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It is common to get confused when there are too many options and yes same is true when you are planning to take up a loan for yourself. There are so many kinds of loans out there that you might think you need an expert to help you understand what they are.
However we have a simple explanation for you that the details are in the name itself. In case you want to take a loan for your daughter / sons’ education, it is best to go ahead with an educational loan since it would have low interest rate and perhaps sometimes special offer for certain universities and courses. Below we explain you some of the common and widely taken loan types in Singapore:-
- Personal Loan – You can take up a secured personal loan for meeting any of your cash needs like home renovation / vacation / emergency. You can also avail an unsecured personal loan in case your credit score is good. These loans are for short tenure and usually the unsecured loans have higher interest rate versus secured ones.
- Business Loan / Start-up Loan – These loans are taken to either start your business, or to expand your business or basically when you require business cash to carry on your daily operations. Credit Xtra would assist you in getting your business loan in Singapore at the fastest after getting all the documents and understanding your business needs. We always try to ensure that your decision is future proof so that you make the right loan decision that would serve you well.
- Foreigner Loan – If you have visited Singapore on work and you have work visa then you can take up a foreigner loan with us. Your credit score is not so important here as compared to the stability of your employment income and the duration of employment. . We generally process foreigner loans quickly and make sure that you get the cash you require as soon as possible.
- Educational Loan – Educational loans are where you take up a loan for higher studies for yourself or kids. You require to pay off the loan after completing your education or in case your loan is for your kids, you can repay the loan on your own terms. Always read the loan document carefully and understand each and every pointer on the loan contract.
- Home Loan – This one is one of the loan with the longest term and the largest amount loan one takes in their lives. Usually the repayment is spread over 20-30 years tenure, interest rate can be variable with a cap so that you don’t need to pay beyond a certain interest rate. It is better to have your own home over the years versus paying rent where you end up with no personal property. Usually property cost increases over time and taking a home loan is a great decision to get your very own permanent place of living. Well, these are the major kinds of loan types from money lenders in Singapore you can take and we at CreditXtra are always there to assist you in your immediate or long term loan needs.