Myths About the Easy Personal Loan in Singapore

Posted by goldencredit on July 6th, 2018

Do you need urgent cash but have a misconception about the loan in Singapore? If yes, then do not let them stop you from availing the required easypersonal loan from the professional moneylenders. Here is a complete guide that will help you to clear the doubts and know how to get the money when you need it most without any hesitation. Most of the time people still avoid availing loan even when they have an urgent need, this may be because of some common myths.

It is only for the salaried: This is the widespread myth, no matter whether you are contract worker or a self-employed you are eligible to apply for an easy personal loan singapore from legal moneylenders in Singapore.

Such loans require security: Banks insist for a security, however, private moneylenders offer easy loan without any security. Availing such loans is also easy even at the time of bad credit score and debts. Although credit scores are important but your loan eligibility is not solely depended on this.

Focus on interest rates: Although it is good to consider the interest rate, there are few other charges that matter a lot. Always consider penalties, processing fees and late payment fees. Some of the moneylenders may charge the penalties for an early settlement as they lose income from the interest paid for that period.

Existing loans affect your eligibility: Do you have an existing easy loan in singapore and think that this can affect your eligibility, this is just a misconception. Licensed moneylenders in Singapore accept personal loans application and approve them even if you are paying EMI for the existing loans.

Credit card purchases are cheaper: Even if you have a credit card with a higher credit limit, but availing loan on it can be at a higher interest rate. On the other hand, an easy personal loan from moneylender is feasible and affordable with lower interest rates. It is best to compare the interest rate on the cared and the personal loans. When done, consider availing the required personal loans from the professionally licensed money lenders.

It is important to consider the options available in the market for the personal loans in singapore. There are professional moneylenders who offer different loans considering the individual financial needs. Along with this, there is few more misconception that stops people from availing the esay loan. It is important that you possess complete knowledge on how to avail personal loan online and stay away from the misconceptions when you are in urgent need of the money.