Are you considering taking up a personal loan in Singapore? Many people apply for a personal loan to meet various needs such as to finance home renovation, pay off overdue credit card debts or even to purchase a new car. However, it is important to note that a personal loan comes with several fees and charges. You will want to compare the various offers from credit companies in Singapore before choosing the best one for you. Luckily, you can use Lendela’s online loan comparison to do this easily and quickly.
There are two types of lenders in Singapore: banks and licensed money lenders. While banks are larger financial institutions that offer a wide variety of services, including loans, licensed money lenders are private companies that specialize in lending money to individuals. They often offer lower interest rates than banks, but their application process can be slower.
To ensure that you are dealing with a reputable money lender, always verify their license number by visiting the Ministry of Law’s website. In addition, do not deal with any moneylender that uses abusive or threatening language and refuses to provide you with a copy of the loan agreement. Additionally, do not allow a moneylender to retain any of your ID documents or to withdraw cash from your bank account without giving you a receipt. You can also find out more about the reputation of a moneylender by reading customer reviews online.
Whether you need to borrow money singapore to fund a big home project or to pay off debt, it is important to make sure that you will be able to repay the loan in full. A credit check is usually required to determine your creditworthiness, but you can ask the bank or moneylender if you can get around this requirement by providing alternative documentation or references.
The amount of money you can borrow varies depending on your income and the type of loan. For example, you may be able to borrow up to 10 times your monthly salary with an unsecured personal loan, while a mortgage or a home renovation loan may require you to provide security. Regardless of the type of loan you are applying for, it is a good idea to work out a repayment plan before applying.
If you are a Singaporean or permanent resident, you can borrow money from both banks and licensed money lenders in the country. The latter are typically smaller and more flexible than the former, and they often offer loans to people with bad credit. In addition, most licensed moneylenders have easy-to-use online loan applications and can approve you for a loan within minutes.
To reduce the risk of losing your hard-earned savings, it is best to take up a loan from a reputable company with good customer feedback. Moreover, you can also avoid paying interest if you choose to borrow from a company with a fixed rate of interest. This will save you a lot of money in the long run.