Personal loan singapore is an unsecured amount of money that you can borrow from a bank or a licensed moneylender in Singapore. It is loaned to you for a certain period of time (usually a few months or years) at a fixed annual interest rate, unlike mortgages and business loans which have a variable rate. It is also an alternative to credit card debt, which is not bonded against any assets and can easily balloon out of control.
You can get a personal loan for any type of expense that you require cash for, including major home renovations, weddings, medical emergencies or even if you want to start a new business. But there are a few things to consider before you take up this option, such as the terms of repayment and the interest rates that are charged.
Getting a personal loan in Singapore is fairly easy, but you should always be aware of the costs involved and never overstretch your finances. You should also be careful about choosing the right licensed money lender to work with, as they will require you to provide some basic information such as your NRIC, employment details, recent payslips and CPF contributions statements.
Lastly, remember to shop around for the best personal loan interest rate. Some lenders may offer lower rates than others, and the longer your loan term is, the more you will end up paying in interest over the life of the loan.