Personal Loan

It is a short-term unsecured loan that you can get from a financial institution such as a licensed money lender or bank. It’s also sometimes known as a cash advance. Most personal loans are unsecured.

Both banks and licensed money lenders offer personal loans. But it is much easier to get a personal loan from a licensed money lender than a bank.

Most personal loans from licensed money lenders do not require credit checks or collateral. At CreditMaster, we just need your proof of income or employment.

A personal loan is usually given on a monthly basis and paid back in installments over a fixed period of time, more commonly over the course of 12, 24, or 36 months.

At CreditMaster, we will disburse the money to you directly at our office if you meet our criteria.

Here are some tips:

• Only borrow what you can pay back
• Ensure you can pay the monthly installments
• Look at the effective interest rate, not the advertised interest rate
• Keep the loan tenure short

Personal loans can be used for a wide variety of uses:

• Business needs (e.g. equipment purchases, payroll or hiring costs)
• Debt consolidation
• Home improvement works
• Medical emergencies
• One-off expensive purchases (e.g. furniture, a vacation or vehicle)