What Type of Loan Are You Looking For?

Navigating the world of loans can be overwhelming, with countless options tailored to address a wide spectrum of financial needs. Learn more about the different loan types in Singapore and find out which one suits your current needs.

Personal Loan

Personal loans are amounts of money borrowed for personal use, such as paying off credit card debt, buying home gadgets, home or kitchen renovation, embarking on a special vacation, education, medical or wedding expenditure, or emergencies. They can be a good solution for individuals with financial issues that need to be resolved instantly, whilst enabling huge purchases and repayments at your own pace and in accordance with your personal financial circumstances.

Debt Consolidation Loan

Debt consolidation can be an effective financial strategy for those struggling to manage their finances, especially if balances are spread across different loans or credit cards. Getting your debt consolidated into one monthly payment amount can help you stay organised, better manage your monthly payments, and ultimately turn your finances around. It can also save you a significant amount of money over time and the stresses that come with it.

Student Loan

Student loans, or education loans, can help individuals finance their higher education expenses. The loan amount is usually repaid through regular instalments over the course of a few months or years, with interest and any other additional fees, similar to other personal loans. Typically, student loans offered by banks in Singapore have a minimum loan amount of $1,000, while the maximum loan limit can be up to 8 times the monthly income of the guarantor.

Cash Loan

Whether it’s to cover a sudden business expense or to meet family emergencies, cash loans can be an excellent way to get quick and direct access to funds and help get you through challenging times. These loans can range from around $1,000 to $5,000, with the amount given to you in one lump sum and repaid in regularly scheduled payments with interest.

Renovation Loan

Renovation loans are popular solutions for property owners in Singapore looking to finance their home improvement projects and maintenance issues immediately, and repay the money in instalments with interest over an agreed-upon period of time, usually between one to five years.

Car Loan

Buying a car is a big financial commitment and perhaps one of the most significant purchases you’ll make in your life. With such an important decision, you want every detail to be tailored to your liking – from the colour to the style and specific features. But what if you’ve found your dream car and coming up just short on cash to pay for the vehicle? That’s where taking out a car loan from a trusted financial institution can be your best bet to have your cake and eat it too.

Wedding Loan

A wedding loan is a personal loan taken out to finance wedding expenses. It can be used to cover a wide variety of wedding-related costs such as wedding attire, banquet, catering, photography, and even honeymoon trips. These loan tenures are typically short-term, and you would repay your bank in instalments over a period of one to five years, depending on your financial capabilities.

How Much Can You Borrow?

The amount a certain individual can borrow depends on a few factors, such as credit score, financial history, any outstanding debts, and income. Different loan types also have various maximum amounts that can be borrowed. As a rule of thumb, one should borrow only the amount they truly need when applying for a personal loan, as this will make it easier to repay your monthly instalments on time and not accumulate additional debt.

Personal Loan Calculator

Lendela’s Personal Loan Calculator can give you a clearer idea of the best loan for your specific needs and financial circumstance. This calculator presents accurate information about your preferred loan, including the interest rates, monthly payment amounts, and any additional fees. It also enables you to compare different loans so you can identify your most suitable option.

Why Get Your Loans Through Lendela?

It is time to get the hustles out of the personal loan application process, and Lendela is here to make it happen. When you use Lendela to apply for your personal loans, you can enjoy:

• Fast or even instant loan approvals

• Instantly discovering a variety of personal loan options from reputable and trustworthy banks and financial institutions in Singapore

• Access to the exact loan amount you need for your specific expenses, directly into your account

• Quick cash that you can pay back according to your preferred terms

How To Apply With Lendela

Comparing loan offers with Lendela makes it easy for you to land the best loan offer available to you in Singapore, and to do so quickly and efficiently. Why struggle to make ten applications, and all of them get rejected when Lendela can help you find the one in no time? Submit the application, go on with your day, and let Lendela do the work for you. Other benefits of using Lendela include:

1. You only need to provide a few details.

2. Lendela partners with a long list of banks and financial institutions to get application approval as fast as possible.

3. By connecting with multiple banks and financial institutions, Lendela makes it easy to compare and identify personal loans with low-interest rates.

4. You can find a personal loan even with a not-so-good credit score. Even if most conventional banks might have declined your application, Lendela can help to revive your hope of getting the personal loan that you want.

Popular Loan Guides

If you want more advice on personal loans in Singapore and how to ensure you get approved for the one of your choice, you can read more of our helpful blogs here:

• All You Need To Know About Credit Score

• Why Good Credit Reputation Is So Important

• Your Comprehensive Guide To Cash Loans In Singapore