5 Main Types of Unsecured Loans in Singapore (2020 Update)
Due to the high appetite for loans in Singapore, financial institutions have come up with innovative products to fulfill growing demand. These loans are customized to meet your unique financial needs and to guarantee easy repayments. Here are some of the unsecured loan options to consider:
Types of Unsecured Loans in Singapore
Personal Loans: These are offered to meet financial obligations, such as educational fees, home renovations, car purchase, and medical emergencies among others. They are available to salaried employees and foreigners in Singapore.
Credit Card Loans: If you own a credit card, you already have an unsecured loan with our credit card company. This is the most common unsecured loan in the country.
Foreigner Loans: With millions of expats living in the country, this unsecured loan comes in handy for expats facing financial shortfalls.
Pay-day Loans: These are short-term credit facilities issued in the mid of the month to salaried individuals. They are packaged to be rapid with the next paycheck.
Instant Loans: These are online credit facilities that are processed within minutes and they are intended for small financial needs.
Important Note for Borrowers:
But beware of borrowing from a loan shark, therefore do check their background and company address that they exist for real before sending in your personal details. Here is a Straits Times investigation on how easy you might fall into an unlicensed moneylender’s trap.
A Brief Summary of Unsecured Loans in Singapore in 2019
Over the last two years, the economic situation in Singapore has not been very promising. With tougher economic terms, household owners are forced to seek financing for their financial needs and emergencies. Financial institutions in the country provide different types of loans to consumers based on specific needs. Unsecured loans are the most popular in the country for many good reasons.
What are the Basics of an Unsecured Loan?
This is a type of a loan product where no collateral is required to qualify you for funding. Your creditworthiness is used as security and also determines the amount you can access. This type of loan is offered mostly to people with a regular income and deductions are made directly for the salary.
While traditional lenders such as the banks require high credit rating to issue these loans, Ministry of Law (MinLaw) also provides licenses to moneylenders in the country to provide such loans as well to help a bigger public.
An unsecured loan has a higher risk to the lender, and this leads to higher interest rates. The unsecured loans landscape has changed over the years with the tighter rules governing bank loans. This comes amidst findings showing that Singapore has one of the highest debt levels in the region. Before taking a loan, it is important to talk to your financier about the new rules and how they are going to affect the loan terms.
Eligibility requirements include a NRIC card or valid work permit for foreigners, proof of residence, documents to support proof of income including pay slips and CPF statements.
Don’t try your luck in looking for a loan on your own. Speak to a sound financial advisor today to get solid financial advice before choosing a loan product.
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Singapore is considered quite a business-friendly nation for starting any kind of new business. The city-state, in fact, ranks #2 (only after New Zealand) in the ease of doing business index, though that’s a combination of factors such as dealing with permits, registration, electricity, international trade regulations, and so on. In getting credit, it ranks in the top 40 countries in the world and #9 in terms of taxation. But it is also not easy to start a new business in Singapore for the uninitiated like any other country around the world. SBL stands for SingBusinessLoan, and we exist to For the companies looking for new opportunities in the Asian region, Singapore offers a highly productive environment for them to grow. With a stable economic and political structure along with the well-established judicial system and pro-business government, Singapore’s framework has created an ideal platform for several good investments making it a major commercial, financial, and wealth management hub. Singapore is also constantly ranked as the easiest place to do business worldwide by the World Bank and several other organizations repeatedly. On top of that, Singapore has highly educated and skilled manpower fluent in speaking English along with many Asian languages. Over the years, SBL Singapore has helped businesses from multiple industries with their cash flow issues. Read their stories Key Factors To Consider Before You Start Your Business Let’s have..
Mar 22, 2022Common Cash Flow Problems…
Are you a to keep up with your bills? Just like this or this are you constantly worried about whether or not you’ll have enough money to make it to the end of the month? You’re not alone. are one of the most common issues small businesses face. These issues can cause a lot of stress for business owners and even lead to bankruptcy. Luckily, you don’t have to struggle with them until you become Elon Musk-rich. Cash flow issues can be easily solved with especially one that might be approved in 60 minutes! In this blog post, we will discuss some of the most common cash flow causes and how to solve them. Keep reading below! 1. Underestimating Startup Costs One of the most common mistakes that new business owners make is underestimating their startup costs. They often think that they can get by with less money than they actually need. This can lead to serious cash flow problems down the road. Here’s what you should do: Sit down and carefully calculate how much money you will need to get started. Make sure to include all of the necessary costs, such as: Inventory Rent Utilities Staff salaries And more Once you have a good understanding of your startup costs, you can begin looking for ways to reduce them. There are many ways to save money when starting a..
Feb 22, 2022Types Of Small Business…
The COVID-19 outburst carried with it a sequence of events in the hopes to slow down the spread of the pandemic. Though, these measures also began revenue streams of small and medium businesses to dry out. With that said, survival has become the main worry for a lot of SMEs. Many small and medium enterprises are facing complications in paying rent, suppliers, staff, and are stressed to stay afloat amongst the economic slowdown. Cashflow issues need to be managed quickly, and sometimes, with the Some SME owners have started expanding their products to find other income streams. Others have taken other jobs to link the gap during these difficult times. Gratefully, With the help of Enterprise Singapore, the government proposes special assistance loan packages to help SMEs get the funds they require to remain operating. Apart from these, local banks and financial institutions also offer an extensive range of loan products. What are the business loan options in Singapore? To get the finances they need, SME owners can apply for a business loan. There are depending on your business needs. Some financing products are offered for whatsoever a business requires, like managing cash flow or paying the rent. Added financial products are presented for precise needs, like a property loan or machinery and equipment loans. Some of the most common business loan types in Singapore are as follows. 1...
