When you are considering getting a small loan for covering some urgent need like settling medical bills, fixing your car or replacing the broken TV – then a personal loan might be the right option for you.
In general, this loan type is a small loan offered where the lender company does not need you to present collateral or have a co-signer to access the money. Thus it’s an unsecured loan since you don’t need to use your property or car to secure the loan.
You need a good credit score and regular income for you to get the loan. Moneylenders still offer loans to individuals with bad credit scores. But, you need to consider that the rates will be higher.
How is it that the interests are higher? It is how these lenders protect themselves from facing losses from non-paying customers.
Documents Needed For Requesting For Personal Loans
To help facilitate the fast approval of your loan application, you should provide the below-listed documents:
For Singaporeans / PR
- Your SingPass
- Evidence of Residence – Tenancy contract or a recent letter sent to your letterbox.
- Recent Payslips
- Bank Statement (for internet Banking you will log in for this)
Work Pass/ Permit / Employment Pass/ S Pass
- Staff Pass/ Card
- past three Months Payslip
- Evidence of Residence – a Tenancy agreement or a recent letter sent to your letterbox.
- Bank Statement (You can log in for Internet Banking)
- Employment Contract
We Are Among The Top Directory For Best Moneylenders For Personal Loan Services In 2018
Our licensed and legal moneylenders in Singapore are well-established personal loan institutions, who have been in the industry for many years. Their personal loan facilities are accessible at any time for your different needs.
Since these loans don’t require any security, they will attract higher interest than normal secured loans such as mortgages, car loans, among others.
What can I use the personal loan for?
This loan is meant for short-term use to finance urgent needs. When faced with an emergency and you require money urgently, their personal loans are the ideal option. This is because you will have the money instantly once all the necessary documents are submitted. The loan will then be approved and a loan agreement signed between the two parties for the loan you are taking.
How much can I borrow?
It is advisable that take only the much you need to meet the specific need. Also, try to repay it within the least time possible.
How can I do that?
In making larger installments whenever possible you will be able to settle the entire loan. This will also ensure that you settle debts within a shorter time and also increase your servicing ratio. And this will ensure that you get loans whenever you apply for them.
Licensed Moneylenders For Fast Cash Personal Loan Singapore
By law, licensed moneylenders are mandated to offer easy loan solutions compared to banks and even other large financial institutions. But, not all who claim to be moneylender have the solutions for your quick cash personal loan.
You have to carefully assess the credentials of each lender before you send in an application for and getting a personal loan with them.
We have a list of the best moneylenders registered under the Law Ministry. Their license numbers are proof for this, meaning that they are a legal business that is able to help you cover your financial emergencies. We ensure to scrutinize moneylenders and assist you in reviewing them so that you do not have to carry out endless searches on the Internet.
We offer services that are ideal since we can offer you the right moneylender who will give you the loan money you need fast. They also have streamlined loan processing once you submit the required documentation. It is this speed that allows you to meet your urgent obligations in a timely manner.
All You Should Know About Personal Loans
What makes the personal loan an ideal loan tool?
The good thing about the personal loans Singapore is that they can be taken for any financial need you have. When you want to repay a loan, buy an asset, start a business or even help you cover your daily needs, you can use this loan for this.
What about the interests charged?
Another big concern that many borrowers have about this loan is the interest that they will incur while they are repaying the loan.
Take note that different moneylenders, as well as financial institutions, will offer varying interest rates. Also, the repayment tenure is normally in installments. These installments are flexible based on a borrower’s capability to pay back the loan.
As you search for a suitable personal loan in Singapore, make sure to research on the lenders giving low-interest rates and repayment options that are convenient for you.
Note that it is crucial that you get your personal loan from a licensed moneylender. In Singapore, the licensed moneylenders provide professional services and provide for the various financial needs that their clients may have.
Operating licenses are granted to lending institutions that have qualified and can offer financial solutions to borrowers.
What does this mean for borrowers?
It means that they will offer you reliable financial expertise and advice, so you can trust them. There are instances when you could have requested for more funds than needed.
What then do you do in such an instance?
The financial expert may advise you on a better loan to take and what to do to avoid a rollover situation.
When you are facing a financial crisis, it is likely that you have a bad credit history. It may not be easy for you to qualify to receive a loan from banks or financial institutions.
What can I do?
The good thing about taking loans from moneylenders is that they are able to take the risk and give you the amount to regain your creditworthiness. As a financial adviser, moneylenders are able to plan your income and expenses and suggest to you ways to manage your money well, and also offer you the personal loan you need.