If you’re in need of a personal loan, you’ll want to be aware of the different interest rates and terms that are available. You may also need to be careful when it comes to choosing a lender, as some financial institutes have lower personal loan interest rates than others. It’s also important to make sure that the lender you choose is licensed and allowed in Singapore.
You can get a personal loan from both banks and licensed money lenders. Licensed money lenders often have more flexible loan terms and higher borrowing limits than banks. They can also offer unsecured loans to Singapore citizens and PRs who have a credit score of at least 600. However, it’s important to remember that if you don’t repay your loan, you could end up in debt. This can impact your credit score, making it harder for you to get loans in the future.
Personal loan singapore is a good way to get the cash you need quickly. It can help you pay for a wedding or a medical treatment. It can also be used to pay off credit card debt. This way, you’ll have a single monthly payment instead of several debts that are due at different times.
You’ll need to meet certain requirements in order to qualify for a personal loan. Most lenders will require you to be at least 21 years old and have a steady source of income. You will also need to provide documents such as your payslips, CPF statements, or income tax returns. Some lenders will also need to verify your identity.