A personal loan singapore is a type of financing whereby the borrower is granted access to cash for various purposes. The amount borrowed is typically payable in a series of monthly instalments over a fixed period of time. Borrowers can use this financing facility to tide over financial emergencies and even finance events such as weddings or home renovations. Compared to credit cards, these loans are generally easier to obtain and more affordable given that they carry lower interest rates.
However, it is important to understand the rules and regulations that govern money lending before applying for a personal loan. This is because the industry is regulated by the Ministry of Law in Singapore and violations may be punishable by law. In addition, the personal loan market is highly competitive with banks and licensed moneylenders offering a variety of packages to suit different needs and budgets.
It is recommended to seek a personal loan from a bank first before considering licensed moneylenders. This is because banks typically impose higher minimum requirements on the annual income of their borrowers. For example, if you wish to borrow up to 6 times your salary, you must earn at least $30,000 a year with most banks.
Nevertheless, licensed moneylenders offer a more flexible eligibility criteria whereby borrowers can be approved for a personal loan with a much lower minimum income requirement. This is especially the case if you choose to borrow from a licensed moneylender that is on the published list of moneylenders published by the Ministry of Law.
For instance, Horison Credit is a well-established licensed moneylender in Singapore that provides fast and convenient access to personal loans. The company is committed to providing tailored financing solutions that are specifically designed to meet the individual needs of its clients. Besides offering reasonable interest rates on loans, they also provide friendly customer service and free loan advice.
Furthermore, they strictly adhere to the guidelines set by the Ministry of Law in Singapore regarding their operations and responsibilities as licensed moneylenders. This ensures that their borrowers are treated fairly and that they are not subjected to any fraudulent activities.
Moreover, they offer a convenient online application portal that you can use to apply for a personal loan. This feature allows you to complete the entire process from the comfort of your home or office. You can also check your loan status at any time, thus saving you the hassle of having to visit their physical offices. Lastly, their customer support team is available around the clock to answer any queries you may have. This is why they are one of the best choices for those who need a quick and easy personal loan. To learn more about the company, please click here.