Know More about Trusted, Reliable, and Licensed Money Lenders in Singapore!

by Alice Thomas Consultant

Singapore is a country well known for providing reasonable loans to its residents and foreigners. For long, we know that loans are being used all around the world let alone in Singapore. Whether you are buying a home, starting a new business, completing your studies, or wanting to buy a car, a loan can be very useful. In the recent situation, Singapore bank lending has seen a decline as the loans being offered to businesses decline. A year-on-year basis also shows a drop in the total loans taken in business. On the other hand, looking at loans to construction and business, the loans rose in the past few months.

With the recent news about loans in Singapore, some common types of loans are often being offered in the country. Several companies in Singapore like 1AP Capital are offering several loans to people and businesses.

Loans have now become easier to access in the country with a greater variety of them being offered now. With growth and decline in different sectors regarding loans, there are mainly some types of loans and loan packages. For people living in Singapore now, and those who have moved to the country or are there are foreigners find an increase in the loans being offered, so it has become easier for them to live there while taking advantage of the best that the country has to offer.

Types of loans and loan packages being offered

There are some types of loans that you should consider if you are living in Singapore.

Personal loan

This loan can be taken for almost anything and is an unsecured Singapore personal loan. The main two types of personal loans are a personal line of credit and the term loan. Term loans can be taken with a fixed time and fixed installments on monthly payment. A personal line of credit, also known as revolving loans, sets you a credit limit that you can use almost anytime, and there is SGD 50 or a minimum 2.5% monthly payment, whichever of the two is higher. People in Singapore usually prefer taking personal loans for covering business costs.

Car loan

People in Singapore often also make use of a car loan. A car loan is taken when someone wants to buy a used or a brand-new vehicle. If you want to buy vehicles that cost less than SG$20,000, you can be given a 60% loan of the actual buying price as a car loan. For vehicles worth more than SG$20,000, you can be given 50% of the buying price as the amount for the car loan. The time for a car loan is a maximum of five years.

Wedding loans

In Singapore, wedding loans are offered by many companies and they help you get a dream wedding. Under this loan, different packages are offered by the company and the team can guide you with the right package to meet your needs. Wedding loans are loans provided by companies for payments for a wedding.

Business loans

Talking about Singapore, medium and small businesses are at the heart of its economy. Lack of money for running businesses can sometimes become a hindrance to the growth of the economy. Business loans are provided to people who want to expand and develop their businesses. Again, these loans can be customized to meet your needs and are easily accessible.

Foreigner loans

Many expats living in Singapore have very little access to credit. With foreign loans, people who come to the country for studying or for other reasons can meet their financial needs and necessities. Many companies in Singapore provide flexible and easy foreigner loans at reasonable prices.

Benefits of taking loans

Almost everyone needs loans for some reason or another. Whether you want to buy a new car or start a new business, getting a loan can be of great help. But why is it beneficial?

Low rates of interest

A benefit of taking a loan from a bank is that the bank's offer has the least interest rates, so you can take advantage of that.

Flexibility

Bank loans often have a set of rules regarding the time and amount of the money, but their time and money spending rules are often flexible enough for you to make a maximum benefit.

Establish yourself

Whether it is starting a business, getting married, or getting a car, you can take a loan and start your work and pay it off when you have the amount.