Type of loans in Singapore
LoanSupermart is one of the best loan comparison specialist in Singapore. Let us find out the available loans that you can get in Singapore.
- Credit Cards
Credit Card is a form of a credit loan and it is usually very convenient to utilize. It allows you to purchase items or goods without using cash but it’s not a good long term loan option. Therefore, it has a very high interest rate when payment are not settled promptly. Usually more than 20% per annual.
- Home Loans
A long term loan where it should be plan carefully before execution. When buying a home, you should always work out your math. What will be affordable for you and your spouse to pay for the next 20 to 30 years. This is an essential loan where the interest are ideal, it is an investment where by your home loan work out to be a great ROI.
Overdraft allows you to withdraw cash or by writing a cheque from your current account that is up to your limit approved. This form of loan is a short-term standby credit which is usually renewed yearly. Repayment will be at anytime when the bank demands for it.
- Guarantor loan
You will have to pay off the loan if you agreed to be a guarantor for someone who is unable to repay it. Therefore, it is a very risky loan method where you should only guarantee for your loved ones who are in need. Legal advises are necessary for this as it involves complication to the guarantor party. It is not advisable to use this loan unless you have no choice.
- Peer Borrowing
Another way to get loan is to seek peer support. This way is usually the safest way but you need to be responsible for your actions. Any dispute will destroy the relationship you have with your peers. That is why it is advisable to always engage a loan consultant to seek for more options.
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