Personal Loan

Are You Facing a Shortfall in Your Personal Cash Flow?

Our personal loan in Singapore will help you deal with any unexpected financial situations in your daily life. We will be able to grant you the instant cash you need conveniently. And you can repay this cash loan over a few months.

What is Personal Loan?

Basically a personal loan in Singapore is also commonly known as an unsecured loan. This loan type is to grant you fast cash over a short period of time to deal with unexpected expenses such as traffic summons, car repairs or medical bills. As you will need this money loan urgently, you may not have the luxury to borrow it from a bank which will run numerous credit checks before approval.

Additionally, depending on the amount borrowed, the bank will take even more time to grant the loan. And if it is regarded as a small loan to them, they may reject it due to low profitability. In such instances, you should turn to a licensed money lender in Singapore for a cash loan. Its short-term repayment schedule is usually flexible and ranges from daily, weekly or monthly.

Background

Getting an unsecured loan in Singapore for the common man like you and me, is not easy as most banks are unwilling to offer such cash loans due to the high risk of default. To alleviate this problem, the Singapore Government has stepped in to regulate this industry by granting licences to selected local money lenders. This greatly complements the existing banking services by allowing private money lenders in Singapore to provide such high risk personal loans that are frown upon by banks yet greatly demanded by many individuals.

Strict Regulations

Although by granting these money lender licences, the Government has managed to plug a gap in Singapore loans’ market, it must still ensure the public’s interest is protected. Thus it has laid out a set of strict regulations to prevent any licensed money lender in Singapore from charging excessive interest rates as well as conducting their business in an undesired manner. On the other hand, the public must also understand that these finance companies in Singapore are taking a huge risk to offer a personal loan in Singapore which is not secured by any collaterals, so interest rates will definitely be much higher than most banks and financial institutions.

How to Get A Best Personal Loan?

1. Understand Your Situation

Firstly, you must understand your financial situation i.e. the amount you need to borrow, can you afford to return the loan and how soon can you repay it. You will need to be realistic with your situation in order to find a credit company in Singapore that offers the best deals based on your requirements.

2. Check Your Credit Rating

Next, you should check your credit rating with the Credit Bureau Singapore. As this rating will determine the amount of legal loan you will receive as well as the interest rates that will be offered to you, it will help you to bargain for a much more favourable rate if you have a good credit rating. If you do not have a desirable rating, you will be mentally prepared to accept a less favourable rate.

3. Shop Around for Deals

Thirdly, spend some time to look around for deals that may be offered by various money lenders. Internet has made things so much easier. Instead of visiting their office, simply surf to each finance company website’s contact us page and check with them for any special deals if you take up a personal loan in Singapore with them.

4. Review Your Repayment Schedule

Last but not least, you will need to put in a lot of thoughts before deciding on the loan repayment schedule and scrutinise its terms and conditions, as you may end up paying a large sum of money due to high interest rates and sometimes unfavourable terms.

Contact Us

Over at Gain Credit , we will help you to assess your financial situation and provide you with the best possible interest rates together with a flexible repayment schedule and an honest set of terms. Contact us to apply for your fast loan today!

 

If you require cash before your next payday, please refer to payday loan.