What is a personal loan?
Personal loans in Singapore are a type of loan from a bank or a moneylender that allows you to borrow a fixed amount of money to be repaid every month. Because banks have strict criteria on its loans, many people turn to moneylenders to apply loans instead.
Are moneylenders safe?
In Singapore, there is the Registry of Moneylenders that regulates the borrowing of personal loans outside of banks. It is 100% safe, and you can borrow cash quickly, sometimes as quickly as 15 minutes.
If your credit score isn’t good, banks are not going to approve of your Singapore personal loan application. However, moneylenders have high approval rates, so if your bank application gets rejected, it’s not the end of the world. You can apply personal loan with an approved moneylender.
What type of loans do moneylenders offer?
The month term loan is a fixed monthly repayment loan that works similarly to a bank personal loan. You borrow a specific amount of money that you have to repay monthly until the end of the loan tenure.
The payday loan, on the other hand, is a short-term loan that you’ll have to repay on your next payday. This is especially great for getting emergency cash when you most urgently need it.
You can start first by looking for the best Singapore personal loans for your needs. Loan Finder helps you to shop around easily for the lowest interest rates, and it only takes three easy steps! All you have to do is: