The Advantages of Taking A Luxury Goods Loan

The Advantages of Taking A Luxury Goods Loan

Shopping is one of the top activities to do in Singapore. With the wide array of Malls available, it is no surprise that nearly every weekend is spent shopping in one. Luxury goods, in particular, are becoming increasingly popular among Singaporeans. Gone are the days where they were only for the rich and exuberant. Today, you can catch a myriad of young people strutting the streets with a branded bag in hand. Needless to say, luxury goods don’t come cheap and can go up to a few thousand dollars per piece. Why then, do people flock to stores just to get their hands on limited edition pieces every now and then? Well, one reason is that Singapore’s economy is steadily growing. This means that more working adults and youths are more capable of affording luxury goods. 

Moreover, there has been a rise in ‘hype’ trends in recent years that has spurred a strong following of Singaporeans who find it necessary to get the latest goods in order to look good in front of their family and friends. Fashion trends are continually changing and this explains why there is no shortage of Singaporeans who will do anything just to keep up with the latest and coolest trends. At the end of the day, owning luxury goods is a way to improve your social status. People subconsciously attach certain labels to an individual when they see them carrying something branded. What’s more, luxury items represent success and wealth; two goals that most people want to achieve in life. 

Although it is impossible to ignore the hefty price tag that comes with owning a luxury good, it is still possible to get your hands on a piece that you really like without breaking the bank. One such way is by taking out a luxury goods loan. This is practically unheard of but can be very helpful in procuring an item that you’ve been eyeing on for a while. You don’t always have to wait until you save up enough money before allowing yourself the treat of buying something from the luxury goods section. 

By taking out a luxury goods loan, you can satisfy your current purchase desires while giving yourself time to repay your loan; this way, you can prevent your spending and savings accounts from drastically depleting in one shot. After all, it is important to always have enough for your daily expenditures. If you are not yet convinced or are thinking about taking out a luxury goods loan, read on to find out more about its advantages.

Why You Should Consider A Luxury Goods Loan

It is highly likely that nobody pays for luxury goods with cash upfront. The most common mode of payment is by credit card; which is arguably very convenient but have you thought about the high interest rates that come with paying off your credit card balances? A luxury goods loan is considered an unsecured loan and what this means is that you can get the money immediately and repay your debt in monthly installments that you can comfortably handle. This is compared to credit cards where you have a shorter time frame to pay your debts. The main point to take note is that you should only borrow what you need; Ensure that you have enough savings for your monthly installments so that it doesn’t compromise your daily necessities expenditure and you’re good to go.

Benefits Of Luxury Goods Loans

 

1. Quick Approval

Limited edition goods are gone before we know it. Getting your hands on exclusive luxury goods requires you to have sufficient cash at hand, and within a short period of time. You never know when a gorgeous bag from your favorite brand is released but only in small quantities. Time waits for no one when it comes to such things and a luxury goods loan will secure your purchase regardless of how hefty the price tag is. Your loan application can be validated in a matter of a few hours as long as you have all the necessary information and documents prepared so you need not worry about missing out on a rare chance to get your hands on something you really like. 

2. Affordable Interest Rates

Forget borrowing from banks and credit card companies, there is an array of other options available in Singapore. Taking out a luxury goods loan is nothing like procuring a housing or car loan. It is possible to get low interest rates if you do substantial research and choose the best lender.

3. They are Unsecured

Hassle-free and fast to approve, you can skip the step of getting collateral as it is an unsecured loan. 

4. Flexible Terms of Payment

Unlike many other loans, you will get to decide how much and how long you want your loan period to be. This makes it convenient and takes away the usual stress that comes with procuring loans. Simply look at your financial statements and decide what is a good amount you can afford to fork out every month to repay your debt.

5. No Minimum Income Requirement

If you just entered the workforce and don’t have a high pay yet, you don’t have to worry that your loan request will be rejected. The only condition that you need to fulfill is that that you are receiving monthly earnings.

Is A Luxury Goods Loan Worth It?

The number one question that crossed your mind is probably whether it is worthwhile to procure a loan. One way to think of luxury goods is as investment pieces. They are not goods that will go out of trend or spoil easily. In fact, as more time passes, their value may even go up. There is always a market for luxury goods due to their trendsetting nature and ability to last years if they are properly cared for. Plus, you will always have the option of reselling your piece to get back a portion of your spending; this will give someone else a chance to own your classic piece while giving you the chance to perhaps buy another good that better suits your current style.

It is never just about showing off when it comes to owning luxury goods. We can’t deny that they give us a confidence boost every now and then; you never need more than a few good items to stay chic and vogueish. If you are a frequent luxury goods buyer or are someone who has been eyeing something in the shop windows for quite some time, it is probably time for you to try getting a loan; you will save so much more in the long run and who knows, you might even be able to use the money saved to buy more goods! 

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