Home, Personal, and Payday Loans

Most people don’t have the money in their bank accounts to make expensive purchases, such as buying a home, paying down their debt, or taking an expensive vacation. If you are hoping to do one of these things, luckily you have options. There are a variety of loans that you can apply for to help you buy the things that you want and need.

Home Loans

A home loan is a great way for you to finally own a home of your own. There are several types of home loans available. Each has benefits for different people in different situations. For example, if your income is limited, and you can’t afford to make a large monthly mortgage payment, you can go with a 30 year loan rather than a 10 or 15 year loan. Also, the interest that you would be paying depends on your credit score. The higher your score, the lower your interest payments would be.

Personal Loans

A personal loan can help anyone who needs extra money. Like home loans, the interest that you would pay is based solely on your credit score. Unlike a home loan, you can use the money for anything that you like. Many people take out a personal loan to pay off debt, purchase a vehicle, or take a much needed vacation. The amount of money that you can take out for a personal loan depends on your income, your credit score, and the amount of money that you need. Oftentimes, you would be required to put something of value down for collateral. This will give the bank reassurance that the loan will be paid. If you fail to make the payments, the bank would take the collateral and use it to cover the amount of the loan.

Payday Loans

A payday loan is a great option for someone who needs money fast, but doesn’t have the credit necessary to get a personal loan. The money that you can borrow from a payday loan lender is usually between $300 and 1,000. The loan and the interest would need to be paid back on your next payday. The interest level on Singapore payday loans is often much higher than the interest on a traditional loan.

If you are like most people, you don’t have enough in your savings to make a large purchase or cover the cost of an unexpected bill. Luckily, banks and other lenders are there to help you get the money that you need.   

May 10, 2016