Types of Loans in Singapore

hsx creditOnce you have come to know that you have no other alternative than to take a loan in Singapore, you should know about the loans and loan process thoroughly, so that the loan doesn’t cause you problems in the future. The first and foremost thing you should do is to find the best moneylender so that you are in safe hands. Next you should know the various types of loans you can get in Singapore and which is the most suitable to you. So, here are the different types of loans.

Personal Loan

This is one of the most popular types of loan that you can get from licensed moneylenders. This loan has a lower value in comparison with a mortgage loan and people take it normally to pay for a variety of things, like electronics, car, and more. Its benefits are:

  • Amounts equal to 4 months of your monthly income can be borrowed
  • Fixed rates of interest
  • Early repayment options
  • Repayments don’t change every month – they are the same

Payday Loan

Payday loan is a loan of small amount but high rate of interest. It can be repaid in as short as a period of 30 days or on your next payday. Its benefits are:

  • Flexibility and convenience
  • Rates of interest are fixed
  • Quick approval
  • You can easily qualify for it

Foreigner Loan

This is a type of loan which is offered by a foreign government in form of bills or treasury notes. If you need to provide security, you will have to keep some collateral against the amount of loan. The benefits of this loan are:

  • This loan doesn’t include any extensive check of background or credit
  • Approved fast with minimum number of documents
  • Interest rates are low

Business Loan

These are funds provided to different types of businesses by a firm, bank or an individual, and it normally requires to be paid back on a particular date and with a particular amount of interest. Its benefits are as follows:

  • Your cash flow issues are solved with this short-term loan
  • Fast approval in comparison with banks
  • Varied types of loan repayment options
  • Convenient and easily accessible

Instant Cash Loan

This loan enables people to borrow a particular amount normally influenced by their wages till their next payday. Its rates of interest are very high, but they are usually taken by individuals who are in urgent financial need. Benefits of this loan are:

  • An amount equal to up to 2 to 4 month’s salary can be borrowed
  • Can be taken by almost anyone as long as s/he has an income proof
  • Your credit score is not considered

Cash Advance Loan

This loan is quite same as payday loans in that you can borrow a specific amount from a lender prior to your payday. Most individuals qualify for this loan, but their rates of interest are very high. Its benefits are:

  • No collateral needed
  • Simple and straightforward process of application and collection
  • High approval rate

Education Loan

This loan is particularly design to meet the students’ needs to pay their tuition fees, living costs and study materials. It is normally offered by licensed moneylenders. Repayment system normally starts once the student graduates. Rates of interest are very low. Benefits are:

  • High approval rate
  • Low interest rate
  • Almost anyone (student) qualifies

Renovation Loan

This is normally taken for improving house or apartment. Its benefits are:

  • Repayment options are varied (weekly, monthly and so on)
  • You get a chance to choose between fixed and varying rate of interest
  • Large credit ceiling

Vacation Loan

This is taken exclusively for paying for vacation costs. Its advantages are:

  • Immediate cash in hand
  • No hidden fees
  • Start to repay once you are back from vacation

Short Term Loans

This is also called caveat loan and is designed to help businesses that have problems with cash flow. Its advantages are:

  • No application fee
  • Short approval period (even some hours)
  • Involves lose credit check

GlobalCreditWaves.com (HSX Credit) is a trustworthy financial organization, licensed with the Registry of Moneylenders in Singapore. They are committed to become one of the most prestigious sinapore moneylenders. They assure their borrowers speedy loan approvals, and one of the most affordable rates of interest and convenient repayment options.

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