Many people are facing financial problem now days. There are two kinds of problem people face, first they do not have money at all to use for a specific purpose, or they have shortage of money. In both cases, people apply for loan. They go to banks and money lending companies to apply for loan. People can apply for different kinds of loan for different purposes. There are personal loan and business loan. Different countries have different rules and regulations for borrower as well as for moneylenders.

However, in Singapore, the laws of loan are strict to save borrower from the frauds of money lending companies. When it comes to personal loan, there are many different types. The best type is Personal Loan for Low Income. This type of loan can be used for small purposes such as redecorating the house, for trip or many such things. The borrower does not have any need to tell the lender why he is taking the loan so the borrower can use it for any legal purpose. People who need small amount of money and short term can apply for this loan. This type of loan is unsecured loan, which means it does not need any kind of collateral. The lender take a big risk with his money by giving it to unknown people that is why this loan has the highest interest rate than all other type of loan. The borrower does not need to give any kind of documentation to the lender to apply for loan. this type of loan can be used for any purpose such as some people use it pay their monthly taxes, some people use this loan to pay their credit card bills which save them from becoming defaulter

The only thing that matters when it comes to this type of loan is the monthly income of the borrower. It is important for the borrower to have a powerful and trustworthy job and a strong income. People with different income can apply for different amount of money and the interest rate depends of the amount of loan and the time for which the loan has been taken. In other countries, lenders do not check the credit history of the borrower but in Singapore, it is important for the lender to check if the borrower has any kind of pending loan, which he is paying, and how much he is paying for each installment.

It is important for the borrower to apply for loan from only licensed money lender Singapore. Going to unlicensed people is a crime and a person how is committing this crime is looking at very serious charges against him. Licensed moneylenders are more secure and beneficial and there is no need to worry about any kind of fraud. There are many licensed moneylenders and a person can find about these lender through internet very easily. There are lists available on internet about all the legal lenders who are working in Singapore. Searching through internet save energy and money of a person.