Are you stuck with an unexpected medical bill? Looking to finally improve your home? Need to simplify your finances by combining your debts?
No matter what your situation is, online money lender Singapore offers a variety of personal loans to help you through tough times. With so many options available, it’s important to find the loan that best suits your needs.
Why Borrow from a Licensed Money Lender Online?
1. Personal Loan
A personal loan is a common type of loan in Singapore. Many people have used them at some point. You can get a personal loan from a bank, credit union, or licensed moneylender. Banks typically offer lower interest rates, but their requirements are stricter and approval can take longer.
Here are some advantages of getting a personal loan:
Offer loans up to $300,000.
- Potentially lower interest rates
- You can apply using your SingPass for a quicker process.
- Use the money for anything you need: This includes things like home renovations, rent, vacations, debt consolidation, medical bills, or electronics.
2. Fast Cast Loan
A fast cash loan, also called an instant cash loan, is a small, short-term loan designed to help you cover unexpected expenses until your next paycheck. These loans are typically quicker and easier to get approved for than other loans, even with bad credit.
Read also: money lender singapore bad credit
Here’s why you might consider a fast cash loan:
- Fast approval and money: Get approved and receive your cash within minutes.
- Easier to qualify: You can borrow up to 6 times your monthly salary, and have a higher chance of approval compared to other loans.
- No credit score impact: Your credit history doesn’t affect your eligibility.
Here are some common uses for fast cash loans:
- Paying bills or late fees
- Covering rent
- Unexpected travel costs
- Minor home repairs
- Urgent medical bills
3. Emergency Loan
For sudden, unanticipated costs, a payday loan might be a godsend. The purpose of the loan is not required, unlike with several other types of loans. Their increasing popularity can be attributed to their adaptability.
Here’s why Crawfort touts their emergency loans:
- Fast and Easy: Get approved and receive your money in 30 minutes.
- Affordable: Interest rates start as low as 1%.
- Flexible: Choose a repayment term between 2 and 36 months with clear monthly payments.
- For Anything: Feel free to put the funds towards any unexpected expense, such as medical bills, vehicle repairs, rent that is overdue, or even a funeral.
4. Home Renovation Loan
A home renovation loan can help you finance your dream home improvements! Upgrading your space can be tiring, but also very rewarding.
Legal lenders offer home renovation loans with high borrowing limits, up to $100,000 depending on your needs. This can cover typical renovation costs for apartments, which can range from $30,000 to $60,000.
Here are the benefits of using a home renovation loan:
- Borrow a lot: Get a significant amount to cover your renovation project.
- Improve your home: Make your space beautiful and functional.
- Increase your home’s value: Renovations can potentially boost the value of your property.
- One lump sum: Receive all the money upfront to pay for renovations.
- Approved uses: The loan can cover a variety of renovation projects, including electrical work, painting, flooring, and even structural changes (with approval).
5. Wedding Loan
Dreaming of a picture-perfect wedding but worried about the costs? Weddings in Singapore can be expensive, and couples often have to cut corners to stay on budget.
A wedding loan can help you finance your dream wedding without breaking the bank. They offer:
- Flexible repayment terms: Spread out the cost over a period of up to 3 years with comfortable monthly payments.
- Borrow more: Get a loan for up to 6 times your monthly salary to cover all your wedding expenses.
- Focus on the celebration: Don’t stress about finances – focus on planning your perfect day.
- Wide range of uses: The loan can cover everything from the venue and banquet to photography and wedding rings.
6. Bad Credit Score Loan
Struggling with a bad credit score and getting rejected by banks? Don’t give up! Licensed moneylenders in Singapore may be able to help.
While traditional lenders might be stricter, many licensed moneylenders offer easier loan approval, even for those with bad credit. However, this typically comes with higher interest rates, shorter repayment terms, and smaller loan amounts.
Any number of things, like unexpected expenses, more education, or even a dream vacation, can qualify for one of their loans.
Keep in mind that while this sounds appealing, it’s important to carefully consider the interest rates and fees associated with any loan before you commit.
7. A Loan to Consolidate Credit Card Debt
Stuck in credit card debt? You’re not alone. Many people struggle with high credit card interest rates, which can easily spiral out of control.
While some people avoid getting a loan from a licensed moneylender due to stigma, it can actually be a good option to consolidate your credit card debt.
Here’s why a credit card consolidation loan might be helpful:
- Lower Interest Rates: Their interest rates start at 12% per year, which can be significantly lower than the average credit card interest rate of 25%. This can save you a lot of money in interest payments.
- Consolidate Debt: They can offer you a larger loan to pay off all your credit cards. This means you’ll only have one monthly payment to manage, making it easier to stay on track.
- Stop the Cycle: By lowering your interest rate, you can stop the cycle of accumulating more and more debt.
- Improve Credit Score: Improving your credit score is a long-term goal of getting out from under your debt.
8. Business Loan
Struggling to keep your business afloat or looking to expand? A business loan can help you reach your goals.
Business loans are similar to other loans, where you borrow money and pay it back with interest over time. You can get a business loan from a traditional bank or a licensed money lender.
A business loan can be used for a variety of purposes, including:
- Growing your inventory to meet customer demand.
- Launching marketing campaigns to get ahead of the competition.
- Covering unexpected expenses so you can keep your business running smoothly.
- Renovating your workspace to create a more professional environment.
- Meeting payroll or supplier invoices on time.
