Personal Loans in Singapore for all types of credit

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!

Go for an IVA for restoring your finances

Screen Shot 2015-11-03 at 01.38.33The individual voluntary agreement can be said to be another name of the term individual voluntary arrangement. These plans and procedures were actually set up for dealing with the excessive bankruptcy and debt consolidation issues within the UK economy. This is one of the most beneficial options for dealing with bankruptcy which were really essential for the people who were in debt with a huge amount of money that seemed impossible for them to pay. The IVA is a legal document that is drawn up by a qualified insolvency practitioner who acts as an intermediary along with the debtor and the creditor. The practitioner will have an overall look at the financial condition of the debtor and as long as the income is exceeding the expenditure, there will be certain provisions which will be granted to the debtor to reduce the debt to a considerable extent without hampering the creditors’ interest and at the same time, paying off the debt within a certain period of time.

The time period is mostly fixed at five years, though it can vary in certain cases of individual debtors, but the usual time period is 5 years. The process is similar to a process in Scotland known as protected trust deeds. During the overall procedure of IVA, the creditors cannot make any contact with the debtors as long as they are paying off the scheduled amount at regular intervals. And in case the creditors try to take any forceful measure, they are liable to face stiff legal penalties. It must be noted in this scenario, the creditors need to agree collectively to the petition of the debtor and the total debt will be treated as lump sum instead of a series of debts for different parties.

A huge advantage of individual voluntary agreement is, a large chunk of money is wiped off from the overall debt at start and this helps in covering up as much as sixty percent of the money owed. This is actually what makes it a very attractive one. Now, you also need to know that just because the IVA offers an alternative for avoiding bankruptcy, this does not at all necessarily mean that the two procedures will be mutually exclusive. Once a person has been declared as bankrupt, they can still make a petition for the IVA. If they can get an arrangement for the IVA before the declaration of bankruptcy, then the individual is liable to apply for the annulment.

Again, if the IVA has been approved after the declaration of bankruptcy, the official receiver will be completely in charge of the arrangement. Though the arrangements are fully strict, this can be referred as fast track voluntary arrangements which are only available in certain circumstances. There are certain regulations which can prove to be definitely advantageous for a debtor, but if improper decisions are made, the same situation can turn into a disaster. This is the reason it is better to take the help of professionals like IVA Plan.

A crucial accident

I had some financial problems and decided to opt for logbook loan; since I had a car which valued a lot to me and above all that it was the only expensive item I possessed at that time. I didn’t want to sell the car to fulfill that need because I was not able to live without a car so I decided that I will go for this option. Although being in debt was a frustrating but a feeling that later on I will be able to get rid from it and the rest of the financial problem will be over, was a provoking force.

As I was already aware of the car loan procedure from through a reliable friend; I decided to contact them. Upon calling them I got the courteous customer representative who explained me with all the necessary details and procedure. Being above 18, UK resident and having a car in my possession and name so, I was clearly eligible for applying this loan, as such there was no difficulty for getting a loan. They told me that they insist that the car should better be insured; that’s what my friend had already told me and I had already initiated a policy.

I agreed with the interest rate and they came to my home for car inspection. Well all set off to get the money; the service was really swift as they followed entire procedure in a very short time span. I restarted my journey to get out of my financial troubles; which I thank to, which made me able to start my new life again. Suddenly I encountered an unexpected bad luck. After few payments I had a major problem as I had severe car accident, which damaged the car very badly. I thought that logbook loans had become a problem for me now. But thanks for my on time action for car insurance, I had never thought that I would need this insurance amount but I had a policy.

At that time I realized that why people insist for the car insurance, as it was in my own favor. The insurance company helped me to recover the car into the initial state, and everything was back to normal. During that period the team cooperated with me a lot because I was really worried for losing everything, but as the car came back to normal, nothing wrong had to be faced. This seems like a night mare to me, when I think what if my car was not insured, I would have lost everything as the car was the security for the borrowed money and I had nothing additional to spend for the car.

