Three Major Types of Loans for Clients

Nowadays, a lot of people utilize the instant loan services in Singapore. It has been observed that money lenders have become more powerful because of the increasing demand. Loans are commonly utilized for various purposes. For example the people need instant cash to pay the utility bills or college fees. There are various types of loans made by the lenders. They try to attract different types of customers with the help of economic strategies or by giving specific names to the loan packages. There are some common types of loan packages discussed below.

Student loans:

Well, these loans are useful for the students as well as parents who want to pay the school, college or university fees. The loan companies always try to make the markup ratios lower for the student loans. As a matter of fact, these loans are provided for the short period that’s why higher markups are not acceptable by the clients. On the other hand there is high demand of student loans in Singapore. People take this loan package whenever they need instant cash. Some salient features of student loans are given below.

  • Fast response by the
  • Easy application system.
  • Flexible credit report evaluation.
  • Low markups.
  • Flexible repayment options.

Personal loans:

These loans are mostly used for the personal purposes. It is not necessary for the applicants to show the need. However, the can share it with the agents or representatives in order to show the matter of urgency. In most of the cases the people use these loans for the wedding, engagement, and to organize other types of family events. The loan amount varies depends on the need. The clients can choose different ranges according to their requirements. There are variable markup ratios and repayment periods. Therefore it is recommended to choose these loans carefully. Some salient features of personal loans are given below:

  • Quick response.
  • Easy application system.
  • Documentation required.
  • Variable markups.
  • Flexible repayment schedules.

Business loans:

Well, these are primarily created for the corporate purposes. The people involved in a company management or trade can apply for the business loan. The amount of business loan varies according to the trade requirements. However the markups will also vary based on the amount sanctioned and repayment schedule. In order to apply for the business loans, the moneylender always wants the clients to provide some corporate statements. The decision about the approval of business loan strongly depends on the corporate or financial statement. Therefore it is recommended to bring a positive financial or credit report.

  • Quick response.
  • Decision may take several days or weeks.
  • Business plan is required.
  • Financial statements are evaluated by experts.
  • Medium to high markups depending on the repayment schedules.

It is recommended to keep these three packages whenever going to apply for a loan. A reliable moneylender in Singapore will ask about the above mentioned things. Prepare the documentation according to the requirements before you fill the application form.