Are you in dire need of money? Well, taking a loan can be a good option only if you have a good payment facility available. With My Loan Singapore, you can surely get a chance to choose among a variety of personal loans that are suitable for all types of credit and hence make sure that your demands met.
What are personal loans?
A personal loan is a type of loan that is specifically used at the debtor’s discretion. There can be a number of reasons, why people would want this loan, mainly they being personal. Hence, once this money is in hands, it depends on the debtor to make sure that all his personal dues have met, and there remains no backlog.
At times, certain problems can arise in case of the credit score of a person. However, in Singapore, whatever be a person’s credit score, getting a personal loan is not an issue. With even a bad credit score, there are a number of options that are available to you.
Types of personal loans:
There are a number of personal loans that are available in Singapore as per one’s demands. Before applying for a specific loan, it is important that you check out options that are available.
Generally, personal loans are of two categories, secured and unsecured. A secured loan has an asset like a car or house to help in the recovery of the loan. In case of an unsecured loan, there is no collateral required, and hence, interest rates are quite high.
Thus, with My Loan, you can surely check out loans that are comfortable matching your demands.
- Personal Loans:
These are loans in general of unsecured type. In this type of loan, interest rates are high as there is no collateral available. With a rate of 4.83% and monetary ranging up to SGD 11,400 and more at times, this loan can be taken by people for fulfilling a number of personal debts.
- Car Loans:
These are mortgage type of loans. Generally of secure nature, the rate of interest is around 4.33%, and monetary amount is usually equivalent to the present price of the car.
- Education Loan:
This is another type of personal loan that is available to people with a bad credit score. In this case, students can apply for a loan that ranges up to SGD 20,000 with the rate of interest at 2.99%. The payback time for this loan begins when that specific student completes the course.
- Payday Loan:
This loan is also suitable for people with bad credit score. In this case, an amount that is required is to be borrowed before actual payment time and then paid back. Since this is an unsecured loan, hence a high rate of interest at times crossing 5% needs to be paid as well.
How to choose the best:
The speciality of all these personal loans is that they are available for an irrespective of the credit score of a person. With My Loan, rather you get a chance to make sure that there are various loans available in this category, and you can choose the best. With this comparison range, it will be possible for you to check out which is needed at that time to suit your purpose. Thus, whatever be your credit score, getting a personal loan in Singapore is no big deal now!