Types Of Loans Offered By Licensed Moneylender Singapore Companies

Are you searching for different types of loans? Do you want to know the types of loans that are available out there? If so, you’ve come to the right place.

The two main types of loan are secured and unsecured. What’s best for you depends on your circumstances and financial situation. In this article, I’ll be going over the basics of secured and unsecured loans so you can make the right decision for you.

2 Main Loan Categories

There are two main types of loans: secured and unsecured. Secured loans have lower interest rates because the borrower offers assets as collateral or guarantors. Unsecured loans, on the other hand, have higher interest rates because they are riskier without any collateral or guarantors.

Types Of Loans Offered By Licensed Moneylender Singapore Companies

Licensed Moneylender Singapore companies offer a variety of loans, with each one having its own advantages and disadvantages. A common question is: Which loan is right for me? To help you decide, here are the three most common types of loans offered by Licensed Moneylender Singapore companies:

• Personal Loan
• Business Loan
• Mortgage Loan

Jefflee Credit licensed moneylenders have different loans and services for each individual. Do consult with them and make sure that the loan and service you are paying for are the best options for your situation.

Personal loans are a great way to help you get the cash you need to cover expenses like a vacation or a wedding. They are usually loans for your own use and can be used to finance anything, repayment plans are flexible and it’s super easy to apply for, thus making them the most common type of loan in Singapore.

Foreigner loans speak for themselves. They are accessible by permanent residents or non-citizens studying, working, or living in Singapore. It’s not easy to get a loan from a local bank when you’re a foreigner in Singapore as most require you to be a citizen or permanent resident of the country, but that doesn’t mean it’s impossible! If you are a permanent resident or non-citizen who has been living in Singapore for more than six months and holds a valid work pass or student pass, then you may qualify for a foreigner loan from most licensed moneylender Singapore companies.

Payday loans are for Singaporeans whose monthly salaries are delayed or bounced for whatever reason. This amount you can borrow is only limited to one month to tide you through the period and it must be repaid in a shorter time frame compared to regular loans. Payday loans are also called cash advances and they are typically repaid in two to four weeks depending on the terms and conditions of your loan.

Business loans are for those who are interested in starting a business, or for business owners undergoing hard times. If you’re interested in starting a new business, or if your current business is experiencing hard times, there is a loan that can help. This type of loan comes with higher interest rates and longer repayment terms, but the amount you can borrow is much bigger.