Unsecured Personal Loans Good Credit – When looking for the best personal loan, payday lenders are a good alternative to banks. Fast, easy and convenient licensed lenders can speed up the process from weeks to days.
Depending on the type of personal loan, licensed lenders are flexible with their money, allowing them to lend to a variety of people. This makes license loans ideal for faster and smaller payments.
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However, some may believe that personal loans from licensed moneylenders are not so legitimate. This thinking, while sometimes valid, unfortunately limits the personal loan options available. This is not only a disadvantage if you need a quick personal loan, but also if you have a low credit rating and cannot get a personal loan from a bank.
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To better understand mortgage lenders in a balanced way, below are four common myths to avoid when considering borrowing from mortgage lenders.
Loan sharks (or ‘Ah Longs’) are unlicensed moneylenders who use illegal tactics to promote personal loans, lure and lend money to people. Usually they come with SMS and unwanted telemarketing messages on personal loans. When one defaults, they charge exorbitant interest rates and resort to unregulated harassment methods to secure loans. These tactics often harm local communities and can lead to unnecessary violence to get their money back.
These are the coins we should all avoid. Unfortunately, many licensed moneylenders make mistakes.
On the other hand, licensed moneylenders can be identified by their license number. These numbers are administered by the Ministry of Law and are listed on their website with a full list of authorized creditors.
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Lendela serves as a good option to compare authorized lenders and their personal loan rates to suit your needs. Lendela allows users to compare different personal loan offers based on their needs and credit history, so they can be sure of getting a legitimate personal loan from licensed lenders that fits their budget and creditworthiness.
The truth is you will. Licensed lenders are open to providing personal loans to people with low credit scores as long as they have clear proof of steady income from work to repay the loan. They don’t charge high interest rates and can sometimes offer debt consolidation services.
In fact, getting a personal loan from a licensed lender can help improve your credit score. While improving your credit score is often difficult, this is a good opportunity to move it to a better place.
Secured personal loans are often favorable for low interest rates. It allows borrowers to borrow a higher amount than a licensed lender and spread their payments over a longer period of time. Examples include mortgages and car loans.
Secured Loans Vs Unsecured Loans Which Is Right For You
Unsecured personal loans (such as student loans) that do not have collateral. Instead, they are paid through a licensed lender based on the borrower’s creditworthiness. However, this means that a secured personal loan comes without its perks – higher interest rates when borrowing a smaller amount. They need to pay off their debts as soon as possible.
Although secured loans may seem attractive due to its advantages, licensed lenders require more time to process, evaluate and approve the collateral. This makes the lending process much slower, which may not be good for borrowers who need money quickly.
To choose the best option, you need to consider the reason for the loan. If you are a strict borrower on time, opt for an unsecured loan. However, if you can wait through the entire applicant approval process, secured personal loans may be your best bet.
Licensed moneylenders are indeed strictly regulated and they cannot charge interest rates higher than those set by the Ministry of Law.
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In fact, the rules facing the bank are a little more flexible. Although their interest rates are low, there is no law preventing them from paying high interest. This causes some banks to charge higher fees than licensed lenders.
According to the Law Ministry, authorized lenders can legally charge late interest of up to 4 percent per month. This limit is effective regardless of whether it is a secured or unsecured personal loan and the borrower’s income.
Interest can only be charged on the unpaid balance. This means that if Person A takes out a personal loan of S$10,000 and repays US$8,000 on time, only the remaining US$2,000 should be charged late interest.
Also, interest can be charged only for late payments. For example, Person B took out a personal loan of US$10,000 with installments of S$2,000. This means that only $2,000 of the late transaction will be charged late interest.
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Depending on your situation, knowing the difference between personal loans from banks and authorized lenders can save you a lot of money in the long run. You can read a previous article detailing the differences here.
You can also compare personal loans in Singapore with a curated list of the best personal loan rates from top lenders!
Boon Hoon has been in the content marketing space for over five years as the managing editor of Goody Feed, creating engaging and relevant content for the social media generation. In 2022, it moved into the FinTech space, staying true to its roots and aiming to bring financial literacy to more people in Singapore. When he’s not working, he can be found building houses on YouTube.
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Unsecured Personal Loan: No Collateral & Bad Credit
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Read the latest personal savings loans in Singapore and the best money saving tips. Last updated on November 1, 2022.
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Whether you’re applying for your first personal loan or looking to get another loan, you’ll find all the useful information and resources here. Read more about the basics of personal loans and how they work, personal loan reviews and comparisons, and the latest personal loan offers and deals.
There are different types of personal loans in Singapore for different stages and needs. Here are 6 types of personal loans you can get in Singapore. Compare the most attractive loan offers and the most suitable loan for you:
Unsecured Personal Loan
If you want to apply for a personal loan and want to know more about it, including interest rates, eligibility and loan settlement, you can read all these helpful articles to help you make the best decision. Get help with personal loans. .
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