Freelancer Loan In Singapore

If you do a search of freelancer loan Singapore in Google, chances are you will not get many search results to help you with such lending service. But then it is still possible to apply a freelancer loan even if you do not possess a fixed salary.

A freelancer loan can help you cover some high ticket expenses over the short term. According to MOM Singapore, a freelancer provides a contract for service, gets paid per job (such as being a Grab driver) or is self employed like a badminton coach. The only stark difference between a freelancer and a self employed is that the freelancer does not have a registered company. This makes it more difficult for freelancers to obtain legal loans.

So what exactly is a freelancer loan? Actually, the freelancer loan is a type of unsecured personal loan that is specifically made for individuals who do not earn a fixed monthly income, unlike the usual employees in Singapore. Its coverage is very wide as it includes home tutors, property agents, financial planners and home-based cake makers. The freelancer loan can also be used for Grab drivers or private hirer drivers, though the private hirer loans are catered for them.

If you do not have a regular income, a freelancer loan can be of good use to you. Saving for a higher expenditure item that includes a software or a small business opportunity can be a stride to achieve without such fixed money coming in. It can be a particular equipment or service which your client project requires. Such huge expenditures drain off your bank accounts very quickly and unless you earn high per sale (if any), you are usually unable to finance well.

Some temporary cash flow can come with a freelancer loan to help with upfront payment that comes in case. By getting a freelancer loan from a licensed moneylender, you can proceed further with your own projects and even lifestyle without worrying much about financial burdens.

 Even with a financial plan as a freelancer, it may not be always constant as unexpected adversities do happen in life. So a freelancer loan can help with payment for the large expenses, especially with the rising living costs in Singapore, where things get expensive very quickly. 

You can obtain a freelancer loan from licensed moneylenders easily. Banks in Singapore almost do not give out personal loans for freelancers. Even so, their criteria for assessment is very strict, taking into account the credit score. 

Licensed moneylenders can disburse freelancer loans to you at quicker and more convenient pace. However, some factors must come into play when you are making your decision to take up the freelancer loan.

It is imperative that you do not use your freelancer loan to spend lavishly on any kinds of investment without proper evaluation on the future prospective opportunities. If the machine or software does not help with productivity, try to save up the finances. You must use your freelancer loan wisely.

For more information, read about freelancer - https://en.wikipedia.org/wiki/Freelancer