What is a Personal Loan?
A personal loan is basically an unsecured loan that does not require for the borrower to put up any asset as collateral. This essentially means that the personal loans are based on two key criterion, personal credit history and monthly income. From financing a vehicle purchase, to debt financing, to debt consolidation for the purpose of improving credit ratings, everyone chooses personal loans. Mostly because interest rates are significantly lower than credit cards, which could potentially save you a lot of money.
Do You Need a Personal Loan?
We all know that there are those times in life where you could just do with some extra money. Maybe you had to pay for a hefty hospital bill, you need to make a substantial deposit for the purchase of your car, or there is just some crazy unexpected payments that you have to bear. This would be one of those times that a personal loan could really be useful. You could use the loan to pay off other more expensive debts , make up for previous missed payments, buy something nice for a loved one, or even invest the money.
Personal Loan Rates as low as 7% APR!
No matter what your commitments or reasons are, if you need more immediate cash right now – from $1,000 up to $120,000 – Capable Loans is here to help guide you to the best deals.
Get your credit rating back on track!
If you do not have a credit line or have a loan with bank, a personal loan can go a long way in helping to build a track record of credit and repayments for you. The lender will report your monthly repayments to the national credit bureau in Singapore. To ensure that you build a healthy credit history, it is essential that you make all repayments on time. Try to avoid late or missed payments. It takes only one late payment to affect your credit rating, but a few months of proper repayments to get the rating back up. Having a consistent track record of prompt repayments will definitely go a long way in improving your credit rating.
– Up to 4x of your monthly income
– Up to 14x of your monthly income
(if annual income is above $120,000)
Repayment Period: Up to 5 years
Interest Rate: 6% – 9% p.a