When you need urgent funds, a personal loan Singapore is an option that can help you get out of a tough situation and get the money you need. It can be used for emergencies, debt consolidation, or to cover unexpected expenses.
There are a few things to keep in mind when looking for a personal loan in Singapore. First, check the interest rates and fees charged by different lenders. You can easily identify these by reading the terms and conditions quoted to you or asking your lender.
Compare the interest rate advertised by each bank against the EIR, or Effective Interest Rate. The EIR is a more accurate measure of the cost of your loan. It takes into account processing and admin fees, as well as the repayment schedule and amount of money you will be paying back each month.
You may also find that some banks have more stringent eligibility criteria than others. For example, most banks require a minimum yearly income of S$30,000. However, there are licensed money lenders that offer personal loans even for people with low monthly incomes.
The Best Licensed Money Lenders in Singapore
GM Creditz is a top licensed money lender in Singapore that offers fast and hassle-free personal loans with low interest rates of up to 1-4%. They also have a flexible repayment plan that allows you to repay your loan in easy installments.
Unlike many other personal loan companies, they are committed to providing customers with a sustainable model of operation that is focused on consumer protection. Their services are offered online and their financial experts assess your eligibility using the details you submit through the loan application form. personal loan singapore