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The following article was published in our article directory on June 25, 2013.
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Personal Loan Singapore – Types of Personal Loans

Article Category: Finances

Author Name: Dean Wang

Getting personal loan Singapore is easy once you've figured out the different requirements set by the lending institution. Prior to meeting all their requirements however, it's important to note that you first need to be sure about your preferences. This is because they are different types of loans and you need to be sure that you're getting the one that is perfect for you.

That being said, following are some personal loan Singapore types available today.

Secured Personal Loan

A secured personal loan is often preferred by lending institutions because it offers them a certain degree of safety. Basically, this means that if a debtor fails to pay for several months, the lender has the right to lay claim on their collateral. This can be the house, the land, the car or some other type of asset. Considering the risk of losing property, it isn't surprising that many borrowers are reluctant to get a secured personal loan type.

Note however that this type of loan also comes with several perks, the most obvious one being the terms of the loan. With collateral, lending institutions are more confident about getting their money back, therefore enforcing smaller interest rates for the borrower. Depending on the cost of the security, you might also find that secured personal loans can command higher borrowings from the bank, especially if you're backed up by a good credit history.

Unsecured Personal Loan

An unsecured personal loan is basically the opposite of secured in the sense that there is no collateral. Most people prefer an unsecured person loan because it doesn't put their assets in jeopardy. Now you might wonder – why would personal loan Singapore lenders approved of this kind of borrowing? The answer is simple: higher interest rates. With no back up asset to ensure your capacity to pay, lenders would simply hike up the interest rates to earn more through your borrowing. This is in response to the kind of risk they're taking by accepting your loan.

Aside from higher interest rates, you might also find yourself getting a lower credit limit compared to a secured loan. In cases like these, a $10,000 loan is already too big – depending on your credit worthiness. Of course, borrowers are still in the position to bargain about this depending on their credit history.

Which is Better?

Deciding between the two options for a personal loan Singapore depends entirely on your financial situation. The fact is that each one comes with pros and cons so it's crucial to compare what you can offer versus what is on the table. When it comes right down to it though, your credit worthiness is the main deciding factor. If you can get a copy of your credit history – does it show a largely impressive record? Be aware of your worth as a borrower so that you know if you can command for better interest rates. Typically, borrowers with excellent credit histories will have no problem getting an unsecured loan with low interest rates. If your history is less than impressive however, a secured type might be best.

Keywords: Personal Loan Singapore

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