Here’s How Personal Loans Compare against Traditional Bank Loans in Singapore

Here’s How Personal Loans Compare against Traditional Bank Loans in Singapore

When you are in a difficult financial situation or need money to make a large purchase, several options are usually available. These include asking family and friends for money. Other options are borrowing from banks that offer traditional forms of credit, getting a credit card and government legalised money lenders that are based online provide personal loans.

How to Spot a Dishonest Lender

How to Spot a Dishonest Lender

Taking a loan is a tremendous responsibility and you should understand all the risks involved. An uninformed and hasty decision can cost you a fortune and transfer your life into a horrible financial nightmare. No one wants to find himself in the unmanageable debt pit, so before applying for the personal loan, first of all, it is vital to find a reliable lender. Unfortunately, there are lots of financial scammers looking for easy money, so in order not to be fooled you should be able to recognize the main features of the untrustworthy lender. Here are a few of them. 

Are There Security Deposits When Getting a Personal Loan?

Are There Security Deposits When Getting a Personal Loan?

Thinking about how much you plan to borrow, and whether you can afford the repayments, it’s important to consider the security requirements of different personal loans. It is not always possible to get a loan secured by existing property values ​​(real estate, vehicles). In this case, it is worth considering the programs of financial organizations offering loans without collateral. 

What Additional Documents May Be Required when Applying for a Personal Loan

What Additional Documents May Be Required when Applying for a Personal Loan

Each bank, MFI or other organization sets its rules. To get a loan at a pawn shop, it is enough to show an ID and leave something valuable as collateral. You usually only need an ID for a consumer loan in an MFI, while the bank can set more conditions before giving you a loan, especially for a large amount. But there are several general requirements.