Posted on 2015-04-05
Singapore is one of the countries with a leading economy. In the world, it ranks fourth as a financial center. Also, a percentage of millionaires are living in this country. Due to this, poverty is very rare in this country because banks are willing to make loans for people who are in need of them. An example of these loans is called a personal loan. Personal loans are very common among people residing in Singapore. They use this loan to buy cars, renovating their house, buying toys for their kids, paying hospital bills, and many other more reasons.
So why is this kind of loan very popular among these people? Well, let me enumerate some of the benefits of getting a personal loan in Singapore.
1. No collateral
This is the best benefit there is in getting a personal loan in Singapore. You do not need to risk the most important properties you own. As long as you have a paying job, an income that you get weekly or monthly, you can avail this loan. Why? Well, because the loan is meant for your personal use, so as long as you have the capacity to pay it within a given time, then you can get one.
It is one of the things we people keep asking and asking over again for: privacy. The privilege of getting money without having to explain its purpose, contradictory to loans where you have series of documents explaining what the loan is for.
3. It’s a whole lot cheaper!
In Singapore, interests of personal loans are way cheaper than those of debit cards. Thus, people mostly use these loans to pay their unpaid debit card loans which have higher interests.
4. Processing time
Getting a personal loan takes only hours or days to get, then you can buy whatever you want to, unlike debit cards and other loans which takes months or weeks to process. With the speed of getting personal loans, in emergency cases, then it is better to get it than other types of loans.
5. Time frame of payment
Payments of personal loans are very flexible and the bank or loaning office you are loaning money from can show you the possibilities of your chosen loan package. Most personal loans can be paid around 5 years or more.
These are the reasons why Singapore is definitely a place to live in. Also, these are the reasons why personal loans are very much used in this country. So if you are planning to buy something, go somewhere, get someone a gift and you do not have the money just yet, you should consider this. If with the given interest rates and these benefits above mentioned, you are interested in getting one, go to the bank now, apply for that loan, get that loan and go do what you want to! Have fun on spending money while it lasts. After all, you only got one life to live.