Nowadays, securing a good loan seems to be part of the norm. A loan helps you get by in life, provided you know how to pay the lender properly. Understanding this specific need, banks and organizations came up of new methods to make their loans attractive to the public. Aside from offering flexible loan programs, they started offering privileges and perks. The question is imminent: do you really need those kinds of privileges? To answer such question, you must understand several key points.
Privileges Are Desirable
More often than not, the privileges offered along with loan packages are stuff that can bring enjoyment to your family. These can be gadgets, entertainment items, themed items, accessories, and many more. While these privileges are not necessary to the loan, they somehow ‘tickle’ your desire and improve the overall appearance of the transaction. You have the rights to deny the perks, but some are really tied to the loan package.
Privileges Make You Special
The psychology of the ‘inner child’ takes place in all aspects of your life—even in loan transactions. A licensed moneylending company in Singapore know about this, so they introduced privileges. While not all privileges can make you feel special, some are really interesting. It could be a prized vacation in a resort that you’re dreaming of or a free trip in any country. Basically, the more complicated the loan is, the greater the privilege. In a way, this satisfies the ‘inner child’ within you and makes you feel totally comfortable with the deal.
Lenders Are Seen as Friends
By showering you with extra gifts, the licensed money lender in Singapore appears as your friend. Such act can be traced back in the old times where two cultures bridge their gaps for a greater future. At first, a lender may appear as super-imposing or intimidating. As you go through the whole discussion and loan process, the representative will explain the perks and rouse your interest. This lowers your guard and you’ll see the lender as your ‘friend.’ While there’s nothing wrong with this, you have to remain objective and understand what the lender is trying to say. Focus on the nature of the loan and the specifics. Always read and re-read any document so you wouldn’t be caught off-guard.
Privileges, in a way, are worth exploring. However, you must remember that they shouldn’t be the reason why you’re applying for a personal loan. There must be a deeper reason behind the application, since you need to keep up with monthly payments. Perks and privileges are just extra icing on the cake.