Disability Insurance Does Matter

Getting Personal Loans

Loans Finance

Getting a personal loan in Singapore is relatively easy. This is because there are many financial institutions available that are willing to give you a personal loan. However, before you rush to a lender for a personal loan. There are a few things you need to know.

First, What is A Personal Loan?

Personal loans fall under the category of an unsecured loan where you get to borrow small amounts of money without providing any collateral. The term unsecured refers to loans where one isn’t required to tie the loan with any of his/her assets. This is one of the perks of a personal loan in Singapore since your assets remain safely tucked away. A personal loan SG can come in quite handy in many situations. Whether it’s an emergency or a must-cater for expense, it can help you sort it out immediately. You should know that for you to qualify for personal loans SG, you need to have a good credit score.

Here are The Different Types of Personal Loans You Can Apply For in Singapore
1. Personal Instalment Loan

This type of loan entails being given a large amount of money upfront. Whereby you will be required to pay it back in monthly installments. The personal installment loan is ideal for emergencies and other types of necessary expenses.

2. Credit Line

Credit Line is a revolver type of loan whereby you can withdraw money whenever you want. However, the lender usually decides how much you can borrow. Payment is generally at a specific interest, and it’s given back for the duration in which you had borrowed.

3. Balance Transfer

It entails transferring all outstanding loans into one place. This is an excellent way for you to consolidate your loans in a more manageable way. Some lenders might even opt to give you a grace period where they won’t charge interests. Now that you know what a personal loan is and the various types that you can apply for in Singapore.

The next step is to ask yourself, is a personal loan right for you?

Many are the times most of us rush to take personal loans without considering all factors. Sit is best if you give it some thought before you decide to apply for a low-interest personal loan in Singapore. Here are some tips to help you determine whether personal loans are right for you.

  1. Be sure that you can pay it back. Before you decide to apply for a personal loan SG, you should have confirmation whether you are capable of paying it back on time. You should ensure that you have a stable source of income and can afford to pay it in time. Defaulting in personal loans could impact your credit score negatively.
  2. Look for the best personal loan in Singapore. There are many lenders offering personal loans in Singapore. The biggest challenge, however, is finding a credible lender who will give you a low-interest loan. It is best to engage yourself in in-depth research.
  3. Once you identify a suitable lender, make sure that you familiarize yourself with the interest rates and the repayment period. This will give you insight on what to expect and thus help you in managing your budget.

With the above information in mind, you can now proceed to get a personal loan in Singapore. A quick search on your favorite search engine could direct you to low-interest loan lenders in Singapore. Before seeking the services of a lender, do some background check first.

9 Jul 2019 #Finance #Loans #Money #Personal