28 Feb Is there monthly installment loan Money lenders in Singapore?
Yes, at Swift Credit licensed moneylender, we provide Monthly Installment Loan and we do customized loan at your comfortable needs.
There are a number of loans available in Singapore’s moneylending market. Some are meant for specific needs such as housing loan or student loan, while others can be used for whatever purpose it may serve the borrower. A good example for this type is the monthly installment loan. We will try to discuss how this loan works in this article.
Monthly installment loan or Equated Monthly Installment (EMI) is the type of loan by which a borrower is contracted to pay the lender on a specific date each month. The sum includes both principal loan amount and interest rate, thus the payment is equally calculated for the entire repayment period.
There are actually a number of monthly installment loan lenders in Singapore, some of them may have websites that you can refer to while others might only offer it on a personal application. Check with the moneylender to know more about their offers. But before deciding to apply for a loan, make sure that a creditor is legitimate by checking their license number or by referring to the list of licensed lenders from the Ministry of Law.
Monthly installment loan lenders can offer some advantages over other type of loan lenders. One of its major advantage is the equal amount of payment on its due date. Since it is pre-calculated, a borrower knows exactly how much is to be paid on each calendar month for the entire repayment period. This allows the borrower to make budgeting easier. The debtor will be able to make financial plans much better since there is a projection of the payment for the succeeding months.
If you are unsure which loan to take or if you are having doubts whether to take a loan or not, it would be best to check with your family for advise. You may also seek help from financial advisers from non-government organizations for better understanding of the challenges and risks in moneylending.