Popular Loans for Citizens in Singapore

Posted by goldencredit on November 13th, 2017

Keeping in mind the increasing demand of the people of Singapore the loan companies are coming up with different types of loans. Many of these loans are short term loan and offered to people for short duration for specific and non specific needs.  In the financial market of Singapore there are 2 types of lenders. The first one is the traditional banks and the 2nd one is licensed moneylenders which operate privately but following the set rules and regulation of the government of Singapore. There are various types of loan of short tenure which are offered by the leading moneylenders of Singapore. The popular loans which you can have from the lenders are:

Renovation loan: A renovation loan Singapore is offered in order to support the borrowers with funds for improvements which they want to do for their property house in Singapore. Borrowers are open to select the payment mode which can be either weekly, monthly or annually.
Debt Consolidation Loans: A Debt Consolidation allows one to make a combination of the existing unsecured loans into one single loan which will be of lower interest rate and for a longer tenor
Pay day Loan: Payday loan offered by Singapore lenders allow borrower to get a small sum of money for high interest rate. There is one critical condition in this loan which needs to be fulfilled. The repayment need to be done in minimum 30 days or till the receiving of next paycheck.

Personal loan: Personal loan is a loan which is offered against no particular reason of use. The amount can be used for any purpose except any illegal work. Many people prefer to avail it in place of mortgage loan as it's cheap for them.

Instant Cash loan: This is another loan which is offered instantly in cash but against a higher rate of interest. The amount is decided based on the salary of the borrower against the condition that same will be repaid on next paycheck date.

 The above are some of the common types of loans which are easily available in Singapore and many residents of this city are availing it. You need to get an idea about the reputed lenders in the market on whom you can bank for getting loan timely and that too in a complete legal way. Search online and you will get the names of the reputed agencies in the market.