When it comes to taking out a small loan to cover some urgent needs such as unexpected medical emergencies, sudden unemployment, or even for fixing your car – a personal loan with Orange Credit can help you out of your financial predicament.
Generally, personal loans are loans in a smaller amount where the moneylender does not need a borrower to provide a co-signer or collateral for a loan process to be successful. This type of loan is considered an unsecured loan. As you don’t have to use your car or real estate to back up the loan, you will need to have a positive rating for your credit and a consistent income to be considered for a loan.
However, loan providers will still provide loans for individuals with not-so-perfect credit scores if the lender decides that the borrower is capable of repaying the loan. This is how lenders protect themselves against losses due to non-paying customers.
Why Apply for A Personal Loan?
Personal loans in Singapore are ideal for individuals who only need to borrow a small and manageable amount of money to tide them through a short period of financial emergency, and can pay the loan back quickly through monthly installments. Since personal loans are given quickly, they are great for people who go through emergency situations where they need to make an important purchase fast, but their payday is still far away, or if they just need to get an item that is on sale currently. In addition, personal loans can also be used to buy stock or inventory for a business.
However, it’s imperative that people who take up personal loans be able to pay them back on time as a substantial amount of penalties can build up if the repayments are late, causing more financial stress.
How To Know If Personal Loans Are Your Best Option?
When you are faced with financial issues, it’s always good to have the assurance that you can borrow money from licensed moneylenders in Singapore. Before making the decision to go for a personal loan, it is prudent that you do your due diligence and weigh the options you have before committing to a loan. Additionally, a personal loan usually comes with its own set of charges and repayment terms that you need to understand prior to applying for one.
Once you have confirmed that your needs align with a personal loan, be sure also to consider the loan repayment scheme that the licensed moneylender provides. With Orange Credit, you can enjoy flexible repayment loans that come with professional and friendly services too.
Unlike fixed personal loans which require a standard amount for each monthly repayment, flexible repayment loans enable individuals to pay the minimum amount stated in the agreement if they are unable to pay more. However, individuals who take up personal loans must make their installment payments within the time frame that is given, or else they may face penalties in the form of late charges.
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