Whether you’re going to college, getting married, buying a car or house, or something more personal, you may need cash to meet your financial goals. You have a variety of types of loans to choose from, but not all loans are equal.
If you need money, first evaluate which loan kind is best for your situation, and before finalizing a moneylender, check the list of licensed money lender companies.
The following are different types of loans you can borrow from licensed moneylenders:
Personal Loans
A personal installment loan, often known as a term loan, is a lump sum amount of money you can borrow from a bank or registered money lender in Singapore. The loans are payable over up to 60 months in fixed installments.
Personal installment loans are helpful when you require a large sum of money to cover an unexpected and unavoidable large-ticket item, such as medical bills or multiple-channel debts. If you are looking for unsecured business line of credit, you can take help from USFundsource.
Home loans
A home may be the most expensive purchase of a lifetime for many Singaporeans. A home loan, often known as a mortgage, is a type of loan that allows you to borrow money to purchase a property. The loan’s principal, term, and interest rate influence the repayment schedule for a home loan.
Always determine what type of house you can afford, how much you need to borrow, and how much you are entitled to borrow before applying for a home loan. Before accepting a hefty loan principal, make sure you can pay it back.
Educational Loans
Students can borrow an education loan to pay for tuition, books, and even living expenses. This sort of loan has more flexible repayment methods and cheaper interest rates than personal loans.
While you’re still in school, you may choose to pay monthly installments on both the principal and interest or wait until you’ve graduated to begin paying.
Property-Backed SME Loans
If you have enough income, you can consider taking out an equity-term loan on your current home. Entrepreneurs frequently fail to submit adequate income, and self-employed income is subjected to a 30% haircut, making passing TDSR harder.
You can pledge your property to a bank/financial institution or corporate lender who will consider lending you money for your business expansion if you have a paid-up property or a property with a very small outstanding loan.
CIP Loans
Commercial and industrial property loans, often known as CIP loans, can help you out of a pinch. CIP loans in Singapore enable borrowers to buy or lease commercial buildings such as office premises or clinics and build or expand existing commercial outlets.
Industrial units can also be purchased with CIP loans in Singapore. These loans are available to self-employed professionals to help support and expand their business or profession.
Payday Loans
When you need cash urgently in the mid of a month, you can apply for a payday loan. It helps meet your financial emergencies without charging high interest rates. The loan can be processed in a few hours, and you’ll get the cash transferred to your bank account against a check you deposit with the lender.
Payday loans are meant to get you through a financial crisis until your next income. The amount borrowed is usually less than usual. This is because these cash loans have shorter loan tenures. Your monthly income determines the maximum loan amount.
Debt Consolidation
A consolidation loan simplifies your finances by consolidating many credit card obligations into one single debt serviced monthly. This implies fewer payments each month and cheaper interest rates.
Conclusion
When it comes to borrowing a loan, there’s always at least one right for you in the list of licensed money lender companies and individuals. Just don’t get confused or overwhelmed by the variety of options available. Think about your needs and particular loan types, check the moneylender’s authenticity. And after evaluation, make an informed decision.
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