Have you been
looking for a way on how can you save money from your debts and avoid the
interest rates? If so, you should check out all about balance transfer and its
benefits. Balance transfer has been widespread in Singapore today because of
its help to borrowers who want to save money from their unpaid debts.
Through a balance
transfer, you don’t have to pay for the interest rate anymore as long as you
are going to repay them in 12 months. In 12 months, you either pay them $50 a
month, or you may opt to pay 3% of the principal’s amount, whichever is higher.
Customers who enjoy
this kind of offer are mostly the existing POSB/DBS Credit Cardholders and the
Cashline customers. After getting the approval of the balance transfer, you can
immediately have your money on your account which made the balance transfer a
top pick for borrowers.
How Can Balance
Transfer help You?
applying for balance transfer would give you the opportunity to continue paying
for your debt without any interest within 12 months but with a one-time
processing fee that is not that big compared to having the interest which is
indeed very practical.
The ones who
usually apply for a balance transfer are those who are having money shortage
and have to repay a debt immediately; if not, they will be charged with a high
interest rate. You may also use a balance transfer if you have an outstanding
balance on your Credit Card.
If you have an
outstanding balance in your Credit Card and can’t pay it right away, you will
also be charged with an interest rate, but if you are going to get a balance
transfer, you can save for up to 81% from your interest savings.
How to Apply for
Applying for a
balance transfer is not that hard where you can have your balance transfer
application at home. So, here are the steps on how you can have a balance
1. Log in to your mbanking, ibanking, ATM or
credit, and debit card
2. You then choose the amount of funds you are
going to use and the tenure
3. After these, you can now submit your
application online, and if you are an existing POSB or DBS customer, you don’t
have to submit any documents anymore
4. The amount you applied for will then be
drawn from your Credit Card or Cashline account if your application has been
5. The same amount of funds will then be
credited on your chosen current or savings account
With the help of balance transfer, you can now have the chance of finding a better financial state where you don’t have to worry about the interest rate your bank or licensed moneylender https://www.smartloan.sg/ is charging you every month you cannot pay your debt; what you only have to do is to apply online, pay them the one-time processing fee and your financial stress is now solved.