Basic calculation
Assuming if you borrow $5k from a friend and pay a monthly instalments of $150 per month, it will take approx. 2 yrs n 10 mths to zerorise your outstandings. But, $5k personal bank loan, $150 month till now, I bet u, outstanding still stands at S$4.8k with default payment. Bad paymaster will affect your credit ratings and will affect your borrowing with finance company. A few default payment, your account will be transferred to bad account. Omg!!!! not trying to scare you people but didn't I tell you before, be a good paymaster. Housing loan, car loan, credit card all depends on your credit worthiness. It's really a pity.
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