It is the 21st century, and as the saying goes, you only live once so you better live well. It is the clarion call among the younger generation in Singapore and indeed across the world. The whole idea is that your money should work for you now. One way of realizing this is by capitalizing on the lowest interest rate for personal loan Singapore.
Personal Loans Demystified
The problem with financial information, especially on personal loans, is that experts never demystify the jargon into simple facts consumers can understand. The days when loans were viewed as an anathema are long gone and today you can finance that trip to the South of France or buy that Samsung Plasma TV that you could never afford on savings alone.
Basically, personal loans are pegged on your salary or income from your business. If you are in permanent employment, legal moneylenders appreciate the fact that they will get their money back without any need for collateral. This is the reason these loans are not only fast to process, but also come in amazingly flexible repayment packages.
Examining the Pros of Low Interest Rates
Why should you use a moneylender when traditional banks still provide loans? Well, these unsecured personal loans come with extra benefits including:
- Flexibility: It is all about what you earn and as such you can choose loan tenures depending on your capability and level of income.
- Quick approval: In most cases you can apply for the loan online and get it approved in not time if all documentation is availed. In actuality, you will not have to wait for weeks before discovering whether your loan is approved or not.
- Variety of packages: Loan packages in the Singapore market are as diverse as the lenders. You can choose packages ranging from education loans, emergency financing, car loans, home loans, payday personal loans, among many others.
- Benefits and privileges: Due to the competition in the market, you will enjoy myriad perks on loans including cash back payments, tickets to events on approval, fee waivers on early repayments and much more.
- Lenient eligibility criteria: The lowest interest rate personal loan Singapore package is available for both Singapore citizens and foreigners. You can get a loan both as a salaried or self-employed individual. Main documents include CPF contribution records, copies of bank statements and proof of income, copy of NRIC cards, employment pass for foreigners with at least 1 year validity remaining, utility bills as proof of residence and copies of latest income tax notice of assessment.
Truth be told, getting a personal loan responsibly simply means enjoying your life today when you have the capability to earn and finance your desired lifestyle; or would you rather wait and buy that LED screen when you are 64 years?