Nov 22, 2021Understanding Cheques: How To…
Admit it, most of us are unsure how to cross a cheque and to issue cheques. What is a cheque? What is that important piece of paper? A cheque is a document that directs a bank to pay the specific amount of money to the individual named in the cheque called payee, the person writing the cheque is known as the payer while the bank on which the cheque is drawn is always the drawee. In order to use a cheque, one needs a savings bank account to issue a cheque in their own name. That's where the money is going to come from. The transactions have to be handled carefully as it may lead to some serious fraud. You might come across cheques during business dealings or when taking Albeit being old school, writing cheques is one of the safest and most convenient ways to make a payment. How To Write A Cheque? With technology and internet banking, most of us would not get the chance to write a cheque. However, there will still be unexpected situations where you need to issue a cheque or receive one. You may think it is one of the easiest things to do, but you can easily mess it up. There are a few important things you should consider while writing a cheque so that someone cannot easily misuse it. #1. Avoid leaving..
Nov 19, 2021Differences Between Good &…
Did you know that most of the world’s businesses are running on debt? On paper, they are not making a profit. But as they grow, their spending power and ability to diversify keeps increasing – and so does the size of the business. On the other hand, a majority of the businesses that lack fundamental planning in any of the core business aspects run the risk of getting completely devalued and indebted to the point where no one will bail them out, not even an investor who finds the business idea sound or a bank that wishes to give out more loans. What does that tell us? There are two types of business debts – good business debts and bad business debts. The dissimilarities between the two might be a handful on paper but it’s only when you look at the bigger picture do you truly understand what it means for a business to be profitable and successful even though it is running on debt. Of course, an important factor also lies in The whole point of this article is to help you understand these two types of debts so you can make better business decisions before acquiring more capital. The Difference In Broad Strokes Good debt means any capital you acquire to spend on assets that will generate more money over the long run. Bad debt means acquiring..
Oct 7, 2021New to finance? Here…
Are you new to finance? Don’t fret. The key to managing your own finances is to be well-informed so as to make wise choices. The good thing is resources are everywhere today, especially financial websites. We have compiled a list of 15 financial websites to help you out on your journey to discovering the nuances of the finance world from loan terminology to personal finance rights you should know of. We will categorize the list into the following categories: 1. Investing and trading 2. Personal finance 3. Specialists 4. Finance blogs 5. Insurance 6. Financial advisers Let’s get right into it. 1. Investing and trading #1. Investment Moats Kyith Ng has been running Investment Moats since 2005. He has been providing a lot of help to those looking to make heads and tails of finance and investments. He has some killer tips to grow your wealth. He puts a lot of detail into his articles and that’s one of the reasons why this resource is top on our list. The amazing selection of news pieces and statistics you find at Investment Moats is truly impactful to chart a better course of action for both, the short term and the long term. #2. Dr Wealth Originally started as BigFatPurse, Dr Wealth provides plenty of investment education to Singaporeans from all walks of life by publishing accurate and meticulously crafted guides. This..
Sep 7, 2021What Is Business Finance…
What is business finance? Business finance is all the capital that you acquire to run your business. There are many different types of business finance. However, most of the methods fall into one of these two broad categories: debt and equity. In sticky situations, business owners will need to get a business loan in order to function. SBL has get through tough times and thus, we have decided to share more about business finance. We were able to assist them regardless of the industry they are in. In this article, we are going to learn all about the various types of business financing methods and also understand how they work. Without further ado, let’s dive right into it! The Two Main Types Of Business Finance: Debt & Equity The majority of businesses looking for capital choose from debt, equity, or a combination of both. What are debt and equity and how do they work for small businesses? Debt Debt is pretty much a loan. You can get a loan from an investor, or a bank. This is the most common type of business finance. Loans are repaid over a predefined and mutually agreed upon timeline, often with an interest paid on top of the principal amount. - The principal amount is the amount of money the lender will give you as a loan. Usually, the business owner needs to make forecasts and..
Sep 5, 2021How To Manage Business…
Managing business finance can seem like a daunting task at first. It doesn’t have to be. Once you get a few processes down and understand the basics, it becomes surprisingly easy to work on your business finance. It, however, can take some time depending on which tools you use and the size of your project or business. Young entrepreneurs are the new generation of innovators. They make the world run the way it does. Their contribution to the modern economy is simply irreplaceable. Without budding entrepreneurs, we’d not be here. It’s important, therefore, to teach them how to best manage business finance. It’s easy for an entrepreneur to feel lost when it comes to the finances of the company. Even if they have the most brilliant idea in the world, a business doesn’t survive on ideas alone. Managing the finances and avoiding any cash leaks are extremely critical aspects to succeeding in any type of business. For some, helps them to move forward. SBL Singapore offers a wide range of business loans that can help entrepreneurs expand their businesses or fix their problems. For example, we offer business loans, business loans, business loans and Without enough funds, many entrepreneurs end up wasting precious time and making bad decisions. Singapore ranks among the world’s leading places in terms of cultural support for entrepreneurship, startup opportunities, process innovation, absorption of technology, and..