The Upper East Coast is one of the oldest regions in Singapore dating back to the early 1800s. Over time, it’s developed into a modern neighborhood filled with bungalows and fancy condominiums that tower the street.

Summary of Top Legal Money Lenders of 2021

It’s a fairly quiet place but it has its share of entertainment and recreational venues, as well as licensed moneylenders to satisfy your financial needs.

What Are the Various Types of Loans?

Loans differ according to the needs they’re supposed to meet and the requirements to get them. Here are the five most common loans offered my money lenders:

Personal Loan

A personal loan is like a one-size fits all type of borrowing money, because it can serve a wide variety of purposes ranging from funding tuition fees to paying for a luxurious wedding.

You can borrow up to 6 times your salary and you’ll be given up to 12 months to repay the loan. The interest charged will be from 1 to 4%.

When you apply for this loan, you’ll typically be asked to provide your ID, proof of employment and other additional documents depending on the company you’re borrowing money from.

Business Loan

It’s really hard to pay for all your business expenses, especially if your business is just starting out without some means of financial help.

Big companies can raise funds by going public and selling shares, but small to medium-sized companies can easily cover their expenses with a business loan.

Business loans from moneylenders are unsecured, which means you won’t have to provide a collateral. Furthermore, you can get a loan of up to $200 000 with an interest rate ranging between 5 and 15%.

In addition to that, you’ll be asked to provide company documents of the likes of utility bills in the company’s name and a letter from the board of directors.

Payday Loan

One of the reasons most people who need loans don’t end up following through with their application process is because they find it daunting and excessively lengthy. This is especially a problem if they need the money really fast for emergencies.

The Payday loan steps in to allow the working class to have access to an additional amount of money to match their salary, usually written as 1X salary, in a very short period of time.

That amount of money must be repaid either by the next pay day or within one month.

Monthly Loan

Taking out a loan is a convenient way to finance whatever type of endeavour you have going on in your life, but what isn’t convenient is having to repay the money at once or letting the debts pile on until you can’t manage them.

The monthly loan targets individual needs in a way that you borrow only what you can afford to repay in smaller monthly installments for a period of up to 12 months.
The maximum you can borrow is 6 times your salary.

Foreigner Loan

This is the equivalent of a personal loan but exclusively available to foreigners. It allows foreigners to make ends meet until they get paid again, especially in times of unexpected expenses like medical emergencies.

One thing to note though is that only legal foreigners with legal documents may apply for this loan. Also, you’ll need to meet a minimum income requirement of $2000.

How Can Our Company Help You?

Moneylender Review is a loan comparison site that finds the most suitable loan packages for borrowers according to their budget and needs. Get up to three free quotes to compare your options from the top licensed moneylender Singapore, just by filling up our online form. It is that easy!

List of Money Lenders in Upper East Coast

No licensed money lenders found in the area