Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .



Which loan is the Best for You

There are a variety of loans that you can take out in Singapore. But when it comes to borrowing money, make sure that you know your options and their advantages for you.

Loan is an inevitable necessity. From education to urgent requirements, health to property purchases, personal requirements to business needs, almost every individual needs a loan at one point of their life or another. But before you go ahead and apply for a loan with a moneylender, make sure that you know the option that’s best for you. Here is a list of some of the major loans offered by different organizations, their benefits and usages.

Open Ended Loans

As the term suggests, these loans are open to the idea of borrowing over and over again. A perfect example of such a loan would be your credit card. While they have a limit on the amount you can use, they can be used over and over again once you make a payment. While these loans are great for simple shopping experience, they aren’t necessarily the best option if you need cash on urgent basis. This option shouldn’t be selected when you need a larger loan amount.

Close Ended Loans

Which loan is the Best for You

Which loan is the Best for You

They can be borrowed once. And they can be borrowed again, only if you have made the entire payment. These loans don’t have any credit. So, if you need money, you have to repay it and apply all over again. An example of such a loan would be a mortgage loan, a student loan or a foreigner loan.

Conventional & Unconventional

Conventional loans usually feature a part payment structure, where the borrower needs to make monthly installments. Examples of the same could include a home loan, a mortgage loan or student loans. Such loans shall only be taken when the amount is either too high or cannot be repaid all at once. On the other hand, unconventional roles follow a simple short-term structure. They are supposed to be paid all at once (the date is usually decided after a discussion between moneylender and the borrower). The loan can be repaid before the due date, without any penalties. Examples of such loans include payday loans, which are short-term advances paid once the borrower has received her/his paycheck.

Which One Should You Choose?

As mentioned earlier, a credit card or an open ended loan might not be the perfect choice for emergencies and greater amounts. Therefore, these are the loans that you must avoid, especially if you tend to go overboard with your budget. A close-ended loan is a simple solution for your loaning needs. Whether you want a personal loan, a loan as a foreigner or for your property, you can easily choose a close-ended loan which fits your need.

If you are one of those who wishes to get over the hassles of repaying for months or years, then unconventional loans are perfect for you. Personal loan or foreigner loan  is available with one time repayment to ensure fuss free lending and repayment.

CTA- So which one would you choose? Share your queries or comments with us!

Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post