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View Full Version : Free Lance Designer cannot apply for Loans?



irng
12th July 2010, 11:27 AM
if the designer i'm using is free lance does that means i'm unable to appy for loand? comparing housing loans and personal loans, are there any difference in interest rates?

Ah Boy
16th July 2010, 04:13 PM
Don't think you can appply :eek:

irng
19th July 2010, 08:02 AM
hmmmm... free lancer can quote you cheaper but they cannot assist in the loan. headache like that.

Maverick
24th October 2011, 03:00 PM
if the designer i'm using is free lance does that means i'm unable to appy for loand? comparing housing loans and personal loans, are there any difference in interest rates?

Interest rate will be charged according to the time period.If you are applying for a short term loan then you will be charged low interest rate and if for a long term then you have to pay high interest..!!

HalcyonVI
25th October 2011, 03:20 PM
Interest rate will be charged according to the time period.If you are applying for a short term loan then you will be charged low interest rate and if for a long term then you have to pay high interest..!!

Hmm, it's the reverse actually. Long term loans tend to have lower interest rate whereas short term loan rates tend to be higher. But the absolute interest paid tends to be higher for long term loans as you are paying over a longer period.

hazel
31st October 2011, 02:12 PM
so in another words, clear off your debts in as shorter period as possible so you won't incur more interest.

HalcyonVI
31st October 2011, 04:09 PM
I wouldn't want to clear my housing loan in a shorter period right now. Housing loan interest rate is significantly lower than the inflation rate - makes more sense to buy stuff instead.

hazel
8th November 2011, 11:45 AM
loan is still loan after all and need to be paid back. i agree with you to buy stuff is it is for investment purpose meaning use this money to make more money. If really need to buy stuff and i would prefer to settle my debts.

HalcyonVI
8th November 2011, 02:08 PM
loan is still loan after all and need to be paid back. i agree with you to buy stuff is it is for investment purpose meaning use this money to make more money. If really need to buy stuff and i would prefer to settle my debts.

Paying off your debts as soon as possible is the traditional Chinese mindset. And there's nothing really wrong with it. It's like saying apples are better than oranges - a matter of personal opinion. However if you look at it strictly from a financial point of view, it usually does not make sense to pay off debts when the loan rate is lower than the rate of inflation (especially if you are a young person). To illustrate, if you pay $100,000 for a car now versus paying off a $100,000 loan at 1% per annum, on the face of it, you are losing $1000 in 1 year. However, if the price of the car inflates by 2% per annum, you'll have to pay $102,000 for the same car a year later. Not only do you have to pay more, you also lose out on enjoying the use of a car for a year.

hazel
9th November 2011, 10:14 AM
errr i don't understand. if this is the case if you have $100k then why don't settle it off immediately and same on the interest?

HalcyonVI
9th November 2011, 01:36 PM
Hmm, maybe it does not make sense to you because you have nothing you want to buy lol

If you have nothing to buy that is appreciating at a rate higher than the loan interest rate, by all means, pay off the loan!

hazel
11th November 2011, 05:22 PM
hmmm... maybe really nothing expensive to buy? got good lobang?

HalcyonVI
15th November 2011, 08:58 PM
LOL How can I tell what you like? I'm no mind freak :)

hazel
28th November 2011, 12:25 PM
what is consider expensive to you?

fellascarpet
30th December 2011, 02:18 PM
Don't think you can appply :eek:
you are right dear, i completely agree with you...