Here’s Why You Should Apply For A Loan This Year
With the new year upon us and 2019 coming to a close, it’s time to look ahead in the bustling world of global finance to determine just how well the loan market is forecast to perform as we enter into the new decade. With 2020 just around the corner, it’s time to take a look at the ins and outs of the 2020 loan outlook here in Singapore. Now, no one entirely knows just what the future global economy is going to look like in 2020, but with investors worried about a possible recession on the horizon, now might be your chance to apply for a loan to take advantage of the low interest rates that are sure to come.
A Recession In 2020? Really?
If the American Federal Reserve – also known as “The Fed” – is any indication of what’s soon to come, it’s safe to say that the writing is on the wall. The Fed has been lowering interest rates at an exponential pace throughout the last several months. Typically, they do this when the economy enters into a downturn, and with the ongoing trade war brewing between the US and China, the Fed is concerned that the market just isn’t strong enough to sustain higher interest rates at the moment. So, what does this mean for you?
This means that interest rates are as low as they’ve been in quite some time – especially in the US. Here in Singapore, our interest rates are almost directly correlated with those of the US. For example, the Fed has been slowly increasing rates within the US as the economy has shown some recovery, which has directly led to SIBOR rising their rates as well here in Singapore.
Now would be the time to take advantage before these rates rise even more. The iron is hot if you’re looking to strike a housing loan or a personal loan. And as for the looming recession? Time will only tell what the current market volatility will bring. Some say recession, others say prosperity.
It’s Time To Take Advantage
If now is the right time for you to apply for a loan in Singapore, we’d like to point you in the right direction. In terms of personal loans, interest rates are as low as 3.7% from HSBC, with POSB options increasing to 3.88%.
Quick Cash loans are still just as competitive too. Citibank is offering new and existing loan customers an interest rate of only 4.55%, while OCBC is offering an interest rate for existing loan customers of 4.7%.
And if you’re a low income earner, your best option for a personal loan in Singapore is one from DBS. If you’re looking for the best short term options, go with OCBC. And for the lowest interest rate, POSB has your back for a bank in Singapore. Again, no one really knows what 2020 is going to bring, but it’s surely going to be a wild ride on the market train!