Personal loans can help relieve the debt if they are used appropriately. Personal loans are one of the few forms of unsecured credit loans available to consumers. Since there’s no collateral, the interest rates will be higher than for secured loans, such as mortgages and auto loans. Personal loans also come with fixed repayment terms, including interest rates and loan repayment period.
To get the best terms on personal loans, be sure to do a comparison on Singapore licensed moneylenders.

Loan Application General Eligibility:

Salaried Employee

• Singapore Citizen or Permanent
• Resident Between 21 and 65 years of age
• Minimum annual gross income of S$20,000 and above
• Contract workers or individuals employed less than 3-6 months in current job

Self-Employed

• Singapore Citizen or Permanent Resident
• Between 21 and 65 years of age
• Minimum annual gross income of S$20,000 and above
• At least 2 years in current business
• Those whose business established less than 2 years might need a guarantor

A personal loan is a short-term loan to assist you with your finances. These loans have become quite popular nowadays and it is one of the best way to get financial assistance in the form of a cash advance.
With a personal loan, most of them will be meet their financial requirements. Be it any ceremony or party in the family, a surprise gift or a grand vacation, personal loans come in at the right time providing as a helping hand.
The personal loan indeed helps to take care of all kinds of expenses in a short time period. This type of loan usually covers travel expenses, holiday expenses, medical expenses, marriage expenses, honeymoon expenses or any other personal type expenses.

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Personal loan is a type of loan which is made for personal, family, or household use, and which is neither a business loan nor a long-term mortgage loan. The Licensed Moneylenders in Singapore loans money to the borrowers. The borrowers pay back this amount, usually but not always in regular installments. This service is generally provided at a cost, which is referred to as interest rate, administrative charges or late charges on the debt.

A personal loan can be further classified into a secured and an unsecured loan. The main difference between the two is that one is obtained with a collateral and the other without the collateral. But the purpose of the loan remains the same, that is to realize personal needs.
As secured loan is obtained by pledging collateral such as a house, a car, property or anything of value, on failure of repayment of loan amount the borrower runs the risk of confiscation of the collateral and a larger amount of loan will be sanctioned due to the collateral laid out to the lender in the form of security. Since the moneylender has some amount of security to claim back his loan amount he easily offers loan to the borrower. The better the value of collateral that is the equity the better the loan terms gets.