People need a loan for various purposes. They have to pay for different types of expenses like weddings, education, medical bills, and many others. People can get loans from various types of financial institutions and banks. In this article, we will discuss various types of loans that people can get in Singapore. The benefits of these loans will also be discussed.
Personal loan
One of the most popular loans that people can get in Singapore is a personal loan. People need to search for the best money lender who can provide the loan at affordable interest. One such money lender is Crawfort Pte Ltd. The personal is not costly in comparison to other loans. There are various types of expenses that people in Singapore have to meet with and some of these include a car loan, paying debts, and many others.
Benefits
- A huge amount of money can be borrowed whose amount can be three to four times more than the annual income.
- The interest in all types of personal loans is fixed.
- People have the alternative of paying the loan before the time completes.
- There is no change in the amount that is to be paid monthly to clear the loan.
Payday loan
People who take this type of loan get only a small amount of money. The loan has to be cleared within 30 days. Another option is that payment can be done after the borrower gets his salary.
Benefits
- Borrowers can get this type of loan conveniently.
- The interest rate is fixed.
- The approval of this type of loan is very fast.
- A borrower can get qualified easily to get this type of loan.
Foreigner loan
The foreigner loan can be availed by foreigners who are residing in the country. Such people need to have a valid work permit. They also need to have an employment pass, which they have to show at the time of applying for this loan. People need to take the help of the best money lender and Crawfort Pte Ltd is one of them that provide this loan at an affordable cost. People need to provide security for such type of loan. This security is used as collateral for the loan.
Benefits
- The interest rate is very low.
- The borrower can get the amount at a fast pace.
- Minimum documents are needed to avail this type of loan.
- No credit records are needed for this type of loan.
Business loan
Business loans can be availed by those people who perform different kinds of businesses. The loan can be taken from any financial institution or bank. A date is specified along with the interest amount and the borrowers have to pay the same on the prescribed date that they have agreed to. The amount that a borrower can take and the loan that he has to pay depends upon different types of borrowers and lenders. The repayment of loans also differs.
Benefits
- Borrowers can get this type of loan easily and conveniently.
- This is a short-term loan and borrowers can solve different types of problems in businesses. These problems are related to cash flow.
- The approval of this type of loan is very fast in comparison to other loans.
- There are different types of repayment options and the borrower has to choose the one, which is convenient for them.
Instant cash loan
Instant cash loan depends on the income that the borrower earns each year. The interest rate is very high. People who need quick cash can go for this loan. Such a loan can be availed for various types of emergencies.
Benefits
- No credit score is required to get qualified for this loan.
- Income proof is sufficient to get this loan easily.
- The amount of loan that a person can borrow can be more than two times his income.
Cash advance loan
A cash advance loan is similar to that of a payday loan. People can get cash advance loans from any lender who has got a good reputation in the market. The interest of this loan is very high but people can get it easily and conveniently.
Benefits
- Collateral is not needed while availing this loan.
- The loan application is approved easily.
- The application form for collecting the loan is easy.
- The loan amount that a borrower gets depends upon his monthly income.
Education loan
Students can take this loan to pay their tuition fees and other educational expenses. The student has to repay the loan after the completion of his graduation.
Benefits
- The interest rate is very low.
- Students can get it easily.
Wrapping Up
These are some of the loans that people can get in Singapore. Some of the loans have a low-interest rate while some have high. People need to contact reputed money lenders for the loan.