There are various types of loans available for people in Singapore and they can avail the one that is suitable to meet their needs. People need to contact a licensed Money Lender Singapore who can provide the best options for loans. One such moneylender is Lender SG, which provides loans online. People can visit theLender SG Homepage to look for different types of loans and get their corresponding details. In this article, we will discuss various types of loans, which people can get in Singapore.

Personal Loan

The most common loan that people want to avail of is the personal loan. The amount given in this type of loan is huge and people can meet all their expenses with any further trouble. There are many types of personal loans available whose processing fees and interest rates are different. Many financial institutions provide this loan

Benefits of personal loan

A personal loan has many kinds of benefits, which are as follows.

  • The loan amount can go up to four times the monthly income of the applicant.
  • The interest rate of the loan is fixed so people need not worry if any changes are made. They have to pay the same amount of interest as mentioned in the agreement.
  • The loan can be paid earlier than the specified date. The debtor does not have to pay any penalty if he repays the loan ahead of time.
  • The amount of installment that is to be paid every month remains the same.

Payday Loan

This loan is available at a high rate of interest but its processing is quicker than the rest. People can pay back the loan within thirty days. Another option for repayment is that they can pay after getting the payment check of their salary.

Benefits of payday loan

The benefits of this loan are as follows.

  • Getting the loan is convenient and its repayment is flexible.
  • The interest rate of this loan is fixed.
  • The processing time of this loan application is very fast.
  • Qualifying for the loan is very easy in comparison to other loans

Foreigner Loan

Many people from other countries come to Singapore for work. They need to have a work permit to work in the country. Foreigners may also need loans to meet their expenses and in such a case, they can go for a foreigner loan. Work permit and employment pass are the two documents, which people have to show to qualify for the loan. They need to provide collateral also to avail of the loan. In case, they are unable to pay the loan, the creditor can take the collateral.

Benefits of foreigner loan

The benefits of this loan are as follows.

  • The interest rate of this loan is very low.
  • The processing speed is very fast and the applicant can get the loan easily.
  • The number of documents needed to take this loan is very low in comparison to other loans.
  • A credit record in detail is also not required.

Business Loan

This is a loan that can be availed by business organizations whether being small, medium, or large, to meet business expenses. The loan can be provided by an individual, bank, or financial institution. A specified date is provided to the business and the repayment of the loan has to be done within the specified date. Each borrower has different requirements and this leads to the variations in repayment date, interest rate, and loan amount.

Benefits of business loan

Here are some of the benefits of a business loan.

  • People can get a loan easily and conveniently.
  • It is a short-term loan, which people can take any time depending on their requirements in the business.
  • The processing time of this loan application is very fast.
  • The repayment option varies according to the amount and the type of business loan availed.

Instant Cash Loan

An instant cash loans can be taken by those people who need cash, as they are unable to meet some expenses with their salary. The interest rate of this loan is very high and people facing any financial crisis can go for it. The processing of the loan application is fast and people can get the money easily.

Benefits of instant cash loan

The benefits of this loan are as follows.

  • No credit score is required to get the loan.
  • Income proof is a sufficient option to qualify for this loan.
  • The amount that a borrower can borrow can be two to four times his monthly income.

Wrapping Up

These are some of the loans that people in Singapore can avail of to meet various types of expenses or financial emergencies. There are many Money Lender Singapore like Lender SG Homepage that provides these loans and people need to select a licensed one for the purpose. The interest rates of some of these loans are very low. People also need to check the processing time and repayment schedule before signing the contract.