Survey shows consumers looking for more flexibility in loans

People’s attitudes towards loans are changing, according to a survey conducted by consumer finance firm, GE Money, last month.

With the Singapore economy expected to moderate this year, two thirds of 365 consumers polled said they were more cautious about taking up loans.

A total of 95 percent of respondents said flexibility was very important when applying for a loan.

Almost half said they wanted flexible options to deal with unexpected events any time through their loan period.

Alok Kumar, chief marketing officer, GE Money Singapore, said: “The needs are changing; the price or interest rates are not the only factors that excite the consumers.

“Consumers are conscious of the fact that their lifestyles are changing and they want their product to work harder through flexibility, options and choices.”

Source : Channel NewsAsia – 11 Mar 2008