When people are, in emergencies, they need money and they need it fast. Nevertheless, sometimes they do not have enough saved cash at hand or in accounts to use in bad times. In that situations people try to get loan. However, if someone is applying for the right type of loan, he will be waiting for the completion of the application process for a long time. Licensed money lenders in sg are offering different types of loan, which are best for those people who want money urgently. All these types are mention in this article with explanation. It will help you in case you find yourself in bad financial condition in an emergency.
Personal loan is a unsecured loan which does not require any kind of guarantee or collateral. Getting a personal unsecured loan is very easy and the borrower does not need to fight with any kind of hurdles. In this type of loan, the borrower get the whole money in one go so he can use it for purposes which need urgent attention. People use this money for different purposes such as for medical bills, for credit card bills or to pay the installment of loan taken from any bank. This loan does not have any guarantee, which means lenders money is at risk, because of that this loan has higher interest rates. The borrower can return the loan on monthly basis in installment. The lender will check the income history of the borrower to make sure that he will be able to return the loan or not https://easycredit.com.sg.
Payday loan is just like personal loan. It does not require any kind of guarantee and has higher interest rate. However, through this type of loan a person can apply for very small amount of money. People can use this loan for house repairs and car repairs. People apply for the amount, which they can return easily when they get their paycheck without disturbing the monthly budget. It is also a fastest way to get the money when required. If a person has a good income, he will get this loan very easily.
Instant Cash Loan/Cash Advance
In this type of loan, a person can apply for their 2 to 4 months salary as a loan amount. The borrower can apply for the loan according to his salary. This type of loan also has high interest rates. Credit card is also a form of quick loan. However, this can be used for limited amount only giving from the card company.
Debt consolidation loan
This is the loan, which people take specifically to pay off all the other loans, which the borrower has taken from bank, or any other money lending company. This type of loan has lower interest rates. People are using this type of loan to pay their credit card bills and or such things. It make a person’s life very easy.
There are many money-lending companies, which are providing quick loan. a person can search in his area or through internet. Searching through internet is more convenient and time saving. It helps a person to search many companies in very less time.