Low Interest Personal Loans

People get low interest personal loans for various reasons. Some call it for emergency needs, while others want to boost their credit score. It is handy even for business owners who want to kick start a micro business.

Low interest personal loans are helpful for those who are not confident in getting a loan from banks or borrowing money from their friends and relatives.

What is Personal Loan?

Personal loans are unsecured loans usually used for immediate cash needs. It is quite handy if you can’t pledge property such as a home or vehicle. And since there is no collateral, the process will be shorter. Nobody is sure about his/her finances. There will be times when a cash need suddenly pops up when you think your finances are perfectly balanced.

Good thing there are personal loans within easy reach. You can use personal loans in a myriad of ways. For example, you can use it as a bridging loan to pay for your car’s downpayment. Also, you can use it to buy gadgets, consolidate existing loans and even add it to your emergency cash for your trip abroad. There will be many options, but not all will have competitively low interest rates.

Benefits of Personal Loan

There are various types of personal loans. Some are multi-purpose, while others have specific use. Before applying for a personal loan, make sure that you have a clear purpose. This way, you will be able to use it smartly.

Some Singaporeans use a personal loan to pay for their car’s minor repairs. There are times when a minor car repair can make you lose your No Claim Bonus insurance policy. It means that you can enjoy a benefit if you do not claim your insurance for a certain time. Usually, insurance providers waive some fees or give a 20-50% discount on the premium. Furthermore, it means more savings in the long run. Others use personal loans to consolidate other existing loans.

If you have a couple of loans to pay and have a hard time tracking each due date, a consolidation loan comes in handy. You can use a personal loan to pay off other loans. Then, you just have one loan to pay and track. Another use for low-interest personal loans is for your home’s minor renovation. Do you need to fix a sudden plumbing problem but have no extra budget? Get a personal loan to ease your mind. Even if you’ve got a credit card, there is no denying that there will still be places where you will need to have cash in your pockets.

Credit card cash advances have a steep interest rate charged on you each day until you settle the loan. Also, it is apart from the Cash Advance fee. Also, if you get a cash advance, it will be charged to your credit limit. Therefore, you will need to use your credit card with caution.

How to Avoid Low Interest Personal Loans Scams

Since personal loans are undeniably useful for Singaporeans, loan sharks have used them to milk unsuspecting people with every cent they have. Anyone can fall for the scammer’s sweet words, but you must be vigilant. If the moneylender tells you to make an advance fee before receiving your loan, walk away. It is prohibited for a moneylender to ask for any payment before the approved loan amount is released. A licensed moneylender will either deduct the processing fee from the loan amount or include it in the repayments.

They never ask for upfront fees. Check it the moneylender has a physical location. There are online licensed moneylenders. Processing the loans can start online. It can save your time as you can apply through their websites. However, they must also have an actual office where you can drop by. Having no real office is a clear sign that you are dealing with a loan shark. Do not forget to check the list of licensed moneylenders in Singapore.

The Ministry of Law strictly keeps checking on the compliance of the Moneylenders Act. Also, it keeps the industry fair and competitive aside from protecting both the borrower and the lender from abusive individuals. Another thing to consider is the years a moneylender has been in business. Indeed, a reputable moneylender thriving for decades has a long list of loyal clientele.

Cash Mart: Personal Loans Near Me

Take control of your finances with the low interest personal loans nearest you. Whether you want to pay off outstanding bills, go on a holiday trip, renovate your home, or consolidate your debts, Cash Mart indeed has the best personal loan. Just apply online anywhere you are in the city-state, anytime on the day. Whether you are a high wage earner or have a low regular salary, Cash Mart has personal loans flexible enough for each borrower.

It is further designed to fit money needs for various purposes or reasons. As a reputable licensed moneylender, Cash Mart will walk you through the whole process and give you options to help you find the loan that will fit your preferences. As a licensed moneylender, Cash Mart also believes in transparency. Feel free to inquire first about its loan products. Use the online calculator and navigate through terms to know which one is best for you. Get a loan from Cash Mart today to experience what the best low interest personal loans ought to be.