In contrast to secured loans, unsecured loans do not require any collateral. Hence, money lenders are at greater risk and will charge higher interest rates for unsecured loans. To qualify for unsecured loans, you should have a good credit score and sufficient income to support repayments. Aside from assessing your creditworthiness, lenders also examine your capacity to pay on time and your borrowing history. More info:https://www.edudebt.sg/what-is-an-unsecured-loan-all-you-need-to-know/
EDUdebt Unsecured Loans in Singapore: Helping You Achieve Financial Freedom
Licensed money lenders and banks in Singapore offer unsecured loans for multiple purposes. For example, personal loans can help you fund a honeymoon or renovate your home without the need for any collateral. These loans usually have lower interest rates than credit cards. In addition, they are available for Singaporeans and permanent residents who have an annual income of at least S$20,000.
However, if you have existing debts with high interest rates, a personal loan may not be enough to resolve your financial crisis. Debt consolidation is a more effective solution that allows you to combine all your existing debts into one manageable repayment plan with lower interest rates. EDUdebt offers expert guidance on debt consolidation and will guide you through the process.
Whether you need a personal loan or a debt consolidation plan, it is important to understand the terms and conditions of the lending agreement before signing. Be sure to review the repayment terms, the interest rate and fees, and your payment history. Then, decide if it is the right financial option for you.
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