What Are The Different Types of Loans Available in Singapore

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What Are The Different Types of Loans Available in Singapore

What Are The Different Types of Loans Available in Singapore

When finances are tight, there are always loans that will really help you to lift off those financial burdens. Fortunately, you can simply apply for a loan from a trusted moneylender in Singapore. The important thing to remember is that you must have the capacity to pay the loan that you will apply for. This means that you must only borrow cash depending on the cash that you will obtain for a given period of time.

In this article, we are going to list the different types of loans available in the country. The aim of this write up is to provide you with a list of the loans that you can consider in the event you need them.

  1. Personal loan. This is the most common type of loan requested from many individuals. As a matter of fact, it is considered popular due to the easy application. At the same time, it is also a fast loan because the processing can be completed in less than a day due to the fact that there is no collateral or security requirement.
  1. Payday loan. In this loan, you are allowed to borrow money, which must be paid within thirty days or your next paycheck. The nice thing about this kind of loan is that it can be applied online. Once your application is approved, the money will be immediately deposited to your bank account.
  1. Foreigner loan. Those who have a valid permit to work or employment pass can apply for foreigner loans in Singapore. To qualify for this type of loan, it is imperative that the borrower must present a collateral property. Otherwise, it is very likely that the licensed moneylender will deny the application.
  1. Business loan. If you are planning to start your own business, then this is the type of loan that is perfect for you. It enables you to obtain the right amount of capital that you need to kick-start a business venture. The terms and conditions for a business loan vary from one moneylender to another.
  1. Instant cash loan. This loan has a high interest rate compared to the other types of loan. The reason behind this is because of the instant request of the applicant to get the loaned money. Instant cash loan is proper if you want to address an emergency in your life or any concern that needs immediate financial attention.
  1. Cash advance loan. Well, this is quite similar to a payday loan. As such, you are only allowed to borrow this money if you have an anticipated salary to be received within the next month. Just like a payday and personal loan, this does not require any collaterals.
  1. Education loan. This is the type of loan designed to help students in their educational needs. Most college students or their parents seek for this type of loan. The proceeds for the loan will be used as payment for their tuition fees.
  1. Renovation loan. From the word itself, renovation loan is usually for the homeowners who want to improve the look or aesthetics of their residence. This type of loan usually has a high credit limit.

Now that you know some of the basic types of loans available in Singapore, the next thing to do is to find out which among them is right for you.

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