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Help: Broke And My Next Loan Installment Is Due - #1 Loan Directory in Singapore | Loan Singapore

Help: Broke And My Next Loan Installment Is Due

Nowadays, it is common you get a random call from a telemarketer trying to offer you bank loans and other services even if you do not need it. Even if you say no, you would still get similar calls until you avail the service. You can also ignore the calls if you don’t want to deal with these telemarketers.

While you can ignore these calls, you cannot do the same thing when you take out a personal loan from the bank or a moneylender. You would no doubt get a call saying you have a certain period to pay for your loan. The calls would be more persistent when you miss a monthly repayment and eventually, you would find the collectors knocking on your door.

When this happens, people would definitely say ‘you should not have obtained a personal loan in the first place.’ However, if you really have no choice but to get the loan, what should you do to escape getting into this mess?

While you can just ditch everything and run away from the collectors, you may find yourself in an even deeper mess if you get caught.

In order to save yourself from such occurrence, here are some ways to help you pay off your loans even if you are broke.

Get Short Term Gigs

Nowadays, you can make some funds even with short-term jobs or gigs. May it be online or offline, there’s a job that can help you earn a quick buck for your bills and expenses if you know where to look. While the amount these gigs can generate is not that much, putting them all together can help you make up for your missed payment and appease the moneylender or the bank.

These short-term gigs can also help you build up emergency funds when you managed to pay off your monthly payments.

In Singapore, short-term gigs are aplenty and here are the most common ones that appear on the market:

  • Private tutors
    Education is an important part of every child’s life and parents would always want the best for their child. Job ads for private tutors can easily be found in newspapers and if you fit the bill, you can easily start working after 2 weeks.
  • Roadshow salesperson
    If you are looking for a short-term job that hires immediately, just type in “roadshow” on Gumtree, Monster and other job portal sites and pick the one that is suitable for you. Usually, roadshow jobs entail sales and retail tasks that do not require a high educational background.

Be Honest and Talk to Them

For people who take out loans from money lender, they tend to believe that if they cannot pay their loans, the best way to escape it is by running away. Unfortunately, running away from loan collectors can be a nasty business because if you get caught, you will be extradited and face jail time.

Contrary to popular belief, loan providers are not that harsh and would happily help you in lessening your worries if you explained to them why you cannot pay them. To them, it would be costly if they would have to get lawyers to harass you and use their leverage to pressure you into paying them. If you properly explain your circumstances to them, loan providers would offer you options like reduced loan rates, payment extensions and a new payment scheme.

If you get these alternates, you will be able to at least fend off the collectors for a while. Of course, make sure you do not waste this chance because even loan providers have limits to how much leeway they can provide you.

Stop Spending Haphazardly and Save Up

For this next option, it doesn’t mean you have to stop yourself from spending at all to make funds. You still need to spend some money for your living expenses.

While you may say you deserve to unwind once in a while, you should lay it off for a while until you pay off your personal loans. The amount you save from luxury and another non-essential spending can assist in paying your monthly dues and you would be surprised with just how much you can save if you lay off from the splurges for a short period of time.

Reducing expenses should also include just how much you spend on daily commodities like food, fuel and transportation. As much as possible, buy what’s enough to get you by and look for alternate options for your other expenses.

Once you pay off your dues, you can splurge once in a while and also save up while you are at it. You may even find it easier to budget your expenses once you no longer have loans to cause you worries.

Borrow from Family or Friends

If the amount you save up from the first three steps isn’t enough and you really can’t pay off your loans, it is time to face the music and seek help from your family and friends. They may be willing to lend you some money in exchange for a favour you will need to do in the future. When you get the money, immediately pay off your repayment and plan the next repayment.

If your family or friends do not lend you money, you can still check out other moneylenders or loan providers if your credit is still good. When you do this method, you undergo debt consolidation: paying a loan with another loan with a smaller interest rate.

However, before you do debt consolidation, it is ideal to review the overall cost you will pay on your second loan. There is a possibility you may pay more on interest if you have gotten a high-interest loan to pay off your current loans.


When you are broke and desperate, do not immediately drop everything and head for the hills when you miss a repayment. There are many ways for you to be able to pay it off if you calm down and think carefully.