1. Starting an adult’s life
You might currently be pursuing higher education, or have just entered the workforce.
You begin your career, meet all kinds of people and take charge of your own finances and bills.
This sudden independence might cause us to fumble with our finances along the way, which is where a lifestage financing loan can be a great solution.
2. Getting married
Weddings are magical and beautiful. They are significant once in a lifetime events and it can be incredibly costly to have the wedding of your dreams.
Think the best hotels, cakes, dresses, engagement rings, food and photographers and celebrate the event with lots of guests.
All these usually cost anywhere between $30,000 – $60,000. In some instances, it can cost as high as $100,000.
A lifestage financing loan helps to ease the stress of planning it, all while repaying it in manageable amounts over time.
3. Going for a honeymoon
A honeymoon is a must-have for newly-wed couples.
Most couples leave for their honeymoon right after the wedding to spend quality time with one another.
Honeymoons can easily run into thousands of dollars, especially so if you are looking at more exotic destinations and a longer travel duration.
4. Purchasing a home
Once married, most couples will usually purchase their own house.
Most Singaporeans would either opt for a BTO flat or a resale flat. You will have to make the down payment and most would choose to take on a housing loan to finance their purchase.
Although the house will become an asset, the purchase costs associated is very steep.
5. Preparing to start a family
Being parents will be a truly exciting and life-changing experience.
However, having babies come with huge additional costs.
Delivery charges, baby furniture, clothes, food, diapers and formula are some of the costs you have to be prepared for.
If you come up short, a lifestage financing loan can help you go through this transition stress-free.
6. Medical care
As we age, it is inevitable that problems with our health will surface.
Thankfully, our medical insurance will cover most things.
Unfortunately, there are necessary medical procedures that may not be included by insurance schemes.
Medical emergencies requiring large sums may happen and paying thousands immediately will be difficult for some families.
A lifestage financing loan can be a great source of financial help during such times.
7. Funeral Bereavement
When you lose a loved one, which happens to all of us at some point, you will need to cater for funeral expenses as a family.
In Singapore, the costs are dependent on the type of funeral you have which will easily run into the thousands.
Preparing your finances for such a situation is essential.
A lifestage financing loan can help to cover any other additional costs that you might incur.