- Hiring new employees to help your business grow.
- Improving your cash flow so you have the money you need to operate.
9. Loan for Education and Self-Efficacy
Invest in yourself! Thinking about going back to school or learning a new skill but worried about the cost? An education loan can help you reach your goals.
Crawfort offers affordable education loans specifically designed to help you with self-improvement. Here’s why you might consider an education loan from them:
- Affordable Payments: They advertise interest rates as low as 1% and allow you to choose a comfortable repayment term.
- Easy to Qualify: The licensed money lender Singapore requirements are easier to meet than traditional lenders.
- Focus on Learning: The loan can only be used for education expenses, so you can focus on your studies without worry.
Here are some common uses for education loans:
- Tuition fees
- Textbooks and other course materials
- Rent if you’re moving for school
- Costs associated with exchange programs
10. Loan for Immediate Medical Needs
Unexpected medical bills can be stressful. If you don’t have savings or health insurance to cover an emergency, a medical emergency loan can help you get the care you need.
Here’s why a medical emergency loan might be a good option:
- Fast and Easy: Apply online and get approved quickly.
- Flexible Repayment: Choose a repayment term of up to 36 months to fit your budget.
- Focus on Healing: Get the medical attention you need and focus on recovery with peace of mind.
- Wide Range of Uses: Cover various medical expenses, including ambulance rides, doctor visits, hospital stays, tests, therapy, medications, and even surgery costs.
Added Reminders Before Borrowing:
Loan scams are illegal tricks to steal your money. Loan sharks or illegal lenders will contact you through text messages, calls, messaging apps, and social media pretending to be from a licensed moneylender. They might offer very good rates to lure you in.
Here are some ways they can steal from you:
- Upfront fees: They ask for money upfront to “verify your identity” or process your loan. Once you pay, they disappear with your money.
- Stealing your information: They trick you into giving them your bank account or SingPass details so they can steal your money or blackmail you. Your SingPass is very important and should never be shared with anyone!
- Fake documents: They might send you fake documents that look official to scare you into paying them.
Here’s how the loan sharks can reach you:
- Social media Ads for loans
- Text messages or WhatsApp messages
- Fake websites that look like real lenders
Loan scams are a serious problem. In 2019, people in Singapore reported losing over $6.8 million to loan scams, and many more cases likely go unreported.
The Singapore Police urge you to be careful! Don’t be afraid to report a loan scam if you encounter one.
Here’s how to identify and avoid loan scams:
Red flags to watch out for:
- Aggressive advertising: Licensed moneylenders won’t send unsolicited texts or calls about loans. They can only advertise on the Ministry of Law’s website, business reports, or their physical offices.
- Fake websites: Before applying for a loan online, check if the company is registered with the Ministry of Law’s Registry of Moneylenders. This list is updated regularly.
- Instant approval, no verification: Real lenders have to verify your identity in person at their office. Scammers might approve your loan remotely without any verification.
- Upfront fees: Licensed moneylenders have clear fee structures. You might pay an administrative fee (up to 10% of the loan) after approval, not before. You may also have to pay a late disbursement fee for missing repayments, but not upfront.
- Requests for confidential information: Never share your bank account number, SingPass details, or NRIC (National Registration Identity Card) with someone offering a loan.
Why Borrow Only From Best Licensed Lenders Online?
- Strict Rules: They have a code of conduct called the Professional Handbook for Licensed Moneylenders which outlines unacceptable debt collection practices.
- Focus on Communication: Their goal is to work with you to resolve the debt, not intimidate you.
- Unprofessional Practices Banned: This includes things like publicly shaming you, stalking, contacting your employer or loved ones, or using threats and abusive language.
- Professional Conduct: Licensed moneylenders are expected to follow proper phone call etiquette and serve legal documents correctly. They are legitimate businesses that operate within the law.
Before you borrow money from a licensed moneylender, it’s important to understand the terms. Here’s a breakdown:
- Interest Rates: Licensed money lenders can charge between 1% and 4% per month, depending on several factors.
- These factors include your credit score, loan amount, loan term, and whether the loan is secured (requires collateral) or unsecured.
- Repayment Period: You can typically repay your loan over a period of 1 to 36 months.
Here’s an example to illustrate:
Let’s say you borrow S$10,000 with a repayment term of 12 months (1 year). The interest rate might be 3% per month.
Important Note: This is just an example, and the actual interest rate and fees will vary depending on your specific situation and the lender you choose. Always make sure you understand all the terms and fees before you agree to a loan.
| Principal Loan Amount | $15,000 |
| Tenure | 12 months |
| Interest | 1.5% |
| Annual Percentage Rate of Charge (APR) | 18% |
| Total Interest Payable Per Year Excluding Loan Principle | $1,502.40 |
| Total Payment | $16,502.40 |
Here’s who can apply for a loan from a licensed moneylender in Singapore:
- Age: You must be at least 21 years old.
- Citizenship: Some lenders may restrict loans to Singaporean citizens and Permanent Residents. Foreigners may need special loan products or additional documentation.
- Income: There’s no minimum income requirement, but lenders will consider your income when determining how much you can borrow.
Applying for a Loan
- You will need to provide proof of identity (NRIC or passport) and proof of income (CPF or bank statements).
- The maximum loan amount you can qualify for will depend on your income and credit score. Generally, lenders will offer higher loan amounts to borrowers with higher income and better credit scores.
