Loans are very vital nowadays especially to Singaporeans. There may be times when you will find it difficult to get a loan. A moneylender in SIngapore can be a lot of help when it comes to financing and there are a lot to choose from. From repayment plans that can be up to 12 months, they will help you more to get you back on track. 12 month loan lenders Singapore may have the best possible options for you with their terms and conditions. Loans in Singapore are being supplied by loads of moneylenders in the country that will help you through various loan packages.
A Singapore moneylender can give less costly 12 installments that can suit your financial issues for the meantime. They somewhat process applications fast and efficient service that will allow you to get the amount that you need. Singapore money lender provides a wide variety of alternatives when it comes to the agreement to borrow cash from a company or institution. You can be capable to hold your life in the right direction with the help of money lender Singapore. Personal loan is the most common option that most clients opt to get.
Money lender in Singapore are often times accommodating and easy to deal with. Their loan agreements are bound by the ministry of law that will prove that they are legit to lend you cash when you need it. They will give you an application form for you to fulfill it and you can be guaranteed that they operate with a license and that you will receive a legal money. They can offer you personal loan, business loan, payday loan, marriage loan, and a lot more (check out their website). The most important factor in a loan application is the credit grade and credit history.
These are the 2 factors that are being reviewed by the company who is willing to lend you cash. Basically, if you have a credit score that is good enough for them, it will make it easier for you to be provided with a loan and get hold of more beneficial interest rate. Your application will be reviewed and this will determine if you have been pre qualified for the loan. Once this is setup, you will be offered various terms regarding your loan choices. This includes the amount you are qualified to get, the monthly installment loan amount, fees and surcharges, the interest rates and the terms of the loan itself. Check the repayment option if you can keep up with it and discuss further details to the loan provider.
The Licensed Money lender in Singapore can offer you a repayment duration of a minimum of 2 months to a maximum of twelve months. Interest rates will vary depending on the loan agreement and the amount of cash that you will get. The charges may include service fees and fees that may be depending if you violate the agreement terms or if you incur a late payment.
Personal versus Payday loans
Personal loans are mostly called unsecured loans as they do not require you to submit a collateral by the time of your application. This is more likely to be risky to lenders because if you do not pay your loan, they will not have anything to sequester for them to liquidate and represent as a payment for your loan. They however have a credit check that needs to have a good history and a high rating. A person’s credit score is being calculated through the payment history that they have that involves their finances such as their monthly utility bills and other bills that they have to pay. In order to possess a good credit rating, you should be a good payer but if you have been delinquent payments, your credit score might also be affected and this is one of the factors for you to be approved of a loan.
This can be a better choice if you are really needing money and willing to pay the loan within a certain period of time. Also, you can use the cash anyway you want to use it as long as you make sure that you keep up with the repayments. Paying this on time will also give you the ability to increase your credit score and have better options financially in the future. Most of the inquiry are processed in a span of a week or even the same day.
A payday loan however does not require a credit check, since this should be paid in a short period of time. You can apply for this if you are short on a budget and you are waiting for your salary to be released but is needing the money earlier than the payday. This type of loan offers a high interest rate and fees that might be difficult to keep up with if you are struggling with your finances. This might cause your situation to be worse than before. Make sure that your income is high enough for you to be able to repay this type of loan.
Requirements for your application
You need to secure an application form for you to process your loan. You can ask for a copy of it through the staff of the company that you are eyeing to borrow money from. You will also need a valid identification card, proof of income, proof of property (for loans with collateral), proof of residency, etc.
Requirements will differ depending on the company. These are perhaps the most common ones. Again, you should also secure a good credit record for you to have better chances of being offered a high loan amount and lowest interest personal loan. Also, make sure that you keep up with the repayment schedules so that you will not incur any other additional fees and penalties that will also hit your credit score.