Getting An Individual Loan In Singapore

In Credit Repair of CreditGuru (March 28, 2013 2:48 am)

Living in a fast-paced way of living, often you wish to reward yourself for your hardwork with substantial things or services that are outside your daily desires spending. Or you may need cash for some pressure due to whatever reasons that crept up unexpectedly. If you really need some extra money for your vital wishes or for some indulgence, there are two avenues to get.

Banks are the traditional source of getting financial loans. It was once that one can only have mastercards or facilities if one earns S$30,000 or more yearly. Lower income-earning folks can’t have access to any credit arrangements at all, and many of them borrowed from illegal loansharks to that end. To let lower income earners have a technique to borrow cash although not from illegal loansharks, the Monetary Authority of Singapore (MAS) decreased the minimum annual income to S$20,000 for credit facilities.

With the revised Moneylenders Act in 2008, it is simpler to loan money now in Singapore for the lower revenue earners. Many borrowers are folk who earn less than S$30,000 per year, and some don't have good credit ratings. To cater to this group of potential borrowers, many licensed moneylenders in Singapore have sprouted in the previous couple of years. And now getting a monetary loan is easier and faster too.

A personal loan is mostly an unsecured loan, meaning you borrow money without any collateral held in place. Most, or all, licensed moneylenders in Singapore offer private loans. Dependent on your annual salary, you can borrow up to a certain quantity, which might or might not be what you need to borrow.

If you earn less than S$20,000 per annum, you can only borrow up to S$3,000. However most licensed moneylenders will only extend up to S$1,000 credit to this group of borrowers. Some good points for this group are that their earnings and their credit histories may not be certified, and the maximum interest chargeable is 18% per annum.

For folk earning between S$20,000 to S$30,000, you can borrowed up to twice your monthly salary. And for above S$30,000 revenue earners, the maximum amount you can borrow is 4 times your monthly salary. However there's no cap on the chargeable interest, and a fair price for licensed moneylenders in Singapore is 4% to 6% per monthly, which adds up to over 60% interest in a year! On top of this high interest, there are approval/acknowledgment charges and some varied fees charged by different licensed moneylenders. Though all of these fees they are compulsory for licensed moneylenders to disclose them in the contracts, along with late payment penalties, the calculation of interest and other charges.

Personal loans from licensed moneylenders are better for the lower earnings and those with poor creditability. Typically the loan repayment period is anything from a month to half a year. For folk who earn more, it is recommended not to borrow from licensed moneylenders, as the rates are high and not fixed, unless they borrow less than S$3,000. If possible, this group earning more than S$30,000 and with good creditability is far better off borrowing from banks with their lower interest rates and longer repayment period for higher loan amounts.

Zack Diaz is a website consultant, who has an abiding interest in Personal Loans. And the site he favours the most isPrivate Loans in Singapore.

If you enjoyed this post, make sure you subscribe to my RSS feed!

9 Comments »

  1. Attractive section of content. I just stumbled upon your site
    and in accession capital to assert that I acquire actually enjoyed
    account your blog posts. Anyway I will be subscribing to your augment and even I achievement you access consistently rapidly.

    Comment by Home Equity Loans Thousand Oaks — June 15, 2013 @ 12:17 am

  2. 胜败的对比 是残酷的可以,康美直销

    Comment by ???? http://www.023lm.com/cm/forum-2-1.html — January 9, 2015 @ 10:44 am

  3. Hey there I am so glad I found your blog, I really found
    you by mistake, while I was browsing on Askjeeve for
    something else, Anyways I am here now and would just like to say thanks a lot
    for a marvelous post and a all round interesting blog (I also love the theme/design), I
    don’t have time to read through it all at the
    moment but I have saved it and also added in your RSS feeds, so when I have time
    I will be back to read much more, Please do keep up the great
    jo.

    Comment by ask — April 25, 2015 @ 5:27 pm

  4. 私がそこにあることを認識確か 素晴らしいこの上のスパムの取引ブログ。 援助それらをクレンジングをしたいですか?私は可能性かもしれない 援助クラス間で!あなたはこのに関するたかったと依頼するのかわからなかったインターネットサイトがサイト 情報ウォークスルー、そのことができますこれは

    Comment by 景品 男女別 お楽しみガチャガチャ チャレンジ! メンズ レディース レア物 — September 8, 2015 @ 5:48 am

  5. こんにちは、私インターネットサイトヤフーに、私は言うことができるすべては、あなたが持っているあなた信じられない サイト 素晴らしいかもしれないインターネットサイトを !!!

    Comment by 【あす楽対応】 【送料無料】 山善(YAMAZEN) キャスター付 押入れ収納ラック(幅2 — October 1, 2015 @ 5:24 am

  6. あなたに巻き込まれるするべき個人的にはでコンテスト!のオンライン最高のブログは私がこのページをお勧めしますあなたが

    Comment by 【楽天市場】【メーカーお取寄せ品】バンガード カメラバッグ Vojo 10GR /jht: — October 1, 2015 @ 5:25 am

  7. !私はブログに頻繁にと私は本当にあなたのコンテンツを感謝しています。記事では、実際に私の興味をピークました。私はブックマークあなたのサイトに行くと、新しい情報がないかどうかを確認キープしています。

    Comment by 【楽天市場】【ARNUVO】 アルヌボ ネックストラップ インディア ブラウ — October 11, 2015 @ 10:44 pm

  8. 。 インターネットサイトはのためにありがとうございました。このウェブサイト ビンビンで検索私はオンラインニッチを賭けし、持っているに取り組んメートル位置特定さ見つかりました。に見 もっとたくさんあなたコンテンツの。グラシアス、屋を参照してください。 :S

    Comment by ダルフォードグレインフリービスケットべジ&フルーツ 150g [AA]【TC】【RCP】【hl1 — October 11, 2015 @ 10:44 pm

  9. 私は彼のように友人からの電話を受けることを光栄に思ってんだ、あなたの内側|あなたにウェブサイト} {あなたのサイト内。 ポストあなたのビアを介して読み取ると経験本物の素晴らしい することができます。読者について考える おかげで成功の最高がかなり多くのかなり私のような、と私はあなたのための欲求します専門プロレルムです。品質の記事読んで喜び私は取るhuan​​hangrn コンテンツ素材。この記事 |私が理解することができるような書き込み1 1です。 関数 優れた非常に良い良いまで| 維持してください。

    Comment by 腕時計 ペアウォッチ カシオ CASIO ラブペアーセット 2010 LOV-1B 《ペアーウォッチ》 — December 5, 2015 @ 9:20 pm

RSS feed for comments on this post. TrackBack URI

Leave a comment