Yahoo Finance GXS FlexiLoan Review 2024 — Could This Be One Of The Most Flexible Loans Out There?
When it comes to personal loans, we usually think of high interest rates and high fees by the big bad banks, right? But there’s one out there that’s different.
Digital bank GXS is offering a loan that is quite unlike traditional bank loans. The GXS FlexiLoan is a relatively new product as it launched in April 2023. Within a year, GXS already disbursed 100,000 loans.
Let’s see whether the hype is worth it.
GXS FlexiLoan application criteria
Before we go into what’s different, here’s the eligibility criteria:
Be a Singaporean citizen or permanent resident
Be age 21 to 65 years old
Have a minimum annual income of $20,000
Applying for the GXS FlexiLoan is straightforward. Simply download the app and if you meet all the above criteria, you can get the loan approved in less than 3 minutes, according to the GXS website.
GXS FlexiLoan interest rate (2024)
The interest rate of 2.99% p.a. (EIR 5.65% p.a.) is pretty good. The Effective Interest Rate (EIR) is calculated based on an average loan amount of S$10,000 with a 36-month repayment period, from 1 Jan 2023 to 1 Jan 2026.
What’s the difference between interest rate and EIR you ask? The EIR is the actual interest you’ll be paying on your loan.
GXS FlexiLoan benefits
Now here’s where the GXS FlexiLoan differs from traditional bank loans.
Fees
Firstly, there are none of the usual fees—no annual fee, no processing fee, no early repayment fee, and not even a fee for late payment! You will, however, be charged if your interest is late.
Multiple loans
GXS Flexiloan lets you take multiple loans (up to 10) capped at your credit limit. So let’s say your credit limit is $10,000. You can draw a maximum of 10 loans at the same time of $1,000 each or different amounts, as long as the total does not exceed $10,000.
Loan amount
The loan amount you can draw is flexible—from as low as $200, until your credit limit.
If you are afraid of over-borrowing, you can borrow a lower amount first. And if you find it’s not enough, you can still take another loan without any extra fees.
Tenure
GXS FlexiLoan allows you to choose your tenure between 2 months to 60 months. But you can’t change your tenure once it’s set.
Repayment
You can select a preferred repayment date for your loan. So let’s say your salary comes in on the 15th of the month, you can set the repayment date as the 15th so you’ll be able to repay it promptly and avoid spending more than you should.
GXS FlexiLoan promotions
GXS is currently running a massive lucky draw. From now till June 2024, sign up and draw a loan to stand a chance to win:
A trip worth S$12,000 for you and a friend (2 winners per month from April to June 2024)
A dream home makeover—2 winners will get a $5,000 Commune furniture voucher per month in April and May and in June, 4 winners will get a $2,000 Singtel voucher for lifestyle products
A new iPhone 15 + 1 year free Singtel postpaid bill worth $1,500 (5 winners per month from April to June 2024)
Even if you don’t win a lucky draw prize, all signups will get a $50 Grab voucher. Nice.
To be eligible for the lucky draw, your loan must be a minimum of $3,000 with a minimum tenure of 6 months. You must maintain an active loan with at least 50% balance until 17 July 2024. Terms and conditions apply.
GXS FlexiLoan vs POSB, DBS, OCBC, UOB
While the GXS FlexiLoan has lots of great perks such as no annual fee, no early repayment fees and multiple borrowing, it would still be wise to compare with the other loans out there in the market to find the one that best suits your needs.
Per Month
S$303
Per Month
GXS FlexiLoan
EIR: From 5.65%
More Details
Key Features
Apply and get approved in minutes
No hidden fees (no annual, processing, early repayment or late fees), but late interest is chargeable upon late repayment
A standby revolving credit line which you can draw multiple loans from, from as low as $200*
Customisable loan tenure from 2 to 60 months depending on loan amount selected
Repayment is done in equal monthly instalments
Ability to choose your preferred repayment date
Save on interest when you repay early
Interest is computed on a daily non-compounding basis
In-app reminders to repay on time and avoid late interest charges
*Interest rates from 2.99% p.a. (5.65% p.a.). GXS Bank is regulated by the Monetary Authority of Singapore
*T&Cs Apply. For more information on GXS FlexiLoan, please refer to the T&Cs here www.gxs.com.sg/flexiloan
Loan Details
Citizenship Status |
|---|
S$20,000 |
5 Years |
S$0 |
Repayment summary
Principal Loan Amount |
|---|
3 Years |
2.99% |
5.65% |
S$897 |
S$10,897 |
S$303 |
Per Month
S$302
Per Month
Online Promo
POSB Personal Loan
EIR: From 5.79%
More Details
Key Features
Existing POSB/DBS users can apply directly to receive instant cash disbursement to your POSB/DBS account!
