Singapore
is one of the top financial centers in the world and the banks in the
island nation offer a wide range of banking products, solutions and
services including personal cash loans in Singapore
.
These loans are designed to help the people of Singapore in meeting
their financial needs. The interest rates offered can be quite
attractive and the customers also enjoy flexible repayment tenures to
pay off the borrowed amount. It is not just the banks and financial
institutions in Singapore that offer personal loans in Singapore. In
fact, there are many licensed and unlicensed moneylenders that offer
personal loans in the country.
Types
of Personal Loans:
There
are different types of cash loans in Singapore
products that are available in the 'Lion City' and they are as
follows:
1.
Term
loans
- these are traditional loan products that offer the customers with
the money they need and also require them to pay back the money with
the applicable interest within the term specified in the contract
they sign. They are mainly offered by the banks and traditional
financial institutions in the country.
2.
Loans
against Credit Card
- many of the credit card issuers in Singapore offer their customers
with instant cash against the available credit on their card. The
loan applications are approved within no time and the money is
transferred directly to the bank account of the applicant. In most
cases, the customers can avail up to 100 percent of the available
credit of their card as a loan.
3.
Personal
line of credit
- some of the popular banks operating in the country, such as
Maybank, do not offer personal loans and instead they offer a
personal line of credit that provides people with access to funds on
a monthly basis. It is a type of revolving credit that requires the
customers to make monthly payments for accessing more funds.
4.
Overdraft
protection
- OCBC Bank and other top banks in Singapore offer overdraft
protection facility with their savings account with the help of which
they can withdraw more money than that is available in their account.
The additional money that is withdrawn is regarded as a loan and the
customers are expected to pay it back through equated monthly
installments (EMIs).
If
you want to apply for personal cash loans in Singapore,
or if you want to know about the types of loans available in the
country, visit our website.
