If you are facing financial issues to pay your debts, then you can make money as a loan from various money lenders.
There are many advantages to borrowing money from licensed money lenders than from banks. You will have to sign a contract, in which all the details will be mentioned clearly, such as interest rate, repayment period, and a lot more.
There are many money lenders available in the market, they provide money faster than the banks. All you have to do is choose a licensed money lender to borrow money from. In Singapore, you will find many money lenders who are available for 24 hours, and you can easily borrow from them if you have all the correct documents.
- Personal loan
Personal loans are very common types of loans, especially in Singapore. Many citizens of Singapore would have taken personal loans, once in their whole lives.
If you need money is a small amount and for minor objectives then you should choose a personal loan, it is a suitable option for you. You can pay your credit card debts, home renovation, and other debts if you take a personal loan. Taking a personal loan for yourself from any certified money lender is very easy and secure. So there should be no problem or any scope in this that if we take a loan from any personal money lender, then he not only gives us good offices but also he is the suspicious way for us.
There are many options for taking personal loans, like from banks, credit unions, and from a licensed money lender.
Taking a loan for the quick requirements from the banks is a lengthy and tough process because you need to do much paperwork for this. It may also take a lot of time.
You can take a personal loan for various purposes like;
- House renovation
- Rental purposes
- For holidays
- For submitting the debts or credit card
- For urgent medical protocols
- Buying new electronics
- For the auto refinancing
A personal loan is mostly preferred for minor uses like this.
- Fast cash loan
If you need instant cash, then you may get an instant loan under the financial emergency until you receive your next salary. While borrowing the money from a money lender as fast cash you will receive less amount of cash than other types of loan usually.
The loan time period for fast cash is shorter than other types of loans. The amount of money that you can take from a moneylender Singapore depends on your monthly income.
If you are facing any type of economic crisis and want to get urgent cash, you can make money as a loan from a trustworthy and licensed money lender. If you have all the correct documents then you can easily apply for a fast cash loan.
The benefits of fast cash loan:
- Within 30 minutes you can get your loan application easily approved.
- It is allowed to borrow about 6 times more than your monthly salary.
- There is no requirement of your credit score to apply for a loan.
A fast cash loan is the most convenient option for you if you want instant money without any hurdle.
You can apply for a fast cash loan for various purposes like paying your bills, to submit late loan instalments, to pay your pending rent, for an important trip, for urgent house impairment, for an emergency medical use.
Emergency loan
An emergency loan is also a type of personal loan. You can get an emergency loan within 30 minutes you apply, and the rate of interest is also 1%, which is reasonable. You can submit the loan amount back within two to thirty-six months. For an emergency purpose like mental and physical health, you may take an emergency loan.
The Emergency loan also provides you flexibility, and good for urgent needs if a person, here the moneylender gives you instant cash as you apply depending on your credit score.
It is used for quick and unexpected purposes, like a medical emergency which arrives unexpectedly and you don’t have options for arranging money quickly. Then you can easily apply for an emergency loan.
The purposes for which people apply for an emergency loan are,
- To pay any loan instalment which was pending for a few months and needs to submit it urgently.
- To pay medical bills
- Last and pending bills
- Instant car repairs
- To pay rental payments
- For emergency pest control
- To any unexpected death or funeral.
- For accidental cases
For unexpected situations and the need for money, you can choose an emergency loan.
- Bad Credit score loan
Sometimes you need money urgently but due to bad credit score banks usually reject your application. Moneylenders in Singapore also provide loans with low credit scores. But the loan amount is less than other usual loans.
When you get your application rejected by all the banks due to a bad credit score, then no need to lose hope. There are many money lenders who approve loans at low credit scores in Singapore.
Maintaining a high credit score is also important for the loan. Because the money lender who gives money at low-interest loan Singapore will give for a short period of time, a higher rate of interest, and minor income.
You can apply for a bad credit score loan when you have a bad credit score and need money urgently for any medical purpose.
Due to a bad credit score, the loan approved has fewer terms of the month to pay back the loan amount.
Conclusion
In this article, you will find about the types of loan that you can apply to borrow money from the money lenders. You can also get a loan in an emergency situation with less paperwork and instant receiving of the loan amount as soon as you apply for it. I hope this article will help you to know about the types of loan.
