What is a Personal Loan?
A Personal Loan is a type of loan that is issued by banks and financial institutions including private lenders in Singapore. It is the perfect solution when you are in need of extra funds to finance personal expenses like your home renovation, holidays, education cost, business, medical bills, or anything else. Personal Loans gives you the financial flexibility to use the funds as per your convenience and needs.
How Does Personal Loan Work?
Personal Loan works in the same way any other bank loan works. You apply for a specific loan amount from the bank to pay for things you want or need. If your loan application is approved, you will receive the lump sum amount that you applied for and then pay the bank back in regular monthly bank installments. The monthly repayment amount includes the principal amount plus fees and interest. Personal Loans typically have shorter repayment periods than other types of loans, ranging from 6 months to 10 years.
Does Personal Loan require collateral?
As its name suggests, personal loans are unsecured loans. This means that you don’t need to offer any collateral or assets. Bank will simply review your financial backgrounds, such as your minimum salary and credit score and give you a loan.
Types of Personal Loans that can be the best choice for you
They are personal loans, they come in handy when you need quick cash in emergency situations. They require low-income of RM $1,000, low-interest rate, no early settlement penalty, 48 hours approval and no hidden charges.
Keep these fast approval loans in mind!
- Debt Consolidation Loans
It’s a type of loan that you take to consolidate or combine more than one existing loans under your name.
- Fast Approval Loans
These loans can be distributed to your bank account in as fast as 24 hours or up to 2-3 working days. Suitable if you are in urgent need of financing and cash, or need to pay for an emergency.
- Business Loans
For first-time business owners or starting up a franchise, getting a personal loan can help you secure the seed money to start up your business ventures.
- Housing Loans
You can use it finance the down payment on your home or even finance all the fringe costs that come buying a home including stamping duties, processing fees, property tax, maintenance fees and to repay the monthly installments on your mortgage.
- Car Loans
You can use this to put money down for down payments, to service your vehicle, and any related vehicle expense you have. Perfect for your next car or motorcycle.
- Wedding Loans
A personal loan for your wedding day expenses, which would ideally cover all associated costs such as decoration, venues, food catering and more!
- Home Renovation Loans
It is a loan to help cover your home renovations or maintenance expenses. It allows you to fund your home renovation projects to turn your house into your dream home.
If you’re in Singapore and looking for personal loans, we can help you with all the details and quick capital too.