Do you need a lump sum of money urgently? But you don’t want to mortgage your assets? Don’t worry. If you’re going to keep your purchases to yourself and still get a loan, you might seek from banks in Singapore. A lot of banks in Singapore lend money without mortgaging your property in the name of personal loans.
For instant cash, you might look for a credit card loan. However, it may not the best option to choose, not even the better one. If you want a loan for a short time, need why you will choose the long way. If you look for a bank personal loan in Singapore, there will be plenty of options waiting for you. Many people trouble to realize when they can get a personal loan and how.
Well. None can predict the urgent requirement of a large sum of money. It is a common scenario when people get medical emergencies and require a considerable amount of money for treatment; in such cases, personal loans can be saviors. Since it is an unsecured loan, you don’t have to be afraid that your bank will seize your property if you can’t pay the loan on time.
If you are a student and need money to carry out your education expenses, there is a particular type of personal loan for you. However, many people don’t understand how to move forward with such loans. Here you will understand several aspects of the best money lender sg.
The cases when you can get a personal loan
As mentioned before, a medical emergency is an uncertain obstacle that arises, and many people cannot bear the costly treatments. A personal loan allows you to lend a considerable amount of money from a bank in Singapore. Not only medical urgency, but you can also get a personal loan from the best money lender sg to have a hassle-free wedding. Not only a wedding ceremony but also a dream honeymoon plan; you can use the loan amount to work with it.
Do you know what’s even more enjoyable with personal loans? You can pay off your credit card dues with it and your debt consolidation as well. Moreover, students can apply for a personal loan to pay the expenses for their education. For example, they can pay their college fees with it or buy books and other things required.
Things you need to know before applying for a personal loan in Singapore
There are few things that one must acquire to apply for a personal bank loan in Singapore. However, it will help if you have a clear idea of how these personal loans work. Firstly, a personal loan comes with a fixed interest rate for repayment. There will be a predetermined amount that you have to pay monthly for the loan tenure.
But the best part of a personal loan is that when you repay monthly, the refund amount includes both the principal amount and the interest charges. It is the best way to repay as there will be no extra amount to pay at the end of the tenure. Now that you know the methods of a personal loan, it will be better to discuss the necessary things to apply for a personal loan in Singapore.
First of all, you can apply for a personal loan only if your age is between 21years and 63years. You need to understand one thing before applying for a personal loan, and it is that a lender will lend you a personal loan only if your annual earring is a minimum of S$30,000. It is a crucial criterion that lenders check. However, some lenders lend you a lump sum of money even if your annual earring is less than S$30,000, but there is a disadvantage. If a lender is ready to lend you a personal loan, even when you don’t earn S$30,000 yearly, they will charge you higher interest rates. The criteria mentioned above apply only to the residents of Singapore.
However, it doesn’t mean that you won’t get a personal loan if you are a foreigner. But for a non-resident of Singapore, the loan criteria will change. A foreigner can apply for a personal loan only if their annual earning is S$40,000 or even more. The requirements for a foreigner’s yearly income vary from lender to lender.
Apart from the annual earnings, you will need some documents to apply. Here is the list of required documents given below:
- The most important and first thing to come to this list is identity proof. You can use your employee pass or Singapore identification card along with your passport
- Following is your address proof; you might need to show your electric bills or any other utility bill with your name and address printed on it.
- Last but not least is your income proof. You can either show your Latest payslip or salary credit. Even better if you can provide your latest income tax notice or latest CPF contribution.
How to know if a personal loan is right for you or not?
No matter how beneficial it is to take a personal loan rather than an option for a credit or debit loan, there is no denying that the prices that you pay are comparatively higher in a personal loan. It is the reason you must realize whether a personal loan is a suitable option for you or not.
It might be helpful when you borrow the cash, but it comes with a few consequences. One of those consequences is that if you fail to repay the loan amount on time, it will show up in your credit score. Before borrowing such a considerable amount of money, ensure that you can repay it on time.
A personal loan is a matter of extra payment every month until you repay the entire amount, which means there will be an imbalanced monthly budget for you. After understanding all the advantages and disadvantages, if you think a personal loan is the best option for you, please feel free to contact the best money lender sg.