*Note that the rates provided to you are customised and might differ from what's displayed here. POSB Bank is regulated by the Monetary Authority of Singapore.
Loan Details
Citizenship Status |
|---|
S$30,000 |
5 Years |
S$100 |
Repayment summary
Principal Loan Amount |
|---|
3 Years |
2.88% |
6.07% |
S$864 |
S$10,864 |
S$302 |
Per Month
S$302
Per Month
Online Promo
DBS Personal Loan
EIR: From 5.79%
More Details
Key Features
*Note that the rates provided to you are customised and might differ from what's displayed here. DBS Bank is regulated by the Monetary Authority of Singapore.
Loan Details
Citizenship Status |
|---|
S$30,000 |
5 Years |
S$100 |
Repayment summary
Principal Loan Amount |
|---|
3 Years |
2.88% |
6.07% |
S$864 |
S$10,864 |
S$302 |
Per Month
S$323
Per Month
OCBC ExtraCash Loan
EIR: 11.47%
More Details
Key Features
Loan tenure from 12 to 60 months
Borrow up to 6x monthly salary for annual income S$120,000 and above, 4x monthly salary for annual income S$30,000-S$119,999 and 2x monthly salary for annual income S$20,000-S$29,000
Make repayments easily via online or Mobile Banking funds transfer, cheque deposit or cash deposit machine
Easy ways to manage your account with Online and Mobile banking
Note that the rates provided to you are customised and might differ from what is displayed here. OCBC Bank is regulated by the Monetary Authority of Singapore.
Loan Details
Citizenship Status |
|---|
S$20,000 |
5 Years |
S$100 |
Repayment summary
Principal Loan Amount |
|---|
3 Years |
5.43% |
11.47% |
S$1,629 |
S$11,629 |
S$323 |
Sponsored
Per Month
S$302
Per Month
MoneySmart Exclusive
Faster Gift Redemption
UOB Personal Loan
EIR: From 5.43%
MoneySmart Exclusive:
[Faster Gift Redemption]
Get attractive gifts like an Apple Mac Mini, 512GB (worth S$1,156.85) or an Apple iPad Air, 64GB (worth S$895.40) or a Apple Watch Series 9 (GPS), 45mm (worth S$655) or a Samsung 32-inch Smart Monitor M5 (worth S$493) or a ErgoTune Classic Ergonomic Chair (worth S$399) or up to S$1,200 Cash via PayNow when you apply for UOB Loan through MoneySmart! T&Cs apply.
Valid until 30 Apr 2024
More Details
Key Features
Loans starting from S$1000
Loan tenure period of minimum 1 year to a maximum of 5 years
Rates from 2.88% p.a. (EIR from 5.43%) + 0% Processing Fee
No documents required for existing Credit Card members
Instant approval for applications submitted between 8am to 9pm for new UOB customers. Terms and conditions apply.
UOB Bank is regulated by the Monetary Authority of Singapore.
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
Loan Details
Citizenship Status |
|---|
S$30,000 |
5 Years |
S$0 |
Repayment summary
Principal Loan Amount |
|---|
3 Years |
2.88% |
5.43% |
S$864 |
S$10,864 |
S$302 |
Compare all the best personal loans
Before you go on and take up a loan, it’s best to think about what you need it for. Regardless of how good the rates may sound, you shouldn’t be borrowing just because you want to fund a trip or buy some luxury goods.
Take a loan if you need it for some big ticket items and if you’re certain you can pay it back. That means you have a regular salary coming in, aren’t about to quit just yet, and your industry is relatively stable.
Ultimately, taking a loan means having to pay interest on it, so you always end up paying more back than what you borrowed.
If you’re sure you want to take a loan, here’s MoneySmart’s personal loan page to compare interest rates across multiple banks in Singapore.
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Original article: GXS FlexiLoan Review 2024 — Could This Be One Of The Most Flexible Loans Out There?.
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