I recommend all those who need to avail a loan that logbook loan is the best facility to avail for financial needs. But I more strongly recommend getting your car insured before you go for it as it can save you from the unforeseen happening anytime.

Calculate your monthly payments online

Screen Shot 2015-06-19 at 18.31.27Loans against your vehicle

There are many a time in life when you need money, you need money for personal consumptions, you need money to expand your business, you need money to meet emergencies and you need money to meet speculative needs. You might consider selling off your vehicle. But wait, you do not need to sell off your vehicle. You can get loans against your vehicle. Logbook loans are the loans that you get against your vehicle’s document. Logbook loans are also known as V5 loans. These loans have some characteristic features and great advantages. Here they are:

    A logbook loan is provided against the logbook or V5 document of your car

    The lender keeps the logbook with him until the span of the loan is not over or unless you have cleared the loan amount

    These are better options as against single day loans. They are very much cumbersome. They have a huge rate of interest which these logbook loans do not have.

    People with bad credit rating also get logbook loans because they have the power to use their vehicle as a security

    There is no early repayment fee if loans are taken through logbook companies

    You also get the right to enjoy your vehicle’s usage. The companies keep the logbook with themselves and not the car.

Logbook Calculator is a company which helps borrowers Fund lenders. It lists all the rules, regulations, terms and conditions of a lending company. They also provide you with the rate of interest of the lending companies. There website is; these people have the great working environment. This company never charges anything from you for visiting their website. They also assure customer or client’s protection.

Their features and advantages

The following are the features and advantages of the mediator company:

    Eligibility criteria and documents required: To be eligible to apply for a loan, the borrower must be 18+ years of age, he must be a citizen of the UK, and he must be the legal owner of the vehicle. The vehicle must have all the papers litigation free. At the time of application, the logbook of the vehicle must be present. The MOT and insurance papers are the other requirements.

    The amount of money that can be borrowed: The amount of money that can be borrowed ranges from as low as £200 to a high figure of £50000. It depends on the condition of the vehicle and its valuation price.

    The only risk that is involved is the risk of the borrower losing his car due to the failure of payment on time. The company is lenient in this matter. It tries to maintain a smooth relation with its clients.

    The company has an amazing feature of online calculation of the monthly payment of the borrower. The things are transparent. The borrower at any time can check the exact amount of payment that he needs to make. What are the interest rates, the rules, and regulations, etc.?

What is a Scottish Trust Deed

When you are under debt, it is your responsibility to repay it to your creditors. In case of default, the creditors have the right to take action against you and recover the debts from you. If you are unable to repay the unsecured debts, you must approach experienced insolvency practitioners or money advisers for legal relief in the form of Scottish trust deeds. Firstly, you need to know what is secured debt or unsecured debt. A secured debt is a debt provided to debtors when he renders a collateral security. Unsecured debt is a debt without security such as bills of credit card and personal loans. If you do not pay your unsecured debt, your credit report is badly affected which may trouble you in the future for getting a loan.

Scottish trust deeds allow you to manage your cash inflows and outflows effectively. It gives you relief and extends the time period to repay your debt up to four years. To implement the Scottish trust deed legally, you need to consult a money advisor at

Benefits of Scottish trust deeds-

  • No set up fees charged- The money advisors help you to come out of the situation of debt and charge no set up fees for trust deeds.
  • Make your unaffordable debt into an affordable debt- As you were struggling with your financial situation, the Scottish trust deeds allow you to pay an unaffordable debt in the form of affordable monthly payments in 48 months.
  • Fresh start- The trust deeds allow you to make a fresh start again. You get a second chance to get back to normal life and carry on with your work.
  • Another name of insolvency- A debtor becomes eligible for trust deeds if there is no scope of paying off the debts within due date. To know more about trust deeds, you can visit the official site of Debt advisory Scotland.
  • Keep your home- To protect your assets, you have to assign your assets such as car and home to the trustee who makes great efforts to help you to not to lose your home. The assets are remortgaged by the trustee for repayment of debt. You may be allowed to keep a car for personal use.