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Getting A Personal Loan With The Lowest Interest Rates In Singapore

By Author: Maggie Zhang
Total Articles: 6

If your budgeting skills seem to fail you and you need to get a personal loan, how do you know that you will get the lowest interest rates a bank or a licensed money lender can offer? A personal loan is the fastest loan that a financial institution can give an individual. Some institutions will approve your loan faster than others. While some approve your loan fast, it also might be a fact that their interest rates are up the roof. So, how do you know that these financial institutions offer the lowest interest rates in the market? Take note of the following things:

Simple Interest Scheme. Trusted money lenders have a simple interest scheme. You will know the stability of the financial institution not because the promo they offer their clients but the simplicity and transparency of their interest payment scheme.

Flexibility of Payments. There are different payment schemes for different loans. Personal loan repayment can have a loan tenure of 1-5 years depending on the amount of approved loan. The longer the tenure of the loan, the lower the interest rate and the lesser amount you will pay per month. Some institutions offer fixed interest rates while some even offer early full payments with a revolving interest rate giving you flexibility to pay off your loan earlier and making you save on interest.

Competitive Interest Rates. Since there are a number of lending companies and banks in Singapore and the market is competitive, interest rates favor the lender. Most financial institutions attract lenders with rates starting ranging from 4.98% - 7.98% p.a. These rates are reasonable and competitive.

Interest Promotions. Some lenders offer "interest free for 3 months". Some offer additional interest rebates when you pay on time or ahead of time. Others even waive some of the processing fee. There are a lot of promotions these institutions offer.

Secured loans are as its name suggests, secured by an asset that is being bought. A guarantor can also help secure a loan. The role of the guarantor is such that if the debter fails to repay his or her debt, the guarantor will have to repay it.

These are just some of the things you need to know when getting a personal loan. Just like in any market, there are cheaper rates and you just have to do a little bit of window shopping and know the fine print before signing that contract so that you can maximize the loan amount that you are getting from the financial institution.

Get in touch with Quick Credit Pte Ltd for personal loan from licensed money lender in Singapore.

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