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Personal Loan Singapore

If you are a Singaporean or Singapore based foreign worker in dire need of money to finance your bills, car repair and home renovation but with no access to traditional banking institutions due to a bad credit history or that you have no physical properties or assets to be collateralised, then you would probably be searching on the internet for Personal Loan Singapore for non-bank moneylenders assistance.

Personal loan, typically unsecured in Singapore term or a Moneylender perspective, is a loan type that does not require borrower to pledge any of his physical possessions like his home or cars, as guarantee to the amount of money he borrowed. But unlike secured loans, this in general, is charged with higher interest rate due to a higher risk it takes in lending the amount of money. In this manner, financial institutions offering unsecured personal loans have ascertained that at least to say, they had a partial cut in the event that something would go wrong along the repayment term.

There are several kinds of unsecured personal loan that you can consider. Finding the option that suits you best may depend on several considerations that you need to ponder such as the inclusive interest rate, the interest structure, repayment mode, and other inclusive fees and additional charges. But anyhow, you can try to consider the following options:

  1. Payday loan

Worry no more of your bad credit reputation. Your financial ranking and your credit scores are immaterial if you’ll consider getting a payday loan. Payday loan, as the term suggests, is a loan type that requires you to repay once your next payday taps out. It’s generally a short-term personal loan that allows the borrower to obtain money, given the chance that he has an earning income and has the affinity to keep his job long enough to pay off completely his debts. It’s a very convenient way to get a loan since it requires no credit checks, minimal paperworks (such as employment letter and salary slip). One thing you need to be critical though is the included interest rate. So before plunging in to this type of loan choice, be sure that you’ve shopped around to see which of the options gave you the lowest interest rate term.  Typically, a longstanding customer will enjoy significant interest rate preferential from a Singapore licensed moneylender.

  1. Peer – to – peer loan

It’s often referred to as P2PL which is categorized as an alternative financial service. Peer-to-peer loan is a loan type that is serviced through an online ‘unrelated’ individual who is engaged in peer-to-peer lending. Majority of its process is automated making it possible for the borrowers to obtain a lower interest rate and for the lenders to gain higher returns due to reduced overhead cost and cheap service as compared against the mainstream financial services.

  1. Signature loan

What you have to do is to just practically sign the document and poof; you have the money you badly needed. A signature loan asks only your precious signature and your promise to pay for it to be approved. It may require a solid credit history though and sometimes a co-signer to take a promissory note as a form of guarantee in case the primary borrower failed to repay on the agreed terms. Signature loans may incur higher interest rates (even higher than credit cards) thus, consider this loan type only if you’re in an urgent need of money and you have the income or possible resources to pay for it in due time.

  1. Credit cards

It’s like borrowing made literally through cards. Credit cards are another means of obtaining an unsecured personal loan that allow the borrower to take whatever amount of money he needs whenever his need arises for as long as that amount is within his line of credit. Different banking institutions may offer different types of it – no annual fee credit cards, rewards credit cards, low interest credit cards, etc. You will find a wide range of options that may favour your financial needs.

Now that you’ve learned these choices, it’s up to you to choose which one fits best your financial requirements. The options are now yours – choose wisely!

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