When compared to mortgages, Personal Loans in Singapore is basically “unsecured” loans. Such loans are not backed by any type of collateral which is house in case of mortgage loan. Because of such feature in Personal Loan in SG this type of loan is very popular in the market. Existence of the private money lending company in the industry made it really easy to get such loan and that too in short span of time. There are various types of personal loans and Payday Loan Singapore is one of the popular one in the industry. This loan is of short duration and need to be repaid in the next payday of the borrower. What are the advantages and disadvantages of such loans?
Pros of Personal Loans:-
1)-Easy Availability: In Singapore personal loans are available in week’s time of your application by banks and same day by private moneylenders. You can borrow fast money in case of emergency.
2)-Unsecured: You need not give any collateral. so consequence of not paying back the loan in time is not so critical when compared to mortgage loan
3)-Fixed Interest Rates: The interest rates of personal loans are always fixed. So it is much safer than using credit cards, as its interest rates may go up anytime and the due balance will keep increasing.
Cons of Personal Loans:-High Interest Rate: Personal loans are expensive than secured loans and ask for high rate of interest. You can go for it only when the need is too urgent.
Avail loan understanding the pros and cons and get benefitted.