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Anonymous

21 Nov 2019

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Is it good to use the Maybank line of credit for loans?

Anyone has had experience with this and can share more on the pros and cons?

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Kelly Trinh

21 Nov 2019

Backoffice technical at financial services firm

Not sure why this is tagged "CPF"
Short answer: Any line of credit is borrowing; if you are borrowing to pay for current period spend then you should consider whether you are living within your means or not.

Long answer: borrowing can be useful to purchase large assets (eg car, home) where the utility immediately outweighs the financing cost. Also borrowing for investment purpose may be appropriate - this is known as leveraging and does increase risk so must be approached carefully. Outside these reasons, it is not so advisable to be borrowing significant sums.

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