Types of Loans: Which Loan Should I Get?

If you are looking to borrow some money in Singapore for some urgent business or just to
purchase something immediately, you have various loan options from licensed moneylenders
available in Singapore! You can get all sorts of loans from a reliable money lender, but the
tricky part is finding out which one you should go for. Let’s look at what type of loan options are
available and what type of loans would suit your needs!

Home loans

In Singapore, buying a home can be a luxury thing because of how expensive housing can be–
especially for young couples looking to buy their own home. Well, a home loan allows you to
borrow money from a reliable money lender to pay for the home you’re looking for.

But the thing is that you must determine the amount you can afford to buy a house and only
then take out a loan. If you are getting a large amount then you must check if you are capable of
paying it back on time as well.

Car loans

Car loans are actually pretty common in Singapore because of how costly cars and driving can be! The
loan amount depends on the price or value of the vehicle, if it is less than $20,000 then you can
get around 60% of the value. And if the cost of the vehicle is higher than $20,000 then you can
only get 50% of the vehicle value.

Payday loans

Payday loans in Singapore allow you to loan a small amount of money when you’re in need of
fast cash. The only thing is that these loans tend to come with a higher interest rate and you
need to pay that back in less than 30 days. It has various benefits such as convenience and
flexibility, and it is easy to qualify for so you tend to get faster approvals.

Personal loan

A personal loan is a type of loan that can be used for typically anything–it’s up to your personal
discretion to choose what you do with this sum. You can use it for your business or buy a new
car, or even fund a wedding! In Singapore there are two types of personal loans you can get
and the first one is a term loan. Term loan comes with a fixed period of time and you have to
pay monthly instalments. With the term loans, you have to repay the money you have borrowed
by the end of the loan period.

The second one is a revolving loan or a personal line of credit. This gives you a credit limit
which you can use to do anything. You can get the lowest interest personal loan in
Singapore from various money lenders, it all depends on the terms you work out with them.

Get a Loan in Singapore

That’s just a brief list of the types of loans you can take out for your unique needs! If you want
more information on getting a loan from an authorised money lender, feel free to leave us a
comment below, or contact us on our hotlines: (+65) 62244746 (Yishun) and (+65) 62244749
(Tampines).