Personal loans are an amount of money borrowed from licensed lenders which you could use for various reasons, such as for big purchases and emergency expenditures. These loans are settled or repaid typically on a monthly basis for a certain period of time depending on your situation as well as how diligent you are at settling your payments. Personal loans could be very beneficial as long as you use it well and could manage to repay it.
If you need a personal loan, always transact with a licensed money lender. For instance, credit loan is a licensed money lender in Singapore providing high-quality loans that will match your every need. With their innovative digital solutions, their loan process is easy, convenient, quick and very much secure.
Credit loan has been in service for more than 17 years. That is 17 years of experience in the financial industry. And within those years, they have made over 200 thousand clients happy and very much satisfied with their lending service making them a very reliable and credible lending company to transact with. So, if you want to be a happy client as well, choose a licensed, credible and reliable money lender for a conveniently smooth process, from the application stage to repaying your loans.
Secured And Unsecured Loans
Loans could either be unsecured or secured. Unsecured loans don’t need any form of collateral to be able to borrow some money whereas secured loans require you to provide a collateral that you agree to give up to your lender in the event that you cannot settle the loan. A few examples of accepted collateral are personal or business car, real estate, investment accounts, and valuables like jewelry, fine art or collectibles.
A more modern form of collateral are your cryptocurrencies. Cryptocurrencies (cryptos) are digital currencies that aren’t controlled or regulated by any government unit or by any financial authority. There over 1,000 kinds of cryptocurrencies, Bitcoin being the first ever to be released in 2009.
What are crypto-backed loans and why consider taking one?
Crypto-backed loans are loans wherein you use your cryptocurrency assets as collateral. In the past, many crypto holders are forced to sell their crypto assets for fiat money if they need it. Now, instead of selling their assets, they use it as collateral to be able to borrow fiat money like the USD. This allows them to keep ownership of the assets while obtaining access to the fiat they need.
What can you use a crypto-backed loan for?
Similar to personal loans, you could make use of a crypto-backed loan for various reasons, which includes:
- Purchasing Real Estate or a Home
- Paying Travel or Vacation Expenses
- Financing A Start-up
- Divesting Investments
- Settling High-cost Debts Such as Student Loans