For Debt Consolidation Try Unsecured Personal Loans Singapore
The personal loans are unsecured loan in banking
terms. Unsecured personal loans
Singapore is in fact not that much unsecured as it looks to be. Because,
the borrower is bound to discharge the contracted liability and the banks and
money lenders can go to the court of law to get a charge over the borrower’s
assets. There are, of course, bad loans in bankers and money lenders portfolio
but, that risk is part of the game. But an individual borrower will seldom risk
his honor and goodwill willfully. In spite of all these guards, there exists
fly by night operators, and they are the main culprits behind this operation.
Moneylenders
vs. banks
Unsecured
personal loans Singapore can be availed from commercial banks
and also from the licensed money lenders. In all cases invariably the interest
burden of a personal loan is more when taken from the money lenders than that
of banks. The question, therefore, is why a borrower should take a personal
loan from the money lender instead of a bank. The answer is credit rating, and
as it stands now, the banks are turning down borrowers whose credit rating is
bad or where there is no rating. The money lenders consider the repayment
capacity only and do not care for the credit rating unless the borrower is in a
financial mess. The processing time of a personal loan proposal mooted to a
money lender takes less time for disposal and is treated more leniently. There
is of course another reason, the money lenders are only focused to lending and
recovery of the late out fund but for banks personal loans are not their only
revenue.
Why personal
loan
The personal loans are not always for emergencies.
It’s a good way to debt consolidation. If you have taken a loan from multiple
agencies and is now in a financial quagmire, then it’s time to consult a money
lending firm for debt consolidation. They will not fleece you talk to them they
will not fix an absurd installment, with little hardship and determination you
will sail over your crisis. Contact consultants of Personal Loans Singapore now.
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