If you are a Singapore citizen, you may need to apply for a personal loan Singapore from a Money Lender. These are the leading lenders who have all been duly approved and licensed by the Ministry of Finance (MOF). This is one of the easiest ways to borrow money as they are highly regulated by MoF and all the accredited Money Lenders in Singapore have their license on file with MoF. You must be a resident of Singapore and the amount you can borrow will be decided after taking into consideration your income, monthly expenses, credit score and the value of your property or assets. Personal Loan Singapore comes in two types-secured and unsecured. The secured ones are popular as they offer a lower interest rate on the long term but they require you to pledge some of your properties as security against the loan amount.
Apply for a personal loan Singapore
Unsecured Personal Loan in Singapore comes in two forms-secured and unsecured. You may choose to go for either of these depending upon your personal situation and needs. A secured personal loan in Singapore comes with higher interest rates because there is a higher risk for the lender and also because you are providing security to him with the property you pledge. On the other hand, an unsecured loan in Singapore comes with low interest rate because of the absence of any collateral or security and the risk to the lender is reduced. People go for an unsecured loan when they do not want to keep up the regular payments towards the loan which tends to accumulate a lot of interest due to late payment.
You should always try to get your loan contract registered so that there is no chance of any future disagreements about moneylenders. Make sure that you have fully understood the terms and conditions of the loan contract before signing it. There are various moneylenders in Singapore like the well-known Best Western Moneylender, First National Currency Bank, RCBC Savings Bank, and the private lenders like Tembus and Credit Suisse First Boston etc. You can search for these moneylenders using the Internet. Once you are registered with these moneylenders, you can get your loan contract signed and start the processing.