The whole world got a big shock with the impact of COVID-19. The world’s economy experienced the worst downturn due to lockdown measures. People have been laid off from their jobs and many businesses have shut down. It is difficult for many people to survive and fulfill their basic needs too.
Due to all these circumstances, the need for a personal loan has increased to help people come back on track.
Singapore has made a lot of amendments in its economic structure to help people take some personal loans.
Applying For A Personal Loan In Singapore
Here are a few pointers that will assist you in case you want to know how to apply personal loan in Singapore:
- Check the Income Requirement
Make sure that when you are shopping around for a personal loan, check the lender’s monthly income requirement. Most banks have stringent requirements when it comes to income.
However, with licensed moneylenders, you can borrow up to $3,000, even your income falls beyond S$20,000 annual income.
- Find Out the Eligibility Requirements
Licensed moneylenders have flexible money lending requirements as compared to banks. All you need to submit to them is your income proof, current pay slip, income tax statement, and CPF contribution, along with the online application.
- Submit Online Application
It is so easy to apply for a small personal loan in Singapore. In this digitalized world, all you need to do is pull up an application from a nearby licensed moneylender, fill it thoroughly and submit the same.
The steps to fill out the form are simple, and you may take 3 to 5 minutes to complete your form and submit the same.
- Opt for a Licensed Money Lender
Once you submit an online application via a licensed moneylender, your personal loan gets approved instantly. The licensed moneylender uses new technology to check your loan application. Moreover, this helps them approve your loan application in a matter of minutes.
Aside from fast and easy application and loan approval, borrowing money from a licensed lender is much safer.
Moreover, licensed moneylenders are regulated by the Monetary Authority of Singapore (MAS).
Find the Best Nearby Licensed Moneylender
Many struggle with the question – how to find the best licensed moneylender near me?Let’s quickly go through certain key points that will help you find out the best nearby licensed moneylender.
- Years in the Industry
It is essential to know how many years a licensed lender has existed in the lending industry. This will imply their experience and trust of borrowers over the years.
- Number of Loan Disbursement
The number of loans disbursed will indicate the number of borrowers trusting a lender. The higher number of personal loans disbursed, the higher number of borrowers they have helped.
- Easier Repayments
A moneylender is considered at par when he provides convenience to his customers. Aside from providing fast and easy applications, it is also essential to have a convenient way of repaying the loan. With a licensed moneylender, you can repay your loan via SAM/AXS machines at your convenience.
Why Take a Personal Loan in Singapore?
Now, before you find out which is the best licensed money lender in Singapore, first understand why you need a personal loan.
- Preparing for the Big Day – The Wedding
A personal loan can help you pay off some big events in your life, such as a wedding. You may need a personal loan to assist you in paying the rent of the wedding venue, catering services, and other additional packages.
In short, you can easily manage the wedding expenses with a personal loan.
- Medical Emergencies
No one can predict any medical emergency. At some point, we all fall short of some cash in hand when we face a medical emergency. A personal loan can help you bear the medical costs that can further assist you in getting back on track with your next paycheck. You can save your or your loved one’s life with the money you have borrowed from the lender.
- Credit Card Bills Payment
Credit incurs interest on the amount you have spent buying things for yourself or for others. It, thus, becomes mandatory you to pay that credit bill within a stipulated period to prevent any additional strain in the name of interest. Borrowing a small loan can help you keep your credit history intact and manage your credit bills from time to time.
- Make Payment for your Vacation
Whether you want to take your family out for a vacation or go for your honeymoon trip, buying a personal loan can help you pay for the vacation expenses instantly. You can plan a trip without any hassle while you repay the debt later with your next paycheck.
This loan service not only helps you to make smooth vacation plans but also assists you in taking care of other expenditures simultaneously.
After clearly understanding the reasons to opt for a personal loan, you can now look for the best licensed moneylender in your area.
The best licensed moneylenders will not do the following:
- Use abusive language or threatening behavior
- Retain your NRIC card or any of your personal documents
- Ask your Singpass ID/password
- Ask for your signature on a blank or incomplete document
- Not give you a copy of your loan contract with him
- Not explain the terms and conditions properly
- Not adhering to the standard process while granting a loan
- Retain a part of the principal loan without any explanation
The above points will help you in selecting the best licensed moneylender in your area.