In Singapore, a personal loan is very common because it can be used for all kinds of things, including buying a new car, going on a much-needed holiday, remodeling your kitchen or bathroom or kitchen, buying school items for kids, paying some emergency bills, and many others. The loan is unsecured, which means that your home or personal property will not be used as collateral sending your application to banks or other smaller financial institutions like direct loan outlets and credit unions.
Singapore is one of the economic leaders in the world. For instance, in the world, the country is the fourth leading financial center. The country also has one of the highest percentages of millionaires in the world; this means millions of US dollars in disposable wealth excluding businesses, luxury goods and properties. In Singapore, acute poverty is rare, as banks are always willing to make all kinds of loans available to those in need.
Benefits of Personal Loans
If you live in Singapore, there are many benefits of getting personal loans(source: Personal Loan Singapore). These are some of them:
- No Collateral – This is one of the benefits of getting personal loans if you live in Singapore. You don’t need to have a property worth millions before being given the loan. The reason is that the loan is meant to take care of personal issues, and it is ideal for people of all income classes.
- Privacy – Another benefit of getting personal loans is that your privacy is guaranteed. You are not under any obligation to disclose what you want to use the loan for, unlike long-term loans that need series of documents explaining how the loan will be used.
- Cheaper – In Singapore, personal loans are good because they are cheaper than many other types of loans, including credit card debt. Most people cannot pay their credit card debt because of the high interest rates, and what most people even do today is going for personal loans which have lower interest rates to pay off their credit card debts which have high interest rates.
- Very Fast – Getting personal loans does not involve the type of frustration experienced when seeking other loan types. Getting credit cards is also time-consuming, in addition to being expensive. Within some hours or days, you can get your personal loan approved to buy whatever you want.
- Long Repayment Period – Personal loans are also good because you can still get the ones having tenors of up to 7 years or more. This gives you the flexibility to choose a repayment period which is right for you.
Get Personal Loans Today
Singapore is one of the best places to live, and this is why most citizens cannot do without personal loans. Most banks have interest rates which are as low as 12% p.a., and if you sign up for one of their services, you can get reduced interest rates – up to 8% p.a. For all approved loan applications, a processing fee of between S$50 and S$100 always apply. This is a good way of taking care of a lot of things in your life and family. Therefore, you should send your application today.