There is a number of loans being offered in Singapore by both licensed money lenders and banks. The best credit loan in Singapore depends on your circumstance.
For Instance, if you are purchasing a vehicle, it is only wise to apply for a car loan. If you want to buy a house, the best option goes to a mortgage, and if you want to pay school fees, an education loan comes in handy. However, a personal loan forms the best credit loan in Singapore as it can be a substitute for any loan.
What is a Personal loan?
A personal loan is an unsecured credit facility advanced to an individual by a bank or Singapore licensed money lenders. In other words, a personal loan is a credit facility advanced to an individual for personal use.
The loan is not limited to any specific use. It can be used for emergencies, payment of utility bills, medical bills, school fees, car purchases, and business, name them.
Requirements
⮚ Singapore Identification Card, Passport or Employment Pass
⮚ Residential address such as utility bills under your name as a proof of residence
⮚ Payslip or Bank Statement or 12 months Provident Fund Contribution Statement or the latest Income Tax Assessment Notice to show proof of income and ability to pay
Why Personal Loans are Considered the Best Credit Loan in Singapore
High Approval Limits – Personal loan limits are higher and generous as compared to loans such as cash advances and credit cards. In most cases, personal loans are customized to suit the needs of the borrower, unlike other loans that are based on factors such as credit history and security available.
Low-Interest Rates – The majority of lenders in Singapore offer this loan. The competition among lenders contributes to the low-interest rate. Every lender out there would want to look attractive to the potential borrower, thereby rendering them to offer the most competitive interest rates.
Collateral Free – Personal loans are unsecured loans, meaning no collateral is required to secure the loan. This makes the process very simple as you are only required to place your application and submit the required documents and then have the money deposited into your account. The loan is therefore accessible to almost anyone, as long as you can meet the monthly installment.
Predictable Payment Schedule
Personal loans are installment loans that are packaged into equal monthly installments that comprise of principal amount and interest. Therefore, at the point of application, you are in a position to know how much you’ll be paying each month. At the same time, you can be able to determine the total amount expected to be paid by the end of the loan tenure.
If you are looking for the best credit loan in Singapore, look up for OnlineCredit
Why Choose Us
We are licensed money lenders operating in Singapore
Quick turnaround time
High approval rates
We offer Customized loan facilities
We offer competitive interest rates
We have a team of professionals to take you through the process
