We have a list of the approved moneylenders that offer installment loans in Singapore. These are loans that a fixed interest rate is charged on the monthly payments.
How can I use the monthly loan?
When you would like to look for a way to fund for your vacation, home improvements, or even repay your car loans; this loan facility may be the right one for you. Monthly loans will give you stability when your working budget is tight.
There are 2 important features that financial institutions will consider before they approve any loan application. These features include the borrower’s credit rating as well as the amount being borrowed.
At first, moneylenders will assess your credit rating and income so as to find out the borrower’s capability to pay back the loan.
Quick approval is normally guaranteed when you have presented all the necessary paperwork and also after you have given proof to the moneylender that you hold a good credit rating.
The advantages of monthly repayment
A very important advantage of taking a monthly loan facility is that it will offer you peace of mind just by knowing that your repayments remain the same for every month and won’t wary.
This straightforward type of loans has a simple repayment plan and is very affordable and it does not require a guarantor or collateral. The lenders will also provide you with the most optimal rates of interest on all of their loan products.
With the monthly loans, you can borrow once and payback based on the set schedule. The packages on this loan are fixed and monthly; meaning that they do not increase or decrease. These loans are also simple to understand since you will learn how to prepare a working budget for every month.
These loan packages can help grow your credit score a great deal. Is this loan good for me? By using these programs, you will end up becoming a savvy borrower.
The most crucial advantage of the installment repayment is that they usually have a set payment. This set time is often due at a given time, thus your finances will be manageable and simple.
A Customized Solution To Your Financial Needs
In the present-day fast-paced world, the costs of living are ever increasing costs, and this could mean you will need some extra financial help. All that is required is an unexpected event to occur to drain you of your savings. Some of these events include loss of job, accidents, etc.
You might not have the money you need until your following payday, and your financial problem cannot wait till then. What can you do in such a situation? You could consider not settling other bills so that you free up some cash for the last minute emergency. However, this will only cause you to suffer late fees or even get collection’s calls for the unpaid bills.
Whether you are a business or an individual needing the short-term loan facility, our available approved moneylenders, will focus is in knowing your needs and then create a loan package to meet your needs.
How To Request For a Monthly Loan
You have to be either a foreigner or a Singaporean, or someone working in Singapore. Foreigners should have a valid work permit to qualify. You also have to be at least aged 21 years and not be unemployed.
You will be required to personally apply at their offices with the below-listed documents:
- Valid work Permit
- Payslips for the last 12 months
- Appointment letter
- A tenancy Agreement for those who are renting their current residence
Their professional and friendly loan consultants will then process your loan request once they receive the above-mentioned documents.
Where Can I Find Affordable Monthly Loan Terms?
While you are in Singapore, you do have the opportunity to get a loan from licensed lenders or the banks. When it comes to the steps involved, you can visit your lender of choice to sign the loan application form and then present the needed documents.
There are many lenders, though; this gives potential borrowers the opportunity to send their initial loan request online. Then, borrowers should visit the lender’s offices to present the requirements. With the leading banks, they will offer loans to individuals who qualify for the loan over the phone. In preparing and presenting all documents required, and this will help expedite the loan approval process.
Regardless of the medium, you choose to use for your application process, you have to request from the moneylender for a copy of the loan contract which stipulates the loan conditions and terms.
What should I look for as I sign the contract?
Be cautious of any lender who does not provide you with an official loan contract, since this is a clear indication of the lending institution’s unlawful business activities.
Even though some banks will consider your submission of documents you make via the net or give an acknowledgment on phone as an agreement, you will still have to take it to follow it up by asking several questions. Also, do not waver to talk to a legal professional to know the best way that you can handle this kind of method as regards providing loan agreements to clients.
Who offers Protected Monthly Loans in Singapore
Provided that you have a consistently healthy credit rating, it is possible for you to go directly to the bank or licensed moneylenders to make s personal loan request. Keep in mind that banks normally have higher regulations for borrowers as concerns their annual income.
On the flip side, licensed lending organizations have a more flexible rule with the salary brackets they offer. The most essential thing is that you meet the lender’s loan requirements.
Before sending in your application for a loan, always be sure to confirm the legality and reputation of the lending company’s operations. You need to only trust those moneylenders that are certified by the Ministry of Law or the Singaporean Monetary Authority. Come and take a look at our list of authorized moneylenders that will only serve best your financial needs.