Month: May 2016

How to Teach Your Kids about Loans

The concept of loans is something that you should teach to your kids nowadays. By doing so, you’re opening your kids to one of the most common aspects of finance. However, Singapore flexi loans, payday loans and all associated topics can be overwhelming at times. In this case, you have to curtail your approach and make relevant examples. You can apply the following techniques to help your kids understand the world of loans.

 

Candy Analogy 

payday loansDepending on your kids’ age, you can use candies as examples. For the candy analogy, you can assume that a friend of your kid asked for a candy. Now, your kid agreed, but only for an additional candy as repayment. This is the basic application of a loan. You’re teaching your kids about the responsibility of paying the debt full, along with the respective interest. There are times when your kids will ask about the need for the ‘extra candy’ or interest rate. You can explain that the interest rate is the way lenders make their money.

 

 

Early Loan Responsibilities

Another factor that you should teach your kids is the responsibility of having a loan. Emphasize that a loan must be paid as much as possible. By focusing on responsibilities, your kids will understand that applying for a loan is not something that you must do all the time. You’ll also set an example to your kids and they will have a firm grasp on the concept of integrity.

 

Importance of Economy

As your kids get older, they will understand the importance of economy. You can connect this premise to the volatility of loans. One angle to explore is the growth of interest rates whenever the economy undergoes a rapid curve. You can also share a primer on mortgage loans, but don’t delve too deep or your kids might be overwhelmed with all the data.

kiddie bank

 

Banks as Established Lenders

It’s often safe to teach your kids about the importance of banks when it comes to loans. If your kids realize that banks are reliable lenders, they will be more comfortable with bank processes. You should also explain that small-time lenders should be viewed with extra caution, but they can also be trusted to a certain degree.

Teaching your kids about loans and loan management will prepare them for the coming years. As they become adults, they will have effective loan management techniques, and they won’t just borrow without precaution. Do the hard work today and watch it pay off in the future.

Using Loan to Finance Your Travel Experience

Traveling is a wonderful hobby or activity that anyone should experience, at least once. The idea of visiting a foreign place can open your mind to possibilities, and you can even have a relaxing break from the bustle of the city. However, it’s undeniable that traveling can sometimes be costly. You need to allocate a specific portion of your budget and travel costs are also growing rapidly. If you want to travel yet your budget is tight, you can benefit from a quick expat loan in Singapore.

 

Get a Personal Loan

travel loansPersonal loans in Singapore are common types of loans issued by banks and any licensed money lender Singapore. One of the notable factors about personal loans is ease of application. Depending on the lender, you may or may not undergo heavy credit checks. Once the lender trusts your record and capability of paying right on time, your loan can be approved. Be careful in applying for any personal loan, though. Always read the fine print to catch any hidden fees.

 

Seek Loan Advice

It’s often useful to seek the advice of loan experts. With this, you’ll know which loans can you rely on and which loan providers are worth your attention. Aside from experts, you can also ask recommendations from your friends and relatives. Keep your options broad and do not settle for the first lender that will come in your mind. Alternatively, you can get helpful information in the Web. You can visit websites to gain better knowledge.

 

Get a Travel Loan

Personal loans in SingaporeSince traveling has become more popular and common nowadays, banks have launched numerous travel loan programs and schemes. You can check out these programs if you’d like. Remember that travel loans are different from personal loans and they will probably have a different transaction process, depending on the bank. Another factor that you should watch out for is the interest rate. If a travel loan has an outrageous interest rate, skip that and just look for another.

 

All about Travel Loan Privileges

It’s always nice to hit two birds in one stone. Banks and lenders usually now have perks that you can take advantage of. It’s often wise to choose a loan program that has relative travel perk. Looking for this program may be challenging but it’s worth your time.

Once your loan application is approved, then it’s time to prepare for your travel experience. Take your mind off the loan and deal with it later. More importantly, you need to savor every moment!