All About Loan In Singapore
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Consolidation Loans For Personal Debts

Consolidation loans can sometimes be a logical option for individuals who are laden with personal debtors. Instead of having to keep track of all personal debts, different interest rates, payment amounts and payment dates, a person can actually consolidate together all the debts and only service one loan. This can eliminate a lot of hassle in handling a few credit facilities.

A working adult will commonly have quite some credit lines to constantly keep track of. Some include mortgage loans, personal line of credit, vehicle loan, renovation loan, even a study loan.  So it makes sense to pull together all these loans and only service one monthly payment. Especially when you can obtain low interest rates on this one consolidation loan. So not only will you have more time for yourself, you will also save on interest charges on these loans that may be necessary for you personal lifestyle.

There is a growing number of smaller authorized money lender in Singapore that can offer quick loans to consolidate all your debt. These are qualified businesses that can give you proper advice on whether a move like this will benefit you. They would not be approved by the Monetary Authority of Singapore MAS if they do not meet the strict criteria.

Once you have made the decision to take up a lump sum loan, you might have to choose between taking an unsecured loan compared to a secured loan. Usually unsecured loans will have a higher interest rate and shorter loan tenor than secured loans. However, secured loans can usually offer you a higher quantum loan amount. Unsecured debt consolidation loans will have a much shorter processing time as well.

The loan quantum that you can qualify for will be based on your personal income and financial commitments. Using these information, experts assess how much a loan you will be comfortable in repaying without having an adverse impact on your personal lifestyle. Make a formal complaint if you feel that you are being misled into buying something that you do not want. There are a number of these lenders online. Do proper research of at least a few of these smaller money lenders and judge for yourself which offers the best deal that suits you personal financial position.