Amazing cocktails at the Elegant Swan. We recommend the cranberry cocktail. Absolutely delicious!

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Hop across the street to the Electric Cinema, for a special screening of Gone with the Wind.

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Walk around the corner for a late night dinner at Moma's Kitchen, where they combine impeccable glamour with tasty dishes.

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The cost of living in Singapore has been increasing steadily in the past few years. Unfortunately in most cases, income isn't increasing quite as steadily. So what are your options when you find yourself in urgent need of some money? The first option is to ask your family and friends for money. If that doesn't work out then you only have one other option which is to go for a personal loan. As far as getting a personal loan in Singapore is concerned there are a few things which you should know before going ahead and searching for a personal loan:



1. The amount of money which you can borrow will depend upon your yearly income. If you are earning more than $ 30,000 per year, you can take a loan of up to four times that amount. But if you are earning below $ 20,000 a year, you will only be able to get a loan of around $ 3,000. That's quite a big difference isn't it? The interest rate will vary greatly depending on your annual income as well.




2. It is very important for you to budget your monthly expenses before taking a personal loan. You can do this by deducting all your expenses from your monthly income and seeing how much money you have left. Don't take a loan with a monthly repayment higher than this amount. Alternatively, reduce your monthly expenses so that you can have a larger amount of money left to pay your installment. But no matter what you do, never borrow more than you can afford to pay.




3. When it comes to choosing a lender, don't just go with the first one that offers you money. Even though all lenders operate on the same general principles, when it comes to tenure, interest rate and eligibility criteria, they might not always be the same. That's why it is important to shop around before settling on a loan company. This way you will ensure that you get a good deal. Remember, loan companies will be charging you interest on the money you use. You have every right to look for the best deal.




4. When you come to the stage of contract signing, you need to carefully read through the contract as well as any other terms & conditions that the loan company may have. One thing which a lot of people miss out is the prepayment penalty. Just because you don't have money today doesn't mean you will never have money. You wouldn't want to be stuck with a loan even though you have the money to repay it in one go would you?




5. Lastly, remember that a personal loan is a monthly obligation which has to be fulfilled. You can think of personal loans as a house for which you have to pay rent every month. And remember to safely store all receipts of payments made against your loan just in case there are any discrepancies in the future.