Are you caught in a sticky monetary situation and thusare in need of cash urgently? For some, it could be unpleasant and difficult to approach family and friends for financing assistance.
In this situation, loans can be a flexible solution to aid you regain stability in terms of finances.
However, there are several form of loans. As such, you might be not sure of what type of loan to take and thus really feel stressed given your emergency financial crisis.
To help ease your mind, some common loans available in the market from lenders in Singapore are brought up below.
Payday loan is one of the most common and in demand loans in Singapore. Also commonly referred to as cash advances, these loans are short term unsecured loans, meaning that a guarantor or collateral is not needed to secure the loan.
Payday loans are designed to tide you over until your next pay check arrives. If you are in an emergency situation that is time-sensitive and you require cash but can’t wait till your following pay cheque arrives, a payday loan is suitable for you.
There are also relatively fewer barriers to obtaining a payday loan.You will just need to prove that you are employed and have a salary due to you in the coming or current month.
However, in exchange for the low barriers and quick process time, the rate of interest for payday loans are typically higher than other types of loans. If you are confident of making a quick repayment, then this short term loan can be a highly effective financing tool.
Personal loans are also another type of unsecured loan. This means that a guarantor or collateral is not needed to secure it.
Personal loans are suitable for many different personal reasons. This can vary from resolving financial obligations in business, making residence enhancements and also managing unforeseen expenses such as health costs incurred during medical emergencies.
The best personal loan Singapore offers have very few conditions attached and are intended as a catch all or general financing tool.
When working outside of your home country, one may face unpredicted financial predicaments that are complex. In a place where your family and friends are not available, it could be challenging to search for financing assistance. Foreigner loans are thus developed to help foreigners in Singapore acquire immediate cash.
In order to take a foreigner loan, you need to be a foreigner with a valid working license from Singapore as well as be at least 21 years of age.
Business loans help firms to expand their business or to tide them over difficult periods. Their uses vary from different forms of infrastructure upgrades to stay competitive on the market toexpansion of the business to overseas markets.
Regardless, the central idea behind business loans is that of leveraging. As you might have come across previously, most successful businesses have some level of debt. This debt allows them access to capital upfront in order to make improvements that reap large growth for the business. If done correctly, the returns will outweigh the interest owed from the debt and thus give you an overall net profit.
A Note On Taking Loans
Prior to taking any kind of loans, it is necessary to check that the lender you are getting a loan from is legitimatein order to save yourself from being a victim of financial scams.