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If you ever find yourself in an unexpected situation where you need immediate financial help — such as a medical emergency or an urgent home repair scenario — taking out a personal loan may be in order. In fact, one in ten Singaporeans take out loans to cover everyday expenses.
Best Personal Loans For Good Credit: Choosing The Right Lender
Before choosing the type of personal loan that you want to use to achieve a life goal, you should be aware of the different types of loans. Let’s take a look at how to choose the best personal loan for your needs.
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The most popular way to borrow a large amount is through secured loans. With this type of personal loan, a borrower has security to secure the loan. What exactly is security? It refers to property or valuable assets such as a house, car, stocks or bonds. The deeds or titles of these properties remain with the lender until the borrower repays the loan in full.
Because secured loans are backed by assets, these loans have lower interest rates. But failure to repay your loan can result in the loss of your assets.
If you do not want any assets as collateral, or you want to finance a project where a private loan with collateral is not suitable, you can consider a type of loan that does not require collateral.
Unlike a secured loan, an unsecured loan does not require any type of collateral. Instead of using a borrower’s assets as collateral, lenders approve unsecured loans based on the borrower’s creditworthiness. Although the creditor cannot seize any property if a borrower defaults on an unsecured loan, these creditors have other options, such as hiring a collection agency or taking the borrower to court to collect the debt. As a borrower, you certainly don’t want to default on an unsecured loan, even if you have no assets at stake!
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A line of credit is very similar to a credit card – both have pre-set credit limits and borrowers must pay interest on the loan amount.
The main difference between the two is that a borrower does not have to pay additional fees while using their personal line of credit to withdraw money. A line of credit is ideal for short-term loans because interest rates are often modest and consumers can withdraw money as needed without additional fees. Lines of credit can also be used by businesses or individuals who regularly need access to a certain amount of money.
If you have a large amount of debt from multiple sources and are looking for a way to get it all under control, what are your options? You may consider applying for a debt restructuring loan. With this type of loan, borrowers consolidate their loans to make repayment easier. These loans also have cheaper interest rates than traditional personal loans.
An overdraft is similar to an unsecured loan, except it’s usually linked to your regular bank account. When your personal funds are used up, an overdraft gives you a certain amount of extra money that you can withdraw from your account. Depending on your bank, you may be charged costs for your overdraft, such as interest and setup fees.
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In a situation where you don’t have enough money in your account, overdrafts can help you make payments on time and avoid bounced checks. However, overdrafts should only be used in emergencies or as a temporary solution.
Taking out any type of personal loan comes with its own set of risks. These loans can provide immediate financial assistance, but they also include associated interest payments. Make sure the loan you get is within your means to repay and make sure you are dealing with a reputable organization before applying for a loan.
Getting a loan on Friday is as pleasant as spending the last working day of the week. We are an experienced and licensed lender offering flexible payment options to suit your income patterns. These options allow you to achieve your financial goals in a very comfortable way. Are you ready to move toward these goals today? Contact us now!
For additional insight on debt and budgeting, check out our articles on understanding your debt interest and how to budget your salary. Written by Mia Taylor By Mia TaylorArrow Genuine Contributing Writer Mia Taylor is a contributing and award-winning journalist with over two decades of experience working as a staff reporter for some of the nation’s leading newspapers and websites, including The Atlanta Included are the Journal-Constitution, San Diego Union-Tribune, TheStreet, MSN and Credit.com. Mia Taylor
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Edited by Elia Wilkins Edited by Arrow Right Editor, Student Loans Elia Wilkins is an editor specializing in student loans. She has previously worked in content editing for personal and home loans, as well as auto, home and life insurance. She has edited professionally in various fields for nearly a decade, with a primary focus on helping people make confident financial and purchasing decisions by providing clear and unbiased information. Connect with Aylea Wilkins on LinkedIn Linkedin Aylea Wilkins
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Personal loan funds can be used for many purposes, including debt consolidation and medical expenses. This can be a good solution if you need funds quickly – some lenders can deposit funds into your account as quickly as the next business day. Also, average interest rates are generally lower than some other types of debt, such as credit cards.
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But like all financial products, personal loans also have disadvantages. For example, some lenders charge high fees, which can significantly increase the cost of your loan. Before you take one out, you need to weigh it against the downside to determine if it’s the right financing.
