If you’ve lived in Singapore long enough, the alarming reports about skyrocketing consumer credit are nothing new. One finding estimates that one out of every three Singaporeans took out a personal loan in 2020 alone
Sure, we’re loosening up to the idea of personal loans, but what’s causing this shift? Have personal loans become cheaper and accessible, or do we lay blame at the door of the exorbitant cost of living? In this article, we explore five reasons why personal loans are becoming rife in Singaporean households.