Loans and Credits
From Financial Literacy Wiki
Loans and Credits
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Types of Loan
Different from open account open account credit, loan contracts are legal binding, negotiated contracts that specify in detail the purpose of the loan, amount borrowed, interest rate, the loan repayment schedule and the rights and obligation of the lender and borrower.
Loans, once taken, are usually not recalled by the bank unless the borrower has violated the agreement.
Please read How to Choose a Loan and Application for Credit to understand more about the Credit and Loans in Singapore
Below are the loans, one can get in Singapore.
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Types of Credit
Below are types of credit known as open account credit. These are usually used to finance small purchases and no collaterals are needed to get the credit below.
