The Different Types Of Loans Money Lenders Can Offer

By | September 21, 2023
The Different Types Of Loans Money Lenders Can Offer
The Different Types Of Loans Money Lenders Can Offer
Editorial Credit: Andrzej Rostek

The moneylenders in your area may offer a number of different loans, but the most common type is a short-term loan. This can be ideal for those individuals who need money on a temporary basis and have good credit or collateral to offer as security.

QV Credit is a great option if you are looking for a reliable moneylender in Singapore. Here is a link to QV Credit’s website if you want to know more about their loan services:

A moneylender can approve you for up to $2,000 with just 10% down. If you don’t want to use this money on your own, there are other options available as well! In this amazing article, we will discuss the different types of loans moneylenders can offer so that you know what’s out there and which one suits your needs best!

Singapore Money Lenders 1

Foreign Loans

When you’re living overseas and need money, a moneylender can offer you an international loan. They will assist with transferring money from one country to another and helping you make arrangements for repayment plans.

Foreign or foreigner loans are loans that are taken by a person living outside their country of citizenship and who does not have permanent residence in the country where he is borrowing money.

Renovation Loans

There may suddenly come a time that you need money to renovate your home. It may be because you want to expand your kitchen space or replace your roof after a storm has damaged it. In this case, you can take out a renovation loan from a moneylender. This type of loan is designed specifically for those who need money to make repairs or renovations to their property.

The amount of cash that you are able to borrow with a renovation loan usually depends on the property’s value in question. Moneylenders will also require that you have some form of security for the loan, such as title deeds or an insurance policy.

Mortgage Loans

A house is a valuable asset that many people own, but it can be not easy to obtain money for the purchase of one. This is where a mortgage loan can help. With this form of loan, you can borrow money to provide a down payment on your house and pay the balance over time at an interest rate lower than other lenders would charge.

A mortgage loan may require you to have good credit and enough income so that repayment won’t be difficult for you to manage after making all necessary renovations or repairs to your property if needed.

This type of loan works differently depending on where you live and what kind of property you are purchasing. It typically involves borrowing money over an extended period (such as 30 years) with interest charges added each month or year until repayment is complete.

Car Loans

Many moneylenders offer car loans which allow borrowers to secure financing at lower interest rates than those offered by financial institutions. As well as offering low-interest rates, these types of loans also come with a number of other benefits, such as:

  • The quick and easy approval process
  • No need for a guarantor
  • Flexible repayment terms

Wedding Loans

Weddings are known to be a special time in a person’s life when money may be tight. If this is the situation that you are in, you can easily apply for a wedding loan from a moneylender and finance your big day without affecting other areas of your budget.

You can borrow money for your wedding and pay it back over a set period, such as 12 or 18 months, without interest charges being added to the total owed until after you are married so that money isn’t wasted on finance fees before you have even tied the knot.

Personal Loans

One of the most availed loans moneylenders provide is the Personal Loan. This loan money can be used for almost anything, not just personal use but also business purposes. There are no credit checks needed to obtain this type of money as long as you have proof that you are employed with at least one year’s experience in your field.

Debt Consolidations

People tend to take out moneylender loans for debt consolidation because it is a more affordable option than other high-interest credit products. In addition, money lenders do not require individuals to have a perfect credit score in order to be approved for a loan.

Debt consolidation loans involve borrowing a lump sum of money that is then used to pay off all your outstanding debts. This means that you will only have one monthly payment to make instead of several, making it easier to manage your finances.

Motorcycle Loans

Owning a motorbike is a popular hobby in many parts of the world, and moneylenders can help you finance your own vehicle. These types of loans work in much the same way as other moneylender loan products do:

  • The money that you can borrow depends on what kind of motorcycle or scooter you want to buy
  • Having a good credit score can help (although money lenders may be more lenient than banks when it comes to this)

Moneylenders require security for these kinds of loans, such as title deeds or an insurance policy.

Payday Loans

A sudden need for money can arise at any moment. This is why moneylenders offer payday loans that you can borrow money for immediate purposes like covering an unexpected bill or purchase, making repairs after a sudden disaster occurs in your home (such as flooding), et cetera.