Getting An Individual Loan In Singapore
In Credit Repair of CreditGuru (March 28, 2024 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.
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