Tanjong Pagar is a district conveniently located in the central business region of Singapore. It’s known for being widely multi-cultural, colorful, and filled with exciting nightlife activities.

Summary of Top Legal Money Lenders of 2022

It’s a great place to settle if you’re looking to balance work and leisure. The area offers a lot that if your financial health gets slightly shaken, there are several trusted licensed money lenders in the district willing to help you with your financial needs.

What Types of Loans Are There?

Not all loans are the same; there are several kinds of loans designed to meet specific needs and requirements. To identify which time you need, you have to consider your needs.

The following are the most common loans you’re going to come across in Singapore:

Personal Loan

A personal loan is an unsecured kind of loan. It is a short term loan that you can use on financial emergencies such as health concerns and tuition fees. Personal loans are also for home renovation, debt consolidation, and more.

It’s the most well-known loan in Singapore, and it’s available to both locals and foreigners legally residing in the country. To apply, make sure you have all the documents they need.

Terms of loan:

  • Minimum salary of $1500
  • Loan amount of up to 6X salary
  • Interest rate of up to 4%

Business Loan

Handling a start-up business is not only challenging to put-up but can also be hard to sustain. As the name suggests, this loan is made especially for businesses. You may borrow up to $200,000 with a 5-15 percent interest rate, with 24 months repayment period (subject to terms and conditions of the agreement).

Each financial establishment offers various types of business loans. There are different loans for start-ups and small to medium enterprises (SME).

Many business owners find comfort with business loans; it can help them fund some necessities like equipment and advertisement. In some cases, they use it to support the wages of their employees.

To apply for a business loan, your company must be operating for at least one year and has a minimum turnover of $60,000. Note that the interest rate for this type of loan is naturally higher as compared to others.

Payday Loan

A payday loan is used to supplement your income in cases of emergencies and unexpected events. It’s like getting your salary in advance.

What’s interesting about payday loans is that they can be used on anything, they are available to you immediately after applying and you can get this loan even with a bad credit score.

With this loan, you have access to 1X your salary and the loan period is one month or until your next pay day.

Additional fees include a maximum of $60 for late payment and a processing fee of not more than 10% of the principal amount.

Monthly Loan

The monthly loan can be used for a wide variety of purposes including, car payments, vacation, and home improvements. How it works is that you take out one single loan to cover your expenses and you repay the loan monthly by means of fixed-rate installments.

Many people resort to monthly loans because of the number of benefits they bring. Here are some of the benefits:

  • Fixed interest rate
  • The ability to borrow large amounts of money
  • Available even with a bad credit score

Foreigner Loan

Foreigner loans are dedicated to expatriates that can enjoy the same interest rate and repayment terms as the personal loan. The only difference is the additional documents required such as a passport, work permit, among others.

The following are typical terms of a foreigner loan:

  • Maximum loan amount of 6X salary
  • Loan term of up to 12 months
  • Interest rate ranging between 1 and 4%

How Can We Help?

It takes a great deal of patience and knowledge to find the loan that would be most beneficial to you.

That’s where we come in. With our expertise, we can determine exactly which loan is best for you by simply looking at your needs and requirements.

Get up to three loan proposals from the best licensed money lender Singapore just by filling up our online form today!

List of Money Lenders in Tanjong Pagar