Licensed Money Lender Personal Loan Clementi New Town

Taking its name from Clementi Road, this suburb lies in southwest Singapore and is one of the country’s most popular public housing estates.

Clementi New Town boasts a variety of amenities for residents, including healthcare centres, sports facilities and parks. There are also several notable educational institutions in the area, such as Nan Hua High School and NUS High School of Mathematics and Science.

Discover shopping delights at Clementi Mall, a six-storey shopping complex with a range of retail and dining outlets. You can also drop by Clementi Woods Park, a tranquil retreat perfect for nature walks and family outings, with an outdoor play garden for young children.

For affordable and convenient loan services easily accessible from Clementi New Town, consider a visit to Quick Loan’s office on Anson Road.

Board the MRT from Clementi station to Tanjong Pagar station. From there, it’s a brief 2-minute walk to the Quick Loan office, where our team is ready to assist with our range of affordable and fuss-free loans.

Understanding Loan Tenure in Singapore

Loan tenure refers to the period over which you agree to repay your loan with interest. Tenure is a vital part of the loan agreement, as it determines the value of the monthly instalments you’ll be paying.

Tenure differs depending on various factors, including the financial institution involved and the type of loan. However, it generally ranges from a month to 25 years.

For example, a payday loan must be repaid when your next paycheck arrives. This is an example of a loan with short tenure.

On the other hand, a mortgage loan can have a tenure of up to 30 years.

Factors that Affect Loan Tenure

There are several factors that can influence the tenure or duration of a loan. These include:

Borrower’s Age

A borrower in their 30s has many working years ahead of them and can opt for a longer tenure than someone in their 50s.

Borrower’s Income

Income is also an important consideration—you need to be able to pay your monthly instalments without straining your budget for regular expenses, savings and other costs.

Borrower’s Creditworthiness

If you have a favourable credit score, the lender may offer more favourable terms for tenure.

Loan Type

The type of loan you take out will usually determine loan tenure. For example, a home mortgage loan will always have a longer tenure than a payday loan.

Interest Rate

A high interest rate may prompt some borrowers to choose a shorter tenure in order to minimise the overall interest on the loan.

Choose your loan tenure wisely where possible—it’s important to strike a balance between having manageable monthly payments and clearing your debt in a reasonable time frame.

Short Vs Long Tenures: The Pros and Cons

Here’s a quick overview of the potential benefits and drawbacks of short and long-tenure loans.