A personal loan is increasingly widespread in Bedok. It makes it possible to obtain a sum of money for a specific project, which can be quite variable.
To obtain a personal loan, you can go through a private lender for a personal loan. There are a large number of them, but who to choose? Who are the best private personal loan lenders in Bedok?
Many online lenders promise fast financing, with money deposited into your bank account in as little as a business day or two if approved.
But if you are unfamiliar with the lender, do your research online and check with traditional lenders to see if they can offer you better interest rates and better loan terms.
Personal loan and private lenders
A personal loan, also known as a consumer loan, is a transaction that allows you to borrow a fixed sum of money against repayment of it over a specified period. The reimbursement concerns both the full amount, the various related costs, and interest.
Note that the personal loan is generally used for specific projects: renovating your home, buying a car, or even paying off some of your debts. The amounts borrowed vary between S$100 and S$50,000 for a period ranging from 6 to 60 months.
A private personal loan lender is a private institution or individual from whom you will borrow your loan. Generally speaking, private lenders for personal loans are wealthy individuals or institutions, acting as investors.
Thus, the personal loan you want will not be offered by an approved financial institution, but by a licensed money lender in Singapore.
To shop for all the offers corresponding to the personal loan, use our free online comparator, which will allow you in a few seconds to have an overview of all your possibilities.
Who is the best money lender in Bedok and what does he do?
The best money lender is an individual, or a company, not institutional (therefore which does not depend on a bank nor does it work for it) that lends money intending to finance an investment.
The platforms that promote loans between private subjects, without the intermediation of banks or other credit institutions, connect people interested in lending money (the Lenders) with subjects who want to receive a loan at lower costs. (the Applicants).
Reliable money lenders in Singapore, when they do not explicitly request it, usually accept the presence of the witness, because they know that only in this way do they operate in compliance with the regulations in force, while if instead they try to mislead, or ask the applicant to come alone, it is better to go elsewhere because they could be not very serious people or licensed money lender in Singapore.
But, let’s not generalize! With the advent of digital transformation and the fintech era, the credit sector has also undergone an epochal change, and marketplaces are the new virtual places where the meeting between supply and demand for private loans takes place.
Thanks to these lending platforms between private entities it is possible to satisfy the different needs of deserving people in the realization of their projects.
How do they work?
The mechanics of loans between an individual and a private lender is very similar to that of a loan with a bank or short-term credit: the creditor delivers a certain amount of money to the debtor, who agrees to return it in the stipulated time, together with the interest payments that will have been specified in advance.
On the other hand, the requirements that these money lenders ask for when granting the loan are less demanding, they are usually agreed between the two parties and, depending on the amount borrowed, may involve the mortgage of the debtor’s home. All money lenders in Singapore must follow state usury laws by the Ministry of Law Singapore.
Why take a private lender for a personal loan?
Depending on the situation you find yourself in, a private personal loan lender can be of great benefit.
Most private personal loan lenders are geared towards individuals with bad credit scores. That is to say to people whose banks and approved institutions refuse funding. The private lender, therefore, represents a second chance when all other sources of financing ignore you.
However, it’s not just people with bad credit who turn to private personal loan lenders. Indeed, these represent other significant advantages, in particular the simplicity and speed of the borrowing procedure.
Free from bureaucratic obligations, private personal loan lenders can approve and access resources much faster than a bank. A private personal loan lender can therefore close an agreement with you in just a few days and allow you to access your funds just as efficiently.
Who are the best private personal loan lenders in Bedok?
Several private lenders are granting personal loans in Bedok, among them, Tradition Credit is the more reliable one and best private personal loan lender in Bedok.
How to get a quote from the best private lenders for personal loans in Bedok?
To get a quote from the best private lenders for a personal loan, just go to the private lender’s website and submit an online application. This online quote is available to the majority of private lenders.
Before making your choice, do not hesitate to shop around for all the options that may be available to you in terms of a personal loan.
What is the interest rate among private personal loan lenders in Bedok?
Where Bedok banks go, they offer personal loan rates of around 7 – 9%. Private personal loan lenders will opt for a much higher interest rate.
The large percentage of the interest rate of private personal loan lenders can be explained in part by the financial risk they take.
The interest rate on a personal loan with a private lender will vary around 10-18%. The most common rate is 12-13%.
Finding a private lender for a personal loan: how to go about it?
Here are some tips on the most important things to consider when finding a private personal loan lender:
- Confidentiality: the best private unsecured personal loan lenders will commit to the complete confidentiality of all your information.
- Availability and speed of obtaining funds: the best lenders ensure that funds are obtained in less than 24 hours
- Foster online application: Many private personal loan lenders say they provide the option of applying online but require you to travel to finalize the application. Depending on your schedule, this can become a big logistical complication.
- Comprehensive information: the best private personal loan lenders have nothing to hide. A private lender who provides all information efficiently is straightforward and a good indicator of legitimacy and reliability.
- The approval process: The best lenders will always do at least a thorough analysis to ensure a minimum of security.