Money lending is defined as the act or profession of lending money at a profit. If we took eyes at lending we can define Lending is defined as the act of one entity or person lending its resources to another entity or individual person on the basis of predefined mutual terms and conditions. When compared to lending, borrowing describes the act of getting funds from another party under predetermined and mutually agreed-upon conditions from a corporation or individual.
What type of loans can I borrow from authorized money lenders in Singapore?
It’s March 2022, which means we’re a quarter of the way through the year. Taking stock of your finances and making plans for new endeavors in the next year is a great time of year to do just that. We know that Singapore is good at money lending services, there are two sorts of loans that you can get from registered money lenders: secured loans and unsecured loans. Secured loans are loans that are secured against collateral. A secured loan is one in which the loan is backed by some form of collateral (e.g. house, car, jewelry). You could lose your collateral if you do not pay back your loans on time, which would be used to settle the debt you owe to the money lenders. A secured loan is one that is backed by collateral, whereas an unsecured loan is one that is not. The following are the loans made available by GoldStar Credit, as well as the loan terms associated with them:
|Types of Loan||Loan Amount||Interest Rates||Repayment Term|
|Personal||Up to 6 times your monthly salary; $300 – $50,000||1-4%||Flexible repayment of up to 12 months|
|Business||$10,000 – $300,000||Case-by-Case|
|Payday||Up to 1 month’s salary||Within 31 days from loan collection|
|Renovation||Up to $50,000 or 6 times your monthly salary||Flexible repayment of up to 12 months|
|Medical||From $300 to $50,000, which is up to six times your monthly payment.|
|Bridging Loan||From $300 to $50,000, which is up to six times your monthly payment.|
Looking for someone good at money lending in Singapore? A registered money lender might provide you with a secured loan or an unsecured loan, depending on your financial situation and needs. Sumo Credit has compiled a list of its top-rated money lenders, as well as the terms and circumstances that are linked with each of them