In today’s financial climate, your family’s material security and your children’s opportunities for academic pursuits will be influenced by the monetary resources you have at your disposal. Do you want to invest in your acquaintances’ businesses? Do you need extra cash for home renovation work? Do you want to travel to a foreign country, pay for your children’s private education, or need dental treatment at an established clinic? Then, you’ll need a substantial economic influx, which you should use as you see fit.
The Ministry of Law supervises the activity of private lenders in our country, and the regulations that they must follow are listed in the MoneyLenders Act of 2008. SG is a safe country when it comes to the financial instruments offered to the general public. For this reason, the popularity of private lenders has exploded in the last few decades. Do you need a large sum of money that you plan to repay in less than a year? Are you not sold on the financial services offered by traditional banking institutions? Are you looking for more flexibility? If that’s the case, a personal loan from a private lender may be the perfect solution for your requirements.
Why Choose a Personal Loan?
Ultimately, it’s all about the efficiency of the offered services. In terms of population, Singapore is not a gigantic country. However, when we take into account the GDP per capita and the diversity of the economic sector present in our country, SG is by far the most developed economy in Asia. Yet, this wealth is not always equally distributed. So, for a good part of the Singaporean population, private financial credits have become a part of everyday living.
Is your financial situation forcing you to turn to external help? Do you require a quick cash influx that you can invest toward accomplishing your long-term goals? If so, you have a choice to make. Either you choose the services of a private lender, or you turn to traditional banking institutions. For most Singaporeans, the first choice is the most convenient. The services of private lenders are more efficient than those offered by conventional banks, the application procedures are streamlined, and the approval requirements for the loans are, on average, somewhat less strict.
Are you looking for an advantageous personal loan in Singapore? If so, like most SG nationals, the best offer for your case will be offered by a private lender. Private money lenders are more generous with the terms of the financial packages offered; a good portion of them provide financial services that do not exist in the catalog of traditional banks, and the application process for these loans can, in almost all cases, be done entirely online. Plus, the response to your application will come in less than 24 hours, and the required documentation will be straightforward.
Is There Something Special About Them?
The key word when talking about personal unsecured loans is flexibility. Consumer loans are versatile financial instruments that can be granted by both banks and private financial institutions licensed by the Registry of Moneylenders. Because they are unsecured, they are the preferred financial instrument for most SG citizens who need quick cash with a medium-length repayment period. However, the maximum amount you can get will depend on your monthly income and your credit score obtained through the Credit Bureau of Singapore.
The lending conditions will depend on the lender. Nevertheless, as a general rule, most private money lenders will require the borrower to have an annual income of at least $20,000 per year. Citizenship is not an eliminating factor, as foreign nationals can also obtain unsecured loans as long as they provide a letter of guarantee from their employer and can show proof of residence. Yet, for foreign workers, the maximum borrowing caps are different from those applicable to SG nationals. Not least, according to the provisions of the MoneyLenders Act of 2008, the maximum interest rate for a personal unsecured loan granted in SG cannot exceed 4% per month.
Why Not Go for Another Financial Instrument?
For one thing, personal unsecured loans don’t require collateral, so they involve less risk for borrowers. Of course, this also means that the maximum amounts you can get for an unsecured loan are lower than those that come with guarantees. However, their flexibility transformed them into widespread financial tools utilized by the majority of SG citizens at least once in their lives. Personal credits have fixed interest rates, which remain constant regardless of changes in financial markets. In addition, they are secure, as the LMLs that grant them are regulated by the Registry of Moneylenders, which the Ministry of Law controls.
Personal unsecured loans can boast a flexible repayment schedule and come with significantly lower interest rates than payday loans. The majority of personal unsecured loans have a repayment term of between six months and one year, and their terms and conditions are more lenient than other financial instruments. Are you a national SG with a minimum of six months of experience in your current job, and your annual income exceeds S$20,000 per year? Do you have a credit score between 1900 and 2000 points, and you are not registered in the Credit Bureau as a bad debtor? If that’s the case, most likely, your credit application will get approved.
A Flexible Aid for Complex Goals
We all sometimes require financial help. However, depending on your annual income, previous credit score, or employment status, getting a loan could prove difficult. Do you need quick cash, with no questions asked, that will come with advantageous credit terms? If that’s the case, the best solution for your case can be the personal services of a private lender. A personal loan in Singapore will be a flexible financial instrument with fixed and easy-to-understand repayment rates that can be utilized for your family’s subjective needs.
Unsecured loans are financial instruments that you can use however you see fit. Does your family need a break, and you want to go on a much-desired vacation? Do your children want to continue their education abroad? Do you want to invest in a friend’s business, fix up your car, or purchase new appliances that will increase the real estate value of your dwelling? If so, personal unsecured loans may be the best path to financial prosperity. Personal unsecured loans are a secure financial instrument used by most Singaporean citizens. So, they represent the bread and butter of most private lenders active in our country.
