How much can I borrow?

People always look to take up loan to meet business and personal needs. Whatever your requirement will be, you are looking to get loan to fund the wheel of your needs. In Singapore, you can take different sorts of loans. However, the rate of interest would be different among these loans. Usually personal loans are given by the banks and they are secured loan. Other than banks, there are many money lenders available in Singapore that can lend you loan. Licensed money lenders have some restriction by the government to lend the loan. In Singapore, against secured loans you can take loan of any amount no matter what your credit rating is and no matter how long you want it for. The main issue is with unsecured loan, as people don’t have enough resource to provide banks something as security or pledge commercial or residential property as security. But still these money lenders can lend money to such borrower but with limitations:

  • You can take up loan for amount up to $3,000 dollars, if the annual income is below $20,000 or equal to it
  • You can take up loan up to two months of your income, if the income level of borrow is equal to $20,000 or greater but has to be below than $30,000
  • You can take loan up to four months of your salary, if income level of borrower is equal $30,000 or greater but has to be below than $120,000 bracket
  • You can take loan of amount (any) if your income level is equal or greater than $120,000

A payday loan is small duration loan that ensures to pay all the expenses made till the next month’s pay day of the consumer. These loans are given in particular fashion over the repayment through credit cards. The policy regarding this advance varies greatly from country to country included several clauses under the same. This facility is made available for the people that are in financial crunch in the middle of month when their pay day is far away. When they need urgent money, these advantages are taken to suffice the current financial urgency. This situation is very evident in case of medical emergencies when no other way of gathering cash remains evident. The credit amount is generally small with a fee associated with it for lending the money. These loans are made to be recovered within thirty days which is flexible according to lending company. If you have poor credit rating and want urgent cash, it is advised to contact the best licensed money lender in Singapore. These lenders are best suited for you. They will give you loan after 30 minutes, provided if you have submitted the required documents. Keep in mind that they will charge you higher rate of interest on short term loans.  The licensed money lenders are obliged by law to give you loan of specific amount, government in Singapore have put some limitation and restriction on the lenders.