Personal and Payday Loans in Singapore: Perfect Solutions for Urgent Needs

The significance of loans has been increased a lot in the present scenario. Gone are those days, when the people used to take the borrowings only when they were starving from huger. In the present scenario, they have become the means to fulfill the personal requirements. In Singapore also, the trend of borrowing the money has been increased a lot in the past few years. A number of loan agencies are active these days in Singapore, which are offering the debts to the people on easy interest rates. A number of these agencies offer their services online. There are two major types of loans being offered by the lenders in the present scenario in order to accomplish this purpose.

Personal Loans

The personal loans are the types of borrowings, which are taken for the personal needs. If you have some occasional requirement, such as school fee of children, medical expenses, car repairing and so on, then these debts are perfect solutions for your needs. For applying for a personal loan, one must have crossed the age of 21. The limit of the end of the loan period remains the age of 65. Besides, the borrower must have a permanent job and should have a good credit score. Moreover, the person should be the resident of Singapore. If you are not a resident of Singapore, then you are required to apply for the other types of borrowings that are meant for the people from abroad. But, some of the banks also provide the personal loans to the foreigners if they have work permit of Singapore.

Some limits of the personal loans are also fixed by the lenders. It may vary depending upon the lender, but usually the limit remains 4 times of the monthly income in Singapore. But, you can obtain the higher amount also if you have high salary such as $ 100,000 or above. But, you will need to discuss it with lender for the higher amount.

The personal debts are required to be repaid on monthly bases. If it is not paid on time, the late penalty is charged by the lenders. The rate of penalty may differ from lender to lender.

You may also have to pay some more charges at the time of taking the loans. For instances, you may require to pay the charges like processing and insurance fees. Most of the lenders facilitate the approval of the borrowing on the same day.

Payday Loans

The payday loans are also widely popular today in Singapore. These are the small amounts of loans, which are taken till the date of your salary. The pay day advanced loans Singapore are meant for the purpose, when your salary is finished and you still need the money for your monthly expenses. They also have the low interest rates, which is why they are proved to be beneficial at the time of urgent needs. One more benefit of the payday loans is that the people are able to take them at times even when the applications of other types of borrowings are rejected.