Money is always a need for people all over the world and they try to earn as much money as possible so that their families can live in peace. There are situations when urgent cash is needed and in that case, loans become important. The processing of certain loans takes time while some of them are available instantly. The rate of interest of some is high and some of them have a long repayment period. In this article, we will discuss various types of loans along with their benefits.

Personal Loan

A personal loan can be availed easily in the country provided that people make themselves eligible for it is suitable for the citizens of Singapore. 

There are many moneylenders in the country and one such moneylender Singapore is Crawfort that provides the loans at a reasonable rate. This loan is very popular and the rate of interest is lower in comparison to other loans. People can use the money for various types of expenditures like paying bills.

Payday Loan

A payday loan is a loan, which is available at a high rate of interest. The repayment period for this loan is 30 days. Another option is that people can pay after they get their salary check. This loan is taken if people need instant cash to fulfill a need.

Foreigner Loan

Many people from other countries come to Singapore for studies and do jobs. There are situations in which they need a loan and a foreigner loan is the best option for them. People who have a valid work permit can avail of the loan easily. People need to provide security against a loan. The security will act as collateral and if people are unable to pay the loan, the security is taken away by the creditor.

Business Loan

Business loans are availed by businessmen who have to deal with various kinds of business expenses. The loan can be given by a bank or a financial institution. A specified date is provided to the person until or before which the loan has to be paid back. An amount of interest has to be agreed upon by both the lender and the debtor. The requirements to take this loan include the rate of interest, repayment date, rate of interest, and many more.

Instant Cash Loan

This loan is available at a very high rate of interest. People can use the amount for such expenses that are beyond their income. People who face various kinds of financial emergencies and need instant cash can go for the loan.

Cash Advance Loan

Cash Advance Loan is similar to that of a Payday loan. People have to contact a licensed moneylender Singapore to get this loan and one such moneylender Singapore is Crawfort. The repayment time of this loan is 30 days or when the borrower gets his next income check. The rate of interest for this loan is high but people can get it easily as terms and conditions are not very strict.

Education Loan

There are many institutes and universities where people from the country and abroad come to take education. Students can take this loan to pay the tuition fees for education along with stationery and other expenses. Students have to start the repayment after they have completed their education. The rate of interest for this loan is very low and people can get it after providing a few documents like the address of their home country, a letter from the university, etc.

Renovation Loan

People can take this loan if they have to renovate their houses but they do not have enough funds for it.

Vacation Loan

People who want to go abroad for sightseeing and a vacation can take this loan. Getting the loan is very easy and bad payment terms are also not very strict. The loan covers all the expensed of a vacation like accommodation, travel, food, etc.

Short-Term Loan

Another name for short-term loans is caveat loan and people can take this loan to fix the issues related to their businesses. The loan can also be used to resolve the issues of cash flows.

Benefits of the loan

There are many benefits of different and here we will discuss some of them.

Benefits of personal loan

• The interest rates of personal loans are fixed.
• People get the alternative of early payment of the loans.
• The monthly repayment amount is fixed and does not change.

Benefits of payday loan

• A borrower can avail of the loan easily.
• The interest rates of this loan are fixed.
• The approval of the loan application is done at a fast pace.
• Qualifying for the loan is easy.

Benefits of foreigner loan

• The rate of interest is low
• The application processing is very fast.
• A minimum number of documents is needed.

Wrapping up

These are some of the loans and their benefits and people can ail the one, which they think is suitable for meeting their expenses.