Be it the for buying a new car, paying fees or treating yourself, personal loans have always come in handy, right in the exact hour of need. For most people, personal loan have become a significant part of our financial history and one that has become difficult to do away with. This is largely because they are often timely and are very convenient in terms of repayment. This are also time friendly and flexible as most of them can often fit into our budgets without much straining. Sometimes, for one reason or another, as hard as times are in Singapore, a personal loan may be the only way out. Many people will agree that even with a monthly salary, money is never enough. It is often difficult to many all our needs with what we have however hard we try. More often than not we tend to manage with what we have. However, there are some situations when an emergency occurs and what we have is not sufficient and we need some quick cash to deal with it. Here is when a personal loan comes in handy.
A personal or soft loan is one that a person is given solely based on trust with the belief that they recipient will repay in the agreed time. Most banks and established financial institutions require some sort of guarantee to offer credit to persons with a good credit record. Lack of this, coupled with a poor credit history potentially locks out many prospective recipients as most of the time, many of them do not have significant means to use as indemnity.
Because misfortunes are universal and can never be effectively avoided a number of establishments in Singapore have made this into a business with much simpler requirements. They do not request one to provide deeds or log books like banks do but require one to show that they are receive regular remuneration. In Singapore, the eligibility bar is much lower as one is required to be above 21 years and below 65 for most of the firms that offer personal loans. Additionally, they are required to be in meaningful self-employment or be employed somewhere else on a full-time basis besides being Singaporean or Permanent Singapore residents. They often need one to show a couple of their recent pay slips, bank records and proof of residence and one is home and dry.
Even more interesting is that they don’t care what the borrower uses the money for as long as they can pay it back. So whether it is that new car you want to buy, pay for a kid’s education or even take someone out for an expensive dinner date, money lenders in Singapore are ready to welcome you and furnish you with a loan without you breaking your back. Also many personal loan lenders in Singapore rarely charge interest, they only levy a small fee based on the amount borrowed. It is only when a borrower defaults or requests a time extension that an interest is charged.