Are you looking to get a successful personal loan approval? Fortunately, banks and licensed moneylenders in Singapore can offer a fast, easy, and simple process in approving a borrower’s loan. However, it is a common fact that banks and licensed moneylenders can deny a loan application. Whether it is because of ineligibility or inaccurate information, having a denied loan application can be discouraging. Especially if you are in a financial emergency, you may need your loan to be approved immediately.
For this to happen, you need to consider certain factors. If you consider these factors, then you are almost guaranteed a successful loan approval. Thus, here are the steps and considerations you must factor in when applying for a personal loan.
Is your credit score and history up-to-par with the standard of the lender?
If you are going to avail of a personal loan from a bank, then it is best to assess your credit score. Banks can be stringent when it comes to approving personal loans. They can deny your loan application if your credit score is not up-to-par with their standards. Thus, if you have a low credit score rating, then make sure to improve it by paying your bills on time, keeping your credit card balances low, paying off your outstanding debt, and among others. Also, before applying for a loan at the bank, make sure to check their credit score requirements.
On the other hand, most licensed moneylenders do not require the borrower to have a good credit score. Most licensed moneylenders only require the borrower to have a stable income, to be at least 21 years old, to have stable employment, and be a Singapore citizen or a permanent resident. For foreigners working in Singapore, licensed moneylenders can offer a personal loan called a Foreigner Loan.
Have you written the correct personal information?
When filling up the application form, make sure you have filled in the correct and true information. Banks and licensed moneylenders can deny your application if you have inaccurate information. Keep in mind that banks and licensed moneylenders will treat your application in strict confidentiality. Thus, it is important, to be honest when filling out your application form. Any dishonesty may lead the lender to reject your application. Also, make sure to know what the purpose of your loan as these are also important for lenders.
Check the lender’s minimum income requirement.
Lenders have a minimum income requirement that you need to meet for you to be eligible for the loan. This step ensures the lender that the borrower can avail for a loan and can repay the loan. Some lenders have a website that shows what the minimum income requirement is, while some do not. For you to know what the minimum income requirement is, then you need to contact the lender to know more.
Check the lender’s employment status requirement.
Banks and some licensed moneylenders require a borrower to have steady employment. Steady employment gives banks and other lenders the assurance that the borrower has a steady flow of income. Some banks do not approve personal loans for freelancers and for those who do not have steady employment. However, there are some banks and licensed moneylenders who offer personal loans to self-employed borrowers and freelancers, but the requirements can be different. For example, in the case of most licensed moneylenders, they will require the borrower to show his or her tax bill or notice of assessment.
Check the lender’s eligibility criteria.
Other than your income and employment, other factors are involved before you are eligible for a loan. For example, most licensed moneylenders require the borrower to be at least 18 or 21 years old and be a Singapore citizen or permanent resident. Foreigners who want to avail of a personal loan from a licensed moneylender in Singapore can apply, but the requirements will be different.
Foreigners who are working in Singapore can apply for a personal loan called Foreigner Loan. All licensed moneylenders require the foreigner to be working, to have a valid passport and working permit, and to submit the required documents like his or her employment letter and recent payslips. If you want to find out if the licensed moneylender offers a foreigner loan, you can visit the website or call the office of the licensed moneylender.
Send an application online
Licensed moneylenders have a website wherein you can send an online application. This online application is a preliminary step where the lender will know whether you are eligible for the loan or not. Once you are proven to be eligible, the licensed moneylender will ask you to visit their office and to bring the required documents. After further assessment and once the licensed moneylender will grant your loan, you can receive the money right away. Take note that licensed moneylenders cannot grant your loan online.
Make sure to disclose your other outstanding debt or loan.
If you have other loans or debt that you are still paying, make sