Personal loans made simple
Fund your next project, hobby, or big idea with the right finance
“Looking to fund a new project, side hustle, or personal goal? SBS Lending makes it easy with flexible personal loans tailored to your needs. Get the right finance to make your plans happen—simple, fast, and stress-free.”
FAQS
Frequently Asked Questions
Q: What is the difference between a secured and unsecured personal loan?
A: A secured personal loan is backed by an asset, like a car, which acts as collateral. This typically results in a lower interest rate because it’s less risky for the lender. An unsecured personal loan doesn’t require collateral, which means the interest rate is usually higher to reflect the increased risk.
Q: Can I use a personal loan for debt consolidation?
A: Yes, many people use a personal loan to consolidate multiple debts like credit cards or other small loans into a single, manageable payment with a fixed interest rate. This can simplify your finances and potentially save you money on interest.
Q: How will a personal loan affect my credit score?
A: A new loan application will result in an inquiry on your credit report. If you make your repayments on time, it will positively impact your credit score over time. However, multiple loan applications in a short period can negatively affect your score, so it’s best to be selective.
Q: Can I pay off my personal loan early without a penalty?
A: This depends on the specific loan product. Some loans, especially those with a variable interest rate, allow you to make extra repayments or pay off the loan early without a fee. However, some fixed-rate loans may charge an early repayment fee. Make sure to check the terms and conditions before you apply.