What Are The Type Of Loans Offered By Licensed Moneylenders?

Authorized moneylenders will be useful and helpful at times. More so to clients who urgently need cash for an emergency. At time borrowers cannot fulfill the bank’s terms. Thus they don’t qualify for bank loans. It’s for this reason some go to accredited moneylenders.

In Singapore, you will find many various types of loans. There are also different plans that are labeled for every kind of loan. This could confuse borrowers looking for the best kind of loan.

Here, we discuss the various loan types offered by licensed moneylenders.

Payday Loan
This is an unsecured type of short-term personal loan. It’s frequently known as salary advance loan, cash advance, or fast cash loan. This loan is easily accessible, and you get your money within a few hours. Its a lot faster when compared to conventional bank loans.

Additionally, minimal documents are required. It’s even less stringent for those with bad credit ratings. And also individuals with low incomes qualify. Thus you won’t have to worry that you will be rejected. Neither do you need much paperwork for the loan application.

Personal Loan
This may be the ideal loan when you need emergency cash. Moneylenders offer fast cash advance and fast services. This will help give you peace of mind. Installments are calculated mainly depending on your income, and other factors are considered. Thus, it’s also possible to have low interest for your personal loans.

Since personal loans are often unsecured, borrowers will not require submitting any collateral. Neither will they need to use mortgages to access a loan.

Business Loan
Business loans can offer you the funds you need. For when you intend to establish a business or you want to get extra funds. This you may want for sustaining the sum you now have. Various institutions in Singapore provide business loans.

You may get loans should you need some funds for refurbishment. Or it could be as working capital, business expense payments. You could also need it for property development, or other business needs. You can use the funds to buy equipment, development, and research. It can be used for project bidding and payment for your suppliers.

Foreigner Loan
This loan is offered to individuals who aren’t Singaporeans or permanent residents because it’s difficult to cope with financial difficulties. This is particularly when you find yourself in a new country. This loan type will help you cope. And especially when it concerns money issues. You possibly don’t know anyone here who you could borrow cash from. Therefore, when you can access a loan is very helpful.

You need to be aware that not every moneylender is licensed. You, therefore, need to confirm that they are and they should hold a valid license when you are not sure of their license. Singapore has some agencies that provide verification. From them, you can confirm they are credible. Legal moneylenders will offer you all the help you need. Find the right moneylender that offers you with the right loan and easy repayment plan.