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What is a Monthly Installment Loan & How It Can Be A Quick And Reliable Avenue Of Help

What is a Monthly Installment Loan & How It Can Be A Quick And Reliable Avenue Of Help

Singapore has consistently been on the list for the most expensive countries in the world to live in. Oftentimes, we might find ourselves needing urgent financial help to tide through a financial crisis.

It may be to pay your bills, fund any unexpected medical emergency, or to simply tide you through till your next paycheck. Irregardless of the circumstance, this is where a monthly installment loan can come in handy.

At Lending Bee, we take pride in understanding our customer’s concerns. This is why we are able to provide short term monthly installment loans to provide you with extra financial help.

How Does A Monthly Installment Loan Work?

A monthly installment loan, otherwise known as a short term loan is most suited to those who urgently require money, usually before you receive your paycheck. It is a loan where you make repayments monthly till your loan is fully paid.

The main reason why you would apply for a monthly installment loan is that you require the money fast.

This is why Lending Bee prides ourselves in our short processing time and comfortable loan tenures. Upon submission of your online loan application form, our loan officers will be in contact with you within the hour.

Once contacted, all you have to do is to make a trip down to any one of our branches to get your loan approved. Upon loan approval, the cash will be disbursed to you shortly.

If you are currently suffering from bad credit, fret not! While banks may reject you, we do not immediately reject customers simply due to poor credit. We will first access your financial situation and if we deem you suitable to make timely repayments, you’ll be approved for the loan.

Here Are 4 Examples To Provide You A Clearer Picture

Example 1

Perhaps you need to borrow $5,000, over a period of 12 months, to fund the cost of your vacation and your travels. Here’s how much you’ll make in monthly repayments:

Total Amount Borrowed: $5,000 (12 months)
Term No.PrincipalInterestTotal

Example 2

If you need to borrow a personal loan of $10,000, over a period of 12 months, we have a fixed installment plan for that as well. You could borrow money for tricky financial situations, to clear credit card debts or for medical emergencies. Here are the monthly repayments:

Total Amount Borrowed: $10,000 (12 months)
Term No.PrincipalInterestTotal

Example 3

Next, let’s say that you are borrowing $20,000, over a period of 24 months, to fund the cost of your wedding. Here’s how much you’ll have to make in monthly repayments:

Total Amount Borrowed: $20,000 (24 months)
Term No.PrincipalInterestTotal

Example 4

Lastly, if you are borrowing $50,000, over a period of 24 months, to fund your business or for home renovations, here’s how much you’ll have to make in monthly repayments:

Total Amount Borrowed: $50,000 (24 months)
Term No.PrincipalInterestTotal

Suffering From Bad Credit? Here’s How A Monthly Installment Loan Can Help

What is a Monthly Installment Loan & How It Can Be A Quick And Reliable Avenue Of Help

Those who suffer from bad credit might find it hard to take out a loan. This is especially so for traditional financial institutions like banks who have a very strict loan application process. During such times, you might feel slightly demoralised at the lack of avenues of financial help.

Worried that you might not be able to get a loan due to bad credit? Not to worry!

At Lending Bee, we do not immediately reject you simply because of poor credit. Time is precious. We understand that emergency situations require fast access to money. This is why Lending Bee prides ourselves in being the go-to financial institution for monthly installment loans.

Firstly, we will carefully access your financial situation. If we see an improvement and are confident that you’re able to make timely repayments, you’ll more or less be approved for the loan!

Those who are able to access this loan will be able to use it for several purposes:

1. Emergencies

A short term monthly installment loan can be used to finance all sorts of emergencies; these could include medical emergencies, home emergencies, or any other forms of emergency. As the loan is processed quickly, you’ll receive the cash fast. Thus, it is ideal for emergency situations.

2. Paying Off Credit Cards

Credit card debt can be extremely stressful for many people. Moreover, you wouldn’t want the debt to snowball and continuously pay for the exorbitant interest rates. Taking out a monthly installment loan can be one way of paying off credit card debt, thus avoiding the huge compound interest and late payment fees.

3. Buying A New Car

Imagine this: Your car suddenly breaks down and after sending it for repairs, it’s deemed unsuitable to travel on the roads.

If you’re so used to travelling around in a car, taking public transport can be quite a hassle. You not only have to jostle with the public but you lose precious time as well.

You probably also wouldn’t have enough saved up to fund the cost of getting a new car. This is where a short term monthly installment loan can come in handy.

By applying for a loan with us, the funds will be disbursed quickly and you can then proceed to purchase the car within a short time.

4. Debt Consolidation

You might currently have various debts that are left unpaid. By applying for a short term monthly installment loan with us, you’ll be able to consolidate all your debts into one. This allows you to be more aware of your repayment schedules. It also helps to manage your repayments.

This way, you wouldn’t have to pay for unnecessary late payment fees that you might have overlooked due to your vast number of debts.

5. Business Operations

As the saying goes, make hay when the sun shines. You might have a great business idea in mind. The only thing that is limiting you is the lack of funds.

Don’t let this deter you from turning your idea into a reality. A monthly installment loan might prove to be a wise decision.

What Are The Requirement For A Monthly Installment Loan?

Below are the requirements that need to be fulfilled before you’ll get approved for the loan:

  • Be a Singaporean or a permanent resident, or for foreigners, present your passport and employment pass.
  • Be above 21 years of age, and is not an undischarged bankrupt, or facing any bankruptcy proceeding.
  • Be permanently employed, have a valid work permit (for foreigners) or self-employed with a valid income prove.

Why Choose Lending Bee As Your Short Term Loan Provider?

What is a Monthly Installment Loan & How It Can Be A Quick And Reliable Avenue Of Help

1. Flexible Terms

When an emergency arises, having the money at hand is of utmost importance. This is why at Lending Bee, we enable our customers to customize a loan tenure that suits them best. It can range from anything between 3 – 36 months.

This way, you’ll have enough to cover for your emergency, all while comfortably repaying your loan at the same time.

2. Easy Application & Quick Approval

Applying for a short term monthly installment loan can be conveniently done online. Once you have submitted your application, our loan officers will get back to you within the hour. Thereafter, you’ll simply have to have ready all the necessary documents and head down to our office for your loan to be approved. Following which, cash will be dispersed to you.

3. Government Regulated

As a licensed moneylender, Lending Bee strictly adheres to all regulations set out by the Ministry Of Law. By doing so, we do not engage in unscrupulous and abusive methods in the case where someone defaults on payment.

That said, it pays to make timely repayments so that you wouldn’t have to incur additional loan costs.

4. Personalised Account

To provide our applicants with an easier way of getting updates on their loan status, we provide all of them with a personalised login account. Through this account, you’ll be able to keep track of your loan status. This also makes loan repayment much easier.

You won’t miss out on repayments. More importantly, you wouldn’t incur unnecessary late payment fees which will increase the cost of your loan.

5. Eligibility Requirements

As a licensed moneylender, our terms of borrowing are less stringent than that of traditional financial institutions. We have a lower threshold and are not particularly deterred by applicants with low credit scores.

We firmly believe that everyone deserves an equal access to credit, especially during times of need. Apply for our monthly installment loan here. Alternatively, you can pay a visit to any of our branches to find out more.

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