Forum
Last updated: 

Can loan money be used for damage compensation?

My family spent the weekend in the National Museum of Singapore. As we stroll, my children ran and played inside where there is a vintage vase that they accidentally broke which costs a lot. I don't have that lot of cash in hand. I am hoping and wondering if I could repay the damage through my loan.

User comments

  • user image

    No Name

    An incident like this usually happens and as a museum goer, you are not obliged to pay the damage. You can report what had happened to the museum attendant and they will let you leave. After the incident report, an insurance company will send a representative to inspect the workplace and evaluate the damage. They will obtain a proposal for the repair to a conservator.

    2020.03.24 15:44

Please leave your knowledge and opinion!

Related Forums

Is it safe to borrow money with 30% interest rate?

Would it be legal to get a loan and then use it as a lending money thing?

If I were to borrow money from the bank how will this work out?

Can I still apply for a loan after declaring bankcruptcy?

They gave me more than what I requested

My wife always does demand expensive things like the diamond necklace and ring clothes etc. But my salary is out of the demand for her. Because I can't buy expensive things. So how should I keep happy her?

Related Reviews

MoneySmart exclusive rate of 3.5% (7.27% p.a.) for new loan customers with only 1% processing fee

The OCBC ExtraCash Loan is a true personal loan as it allows you to borrow up to 6X your monthly salary. However, I must warn that the interest rate is kinda high. If you don’t require that much money, I recommend that you consider the OCBC Cash-on-Instalments loan which is slightly cheaper. However currently with OCBC personal loan, you can get a MoneySmart exclusive rate of 3.5% (7.27% p.a.) for new loan customers with only 1% processing fee. For existing loan customers, you pay an interest of 4.7% p.a. (EIR 9.46% p.a.).

OCBC ExtraCash Loan / Oversea-Chinese Banking Corporation

$199 cashback for loans of $1,000 and above if you apply through MoneySmart

Although standard Chartered personal loan’s published rates aren’t that awesome, you still get a much lower interest rate as well as $199 cashback for loans of $1,000 and above if you apply through MoneySmart for your loan amounts of $1,000 to $250,000. Like most of its competitors, Standard Chartered Bank promises next-day cash. You can apply via MyInfo via MoneySmart to get instant approval and loan disbursement

Standard Chartered CashOne Personal Loan / Standard Chartered Bank Singapore

A great contender for the 7-year personal loans provider

This card is a great contender for the 7-year personal loans lead yet is the relative newcomer on the block. This does not stop them from being very aggressive in Singapore these past few years. Although Bank of China $martLoan’s interest rates are on the high side, Bank of China is generally more lenient than most other banks in Singapore and have a lower minimum annual income.

Bank of China $martLoan / Bank of China

Get interest-free cash in 15 minutes from as low as 0.7% processing fee

With the Credit Card Funds Transfer, you can get interest-free cash in 15 minutes from as low as 0.7% processing fee (EIR from 2.83% p.a.) and also freely choose your preferred tenure of 3, 6, 9 or 12 months. Although they offer a 0% p.a. interest rate, this is valid for a Credit Card Funds Transfer with a 3, 6, 9 or 12 month tenure and is only applicable to the amount transferred pursuant to the application submitted in respect of this promotion. The prevailing interest rate of 26.9% p.a. applies after the expiration of the tenure indicated in the application form.

Standard Chartered CashOne Personal Loan / Standard Chartered Bank Singapore

HSBC personal loan offers the longest loan tenure of 7 years in Singapore

If you need to borrow a large amount but cannot afford a big monthly repayment, then you should give consideration to the HSBC Personal Loan. This HSBC personal loan offers the longest loan tenure of 7 years in Singapore which means you’ll be paying 7 years’ worth of interest. HSBC is also great for those who need cash urgently as you can get approval-in-principle within one minute and receive the money the next working day. Isn’t that just wonderful?

HSBC Personal Loan / HSBC Bank Singapore

One other good thing CIMB credit cards have is that there are no annual fees

The CIMB CashLite personal loan is based on your available credit card credit limit therefore you have to be a CIMB cardholder to apply for it. One other good thing CIMB credit cards have is that there are no annual fees but CIMB doesn’t publish their interest rates online. The actual interest rate is personalised based on your risk profile and credit history so you might very well end up with a higher interest rate than advertised.

CIMB CashLite / CIMB Bank Berhad Singapore Branch