What is APR and how does it matter for personal loans?
July 18, 2016
Personal loan is a good option for individuals who want to overcome a temporary financial difficulty, but it can really be a pain if you are unaware of the basic concepts about it. That is why it is very important for us to understand the basic concepts and terminologies related to this facility before opting for it. While talking about the personal loans, you must have heard that the APR should not be too high if you want to choose a good loan option. It means that it is very important to understand what APR is all about.
The term APR stands for “Annual Percentage Rate” which is a central feature of an affordable personal loan service. If the APR of a personal loan is low, the amount payable for loan installment, as well as the total payable against an availed loan will also be low. Thus an affordable loan opportunity should have not be offered with an APR higher than 10%, otherwise one will have to pay a very high amount on annual basis. Myloan.sg is one of the best loan service providers and offers the lowest APR without any compromise on the quality of the services. The company has partnered a number of lender firms, who follow a uniform rate that is committed by the company. All the companies in the list of this website provide Standard APR which is as low as 7.20 % which is considered a nominal rate when compared with the advantages achieved from this loan.
Loan at an annual rate of 7.2% will result into a very small amount added into the actual amount availed as loan. For example by taking $10000 to be paid off in 1 year, total amount will be $10720 as a total repayment sum. That means only $720 will be charged for such a valuable service to take someone out of an emergency situation. The best thing is that all the lenders listed at the website are bound on the same rate and clients have no tension of checking APR of all of them. As compared to Myloan, several others are charging a higher APR to provide loan to the clients in Singapore. Clients can avail any amount on any No. of years from 1 to 7.
Taking personal loan is an important decision for any individual; therefore it is important for all to make all careful considerations before taking this step. This is because if you make a good choice of your lender there will be no trouble in future. The results of a personal loan truly depend on the choice of lender you make. A wrong decision can even become a pain and a greater liability for you. Since Myloan is an answer to these concerns you can simply submit your request without any worries. This is the platform which takes the entire pain for you and is the most trustworthy option for personal loans in Singapore, which is why it is highly recommendable.