A personal loan is also known as an unsecured loan where the borrower will not be required to provide any collateral. The interest rate is usually higher compared to secured loan Singapore. Personal loan is useful if you need some fast cash payday loan to pay for unexpected expenses. Many money lender are always ready to offer these loans and you will usually receive the cash on the same day. Another advantage of personal loan Singapore is that there is no any restriction on the borrower on how he or she intends to use the loan. Some popular uses of personal loan from moneylender include medical bills, debt consolidation, car repair, home improvement, holidays, and car purchase. Since personal loans are paid in small installments they are of great help to these people. However, it is very important you go through the terms and conditions before signing the personal loan contract with licensed money lender to make sure you have what you need.