A personal loan in Singapore is an unsecured financial scheme that helps borrowers to tide over events or emergencies and pay it back with interest over a pre-defined period of time. Personal loans are available from banks and licensed money lenders in Singapore. The latter can provide personal loans of higher quantum and offer more flexible repayment terms than banks. They also tend to have lower rejection rates and faster approval times, which makes them more appealing to borrowers.

Before you choose a personal loan company, it is best to read the loan terms and conditions carefully. The interest rate will vary greatly based on your annual income and other factors. You should also check if the loan company has a licence from the Ministry of Law to operate in Singapore.

The Ministry of Law has set strict rules and regulations for the moneylending industry in Singapore to protect borrowers. You should always be aware of these laws to avoid being scammed by unlicensed money lenders. Moreover, you should only borrow from a reputable licensed money lender with years of experience in the financial industry. A reputable money lender will always abide by these rules and will provide transparent services to its customers.

Licensed money lenders have more relaxed requirements than banks when it comes to approving personal loans. For example, they typically allow you to borrow up to 12 times your monthly income. This enables you to take out a personal loan with ease, even if your credit score is low. Banks, on the other hand, typically require a minimum annual income of at least $30,000.

How Much Personal Loan Can I Get?

To determine how much you can borrow, start by calculating your total monthly expenses. This will help you determine the maximum amount of personal loan that you can afford to repay on a regular basis. Once you have this figure, you can start searching for personal loans that suit your budget.

There are a number of benefits to taking out a personal loan in Singapore, but you should be careful not to exceed your limit. This is because excessive borrowing can lead to debt build-up and make it more difficult to manage your finances. If you are unsure whether to take out a personal loan, it is best to consult with a financial adviser before making any decisions.

Horison Credit Pte Ltd (S/N: 73, Licence No: 10/2023) is a highly professional and reputable licensed money lender in Singapore. Their team of experts is equipped to understand the needs of their clients and offer a tailored loan package that will fit your circumstances. They have recently moved to a new office in Toa Payoh and are a 1-minute walk from the MRT station. Call 6219-1611 to speak to a representative today or visit their website to learn more about their personal loan offerings. They offer competitive rates and follow top security measures to ensure the privacy of their customers. personal loan singapore

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