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Get a detailed idea about different types of loans in Singapore

3/01/2020 RAWAT 0 Comments

There are many situations in which people in Singapore need a loan. The loan can be related to the construction of a house or renovation, education loan, and many other types. There are many banks and financial institutes that provide different types of loans at different interest rates.


 People need to find Licensed Money Lender Singapore from CRAWFORT to get the required loan. People also need to check the payment method of CRAWFORT and interest rates. In this article, we will discuss various types of loans available in the country.

Personal Loan

Many licensed moneylenders in Singapore offer this popular loan to the citizens of Singapore as well as foreign citizens. The interest rate of this loan is lower in comparison to other types of loans. There are various types of payments that individuals need to make like rent, payment of car loans, payments related to electronics, and many others. Here are some of the benefits of this loan

  • An individual can apply for this loan four times based on his monthly income.
  • The interest rate is fixed.
  • The individual will get the option of early repayment of the loan.
  • The amount of monthly repayment does not change.

  • Payday Loan

    An individual can apply for a payday loan which is available at a high percentage of interest from various licensed Money Lender Singapore. The repayment of this loan has to be done in 30 days. Another option is the next take-home earnings with which the debtor has to pay the loan. Here are some of the benefits of this loan.

  • The borrower can borrow the loan conveniently as it is very flexible.
  • The interest rate of this loan is fixed and it never increases or decreases until the payment of the loan.
  • The approval of this loan application is very fast in comparison to other types of loans.
  • A borrower can qualify for this loan easily to get it.

     Foreigner Loan

    Many people from other countries go to Singapore to work. They need to have a work permit to work. After getting the work permit, a work pass is also given to them. Such people can take foreign loan People need to provide security against the loan so that it can be used as collateral if the debtor is unable to pay the loan. Here are the benefits of this loan.

  • The interest rate of this type of loan is low.
  • The processing time of the loan application is very fast and the individual can get it more quickly than in the other types.
  • Very few documents are needed for the approval of this loan.
  • A detailed credit check of the individual is not required for this type of loan.

    Business Loan

    Business loans are taken by businessmen to establish their business. The loan can be taken for different types of businesses. People can take the loan form an individual, a financial institution, or a bank. The loan has to be paid within a fixed period as mentioned in the document. The document also consists of the rate of interest and the duration of its payment. Here are some of the benefits of this loan.


  • The borrower can get this loan easily.
  • It is a short term loan that businesses use to solve the problem related to cash flow.
  • The approval of this loan is fast.
  • There are various types of repayment options available with this loan.

    Instant Cash Loan

    An instant cash loan is taken by those individuals who have to use it based on his income. The interest rate of this loan is very high and individuals who face different types of financial emergencies can go for this loan. Here are some of the benefits of this loan.

  • The credit score of the borrower is not needed when he applies for this loan.
  • The individual has to give proof of his income to avail of this loan.
  • The individual has the option to take out the loan amount up to four times.

     Cash Advance Loan

 Cash advance loans are similar to payday loans. People can get the amount from a certified lender which can be a bank or a financial institution. The interest rate of this loan is very high in comparison to a payday loan. People can qualify for this loan easily. Here are some of the benefits of this loan.


  • No collateral is needed for getting this loan.
  • The approved loan amount is very high.
  • The application process related to this loan is very easy.
  • The borrower can get cash as quickly as possible.
  • The loan amount depends upon the monthly income of the borrower.

    Wrapping Up

    These are some of the types of loans that people can get in the country of Singapore. The processing of some of these loans is very fast while some have a high-interest rate.