Low Interest Rates for Singaporeans and Foreigners
As the global uncertainties continue hampering the country’s growth, it has become a very tough option for household owners to access an easy personal loan. Banks are even more strict and people with poor credit scores are finding it near impossible to access credit. These negative components with strict rules usually increase financial needs in this difficult economic condition. And to help people with bad credit scorers, the best personal loan licensed money lender is available at your service.
What can you do to get a quick personal loan in 2018? Look for UNIQ-Credit Today.
At UNiQ-Credit, we are committed to providing the best personal loans with low interest rates to all customers without any bias. We appreciate that emergencies can arise any time and our customized instant personal loan Singapore packages are designed to offset short-term monetary needs. We understand that urgent financial needs can occur in the middle of the month when payday is a week or two away.
We are one of the top licensed money lenders with years of experience in the financial industry, making us one of the best alternatives to the traditional banks. Our team of financial advisers is always ready to provide clients with information that will help them make the right decisions.
The True Impact of the 4% Cap Low Interest Personal Loan Rates
As a borrower, it is important to appreciate how these new changes of the low interest personal loans rates will affect you. Here is a brief breakdown of the changes:
- Interest rates: The new set of rules set a 4 per cent as the maximum nominal interest rate (NIR), which means better payment rates for borrowers in the country.
- Late interest rates: Before the rules, these were tagged on monthly interest rates but they have now been fixed at 4% maximum making it easier for borrowers with financial difficulties to afford repayments.
- Additional fees: Some borrowers have been charging extra fees but the committee’s recommendation stopped such charges forthwith. Borrowers can now expect cheaper loans from the moneylenders.
- Administrative fees: The previous existing situation had no administrative fees but moneylenders can now charge 10% maximum upfront fee. If moneylenders use this allowance, borrowers will lose the benefits they had gained from other rules.
The impact of the October 2015 rules is still being felt but money lenders who had fervently opposed the new regulations are now seeing an upsurge in the number of borrowers seeking to take advantage of low interest rate personal loans rates and more regulatory authority in the industry.