Are you troubled for any sudden financial requirements? Sudden financial requirements can be addressed by availing a loan! You need to apply for a loan at any authorized financial institution or money lender according to your ability of repayment.
Though there are several financial institutions as well as licensed money lenders in Singapore, it is not easy for every individual to get an approval for a loan easily. The purpose of applying for a loan may vary but you need to apply the loan amount which you can afford to pay without undergoing any other financial troubles!
Do your Homework!
Before applying for a Loan Singapore, it is essential for you to do homework. You must be eligible for applying for a loan. Once you apply for a loan the money lender would analyze your profile and research about you for confirmation.
There are certain rules and standards followed by the money lenders for approving any borrower. You must have information about those and likewise, make the arrangements.
Get ready to apply a loan!
- Before applying for a loan, you must check your credit score. A good credit score raises the chances of eligibility as well as reduces the rate of interest on the loan.
- Keep different required documents up-to-date and ready to produce. You may require identity proof, residential proof, income proof, income tax return, etc along with proof of age eligibility.
Are you eligible to apply a loan?
Banks in Singapore generally offer loan to the citizens or the permanent residents. But the licensed money lenders offer loans to citizens of other countries working in Singapore. You can select your money lender as per your flexibility. If you are a citizen from another country you need to produce a valid working pass in Singapore.
You can borrow an amount equivalent to 4 times of your monthly income from a licensed lender. The amount is completely based on your monthly income from different sources. You must also accept different terms and conditions provided by the money lender.
Steps to follow for easy and trustworthy loan approval
For you, it is quite essential to learn about different factors that affect the loan borrowers so that you could make likewise arrangements and stay prepared for it.
- Personal loans are of two types, i.e. secured and unsecured. If you are applying a loan of the small amount then the unsecured loan is appropriate for you but if you require borrowing a bigger amount, you should go for the secured loan in which you need use your assets as collateral.
- Availing a loan would act as a good option for addressing the financial needs. But you need to pay the principal amount along with interest rates on monthly basis. The rate of interest varies with money lenders thus analyzing the market you can get a better picture about the trend and varying interest rates along with flexible terms and conditions.
- Calculate the monthly payments or EMIs you have to pay every month against the loan. You must have enough money for maintaining your lifestyle and livelihood after paying the installment every month.
- It is essential to select a licensed money lender or registered financial institution so that you can stay prevented from any scams. You must be confirmed in prior about any extra charges or fees for loan approval.
- As per the guidelines, you need to pay the loan amount within the agreed time. The rate of interest would remain the same until the end. But you must avoid long-term payment! If you extend the numbers of installments then the rate of interest would even rise. Make sure to repay the loan as fast as you can, so that you can save money from the rate of interest charged.
- Fix a date for EMI on which you will be able to pay it without any burden and stress.
- Don’t ever fail to pay the EMI as this will hamper your credit score.
These are few of the basic tips which a first-time loan borrower must be aware of!
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