Licensed Money Lender
Personal Loan Paya Lebar
Paya Lebar is a neighbourhood in the Eastern region of Singapore. Paya means “swamp”, and “Lebar” meaning “wide”. It was once a big swampy piece of land close to the Kallang River. Today, it is a small-town community with many old heritage buildings.
You don’t want to miss a single experience when visiting a place that is rich in history. If you’re financially healthy and capable to get a loan, there are reliable moneylenders in the area that can grant you an extra budget for your leisure activities. Read on to know what type of loan to acquire.
Types of Loans
1. Personal Loan
As the name suggests, you can use it for personal reasons — a car loan, debt consolidation, electronics, family affairs, and other personal needs. You can borrow an amount of up to 6 times your monthly income. It has a fixed interest rate and comes with an early repayment option. The payment amount is divided equally so you can plan your other monthly expenses accordingly.
2. Business Loan
It is specifically for an individual or an organization who needs help with their business. It usually has a specific date for repayment along with a fixed amount of interest. Qualification of the borrower, interest rate, repayment date and the loan amount are all variables.
3. Payday Loan
When you urgently need cash, and your next paycheck is weeks away, you can apply for a payday loan. You need to repay it within 30 days or when you get your next paycheck. This loan generally is easy to qualify. Also, the chances of getting approval are high.
4. Monthly Loan
In this loan, moneylender charges you a fixed interest rate for monthly payments. It is helpful when you have a tight budget. This is a straightforward loan with a simple repayment plan. One can easily afford it, and it is not a secured loan. They have a fixed amount that you need to repay every month.
5. Foreigner Loan
It is available for the foreigners who have a valid work permit/employment pass in Singapore. Some lenders consider it in the category of secured loan, and you will have to put some collateral against the loan amount. It comes with a low-interest rate, and if you meet all the requirements, the process is generally fast.
These are some of the commonly available loans in the market of Singapore. Other loans available in the market like car loans, education loans, renovation/home loans, study loans, wedding loans, etc. can be used only for specific purposes.
How can Loan Advisor help you?
We at Loan Advisor have compared various lenders and have made a list of the best moneylenders in Singapore. If you want to apply for a personal loan in Paya Lebar, all you have to do is fill up the form to receive free quotes.
We will make sure that your process of loan is smooth by choosing licensed moneylender Singapore with an easy application process, higher approval rates and low repayment fees & rates.
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