Sometimes you want to get a loan, but you are scared you won’t qualify for it due to bad credit rating, your financial health, or the inability to pay the loan back when it is due, leading to more debts. But there are various ways you can go about this, and even if you have accrued debts before, you can even get a moneylender consolidation loan to settle the debt while using the remaining funds for other financial responsibilities.
So, what are the best types of loans that are available regardless of your financial status? Below are some of them:
Getting a Personal Loan
Personal loans are one of the best quick loans that you can get when you have a financial emergency. It can be used to cover unexpected situations where you need fast cash, such as medical emergencies or unexpected unemployment. Personal loans, however, are smaller amounts and do not need the borrower to provide collateral or a co-signer for a successful loan process. All you need is to have a consistent income and positive rating for your credit, and your loan from a licensed moneylender will be approved.
Credit Card Loan
Typically, we get different types of credit cards, and you can get credit cards, which are available for people with poor credit ratings. For some the interest rates can be a bit higher, they can be around 30% per cent per annum; however, you have to apply to know. It might take only a couple of weeks before you find out if your application is successful. You can only borrow about $1500, but they can be applicable in some circumstances, and they might not sometimes be. In other words, if you need a quick loan, this isn’t the best or most dependable option.
Usually, in Singapore, they are only available to people who have had their missed payments over six months ago or even a year ago.
Short Term or Payday Loans
These are fairly well known with various adverts on television and online platforms. These Singaporean legal moneylenders can provide you with very quick loans regardless of your financial health, but you will need to be able to pay them back as soon as you receive your salary. So, if you’re getting this type of loan, please make sure you do your calculations beforehand to make sure that you pay back the loan on time.
Borrowing Money from Friends and Family
Do not dismiss this one, even if it may not be applicable to you, as it’s always worth thinking about. Friends and family members are not going to look at your credit rating, and, as a matter of fact, this is a great way for you to get a consolidation loan and make up for bad debts. Since there is no security on this kind of loan, you may need to develop the right amount of trust with them in order to get a loan.