If you are looking to loan an amount of money in Singapore then you have to either contact a bank or a licensed moneylender. From both of these options, you can get the monthly installment loans but first, let’s look at what monthly installment loans are, and why people may prefer them over others.

Though monthly installment loans detail that you will make repayments every month, the number of months this repayment will go on for varies. Typically, this goes on for about 36 to 84 months.

This means that your overall loan sum may affect your ability to have monthly installment terms as a viable option for your loan agreement. Let’s look at the options available for you to choose from monthly installment loans.

Monthly installment loans

Almost all of the loan types come with monthly installment options. It’s up to you and your money lender of choice to determine how you may wish to make your repayments, and whether you will be able to make your repayments.

You can call the moneylenders or banks and discuss the details of the loans if they have monthly installments available or not. Most consumer-driven loans of small amounts can be paid with monthly installments, and of all, personal loans are favoured.

Personal Loans With Monthly Installments

Many borrowers opt for personal loans with monthly installments because this short term loan allows them to take out money for personal use such as vacations, to pay off car loans or for home renovations–it’s really up to you how you wish to spend this sum.

The reasonable loan sum also makes monthly repayments relatively simple to make. After all, with monthly installment, you will know exactly how much to set aside as interest rates and repayment sums are fixed.

Who to Loan From

You have two options when it comes to choosing financial institutions to take out loans from. You can either go with banks or with licensed money lenders–both have their own pros and cons. Banks usually provide a larger amount of money to their lenders, but also enforce longer repayment periods.

They also have stricter eligibility requirements and take credit scores into account when determining whether or not to approve your loan application. Not only does this make it harder for some to secure a monthly installment loan, but it also takes about 2 weeks to get your loan application approved.

Whereas if you are opting to get a monthly installment loan from a legal money lender instead, then you might not get a loan amount that’s as large, but you may enjoy other benefits such as shorter repayment periods and faster loan application approval. You may also speak with your loan representative to draw out in detail how you wish to make your monthly repayments. This can be very helpful so that you don’t feel strapped to make your repayments each month.

Monthly Installment Loans

Monthly installment loans are great for borrowers who are unfamiliar with loans because they’re fixed and scheduled for you! To get started on your first monthly installment loan, just give us a call at any of our following hotlines: (+65) 62244746 (Yishun) and (+65) 62244749 (Tampines).