgages
  • b. Adjustable-Rate Mortgages (ARMs)

Mortgages are a major financial commitment, and with so many different types of mortgages available, it can be difficult to decide which one is right for you. Two of the most common types of mortgages are fixed-rate and adjustable-rate (ARM) mortgages. Understanding the differences between these two mortgage types can help you make an informed decision that best fits your financial goals.

Fixed-Rate Mortgages

A fixed-rate mortgage is a loan with an interest rate that remains the same throughout the life of the loan, no matter how long or short that may be. With this type of mortgage, borrowers know exactly what their monthly payments will be for as long as they carry the loan. This predictability makes it easier to plan and budget for homeownership expenses in addition to other monthly expenses like utilities and groceries. Fixed-rate mortgages often come in 15-, 20-, 25-, or 30-year terms; however, some lenders may offer longer terms as well.

Adjustable-Rate Mortgages (ARMs)

An adjustable-rate mortgage is a loan with an interest rate that changes over time based on certain predetermined criteria such as market conditions or index rates like Treasury Securities or LIBOR indexes. Depending on the lender

Benefits of Lower Mortgage Rates

As homebuyers prepare to enter the real estate market, one factor that is often top of mind is the mortgage rate. Lower mortgage rates can be an attractive incentive for those looking to purchase a home, as they can help make the process more affordable and accessible. In this article, we’ll explore some of the benefits of lower mortgage rates and how they can be beneficial to potential homeowners.

One of the most obvious advantages of lower mortgage rates is that it makes buying a home more affordable. Homebuyers who take advantage of these reduced rates are able to borrow money at a cheaper cost over time, which helps them save on interest payments and allows them to pay off their loan faster. With lower monthly payments, it also becomes easier for potential homeowners to make their dream of owning a house come true without having to stretch their budget too thin or put themselves in financial jeopardy.

Lower mortgage rates also open up possibilities for refinancing existing loans or taking out additional loans against existing property equity. Homeowners who have taken out larger mortgages may find that refinancing at today’s low rates could significantly reduce their overall debt load and monthly payment amount – helping them get back on track with paying off their loan sooner than expected.

Conclusion

Mortgage rates are a key factor to consider when purchasing or refinancing a home. Rates can change drastically in a short amount of time, so it is important to stay informed about current conditions and shop around for the best rate you can find. With careful research and diligence, you can find the right mortgage rate that fits your budget and long-term goals.

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Benefits & Drawbacks of Using Cash Versus Credit Cards in Singapore

KEY HIGHLIGHTS
a. Paying with cash can encourage mindful spending, as it lacks the convenience that credit cards have.
b. Credit cards have security features and a rewards program, which cash does not have.
c. Interest charges and late payment fees can pile up if you don’t pay off your credit card balance on time.

With the easing of travel restrictions, you are hearing more family and friends discuss their latest holiday plans. Some may even brag about the “free upgrades” they received on flights and hotels by using their credit cards’ miles and accumulated points.

If you are feeling tempted to get a credit card to reap its benefits when you travel, remember to do your own due diligence, and understand the pros and cons of using credit cards versus cash. Both credit cards and cash are widely accepted as payment methods in Singapore. It is imperative that you weigh your options and consider your spending habits, before deciding.

BENEFITS OF USING CREDIT CARDS

#1: UNDENIABLE CONVENIENCE

Credit cards allow you to make purchases without carrying cash, which can be more convenient when you need to make large purchases. You do not need to worry about queues at the ATM, or whether you have enough cash in your wallet. Simply swipe the card anytime and anywhere.

#2: REWARDS AND PROMOTIONS

Many credit cards offer promotions and rewards such as cashback, discounts, and points. You can earn rewards by swiping your card for everyday purchases, which can help you save money in the long run. If you play your cards right, you could be one of those people who fly for “free” due to their air miles redemptions. Imagine boarding the plane and redeeming the staycation of your dreams, without any additional spending on top of your usual expenses!

#3: SECURITY FEATURES

Credit cards come with fraud protection features such as receiving a notification for each transaction. This means that if your card is stolen or used illegally, you won’t be liable for charges. Call the credit card issuer immediately to inform them of any unauthorized transaction. Moreover, you can cancel a credit card if it is lost or stolen.

Image Credits: unsplash.com

In contrast, cash does not give consumer protection against fraud and theft. In the unfortunate event that your wallet is stolen, all the cash inside would certainly be gone.

BENEFITS OF USING CASH

#1: NO FEES

While having a credit card does make purchases in foreign currencies seamless, they tend to come with relatively high foreign exchange fees and unfavorable foreign exchange rates. When you use cash, you do not have to fret about paying fees or interest. Furthermore, some retailers offer devices that are cheaper when purchased in cash.

#2: SPENDING CONTROL

At one point or another, you have probably gone down the rabbit hole of splurging on an item that costs more than your budget. When this happens, sticking to your available cash will be your best bet to stay within your means. Using cash can enable you to track your spending and avoid overspending. With a limited amount of cash in your wallet, you are more likely to think twice before making a purchase.

#3: WIDELY ACCEPTED

While credit cards are widely accepted in Singapore, there are still some places where you can only pay with cash. Small local businesses, hawker centres, or street vendors may opt for cash transactions.

Image Credits: unsplash.com

The choice between credit cards and cash comes down to your financial situation and personal preference. If you value convenience, rewards, and security, a credit card may be a better choice. However, if you prefer mindful spending and avoiding fees and hidden charges, then cash may be the way to go.

Sources:1,2, & 3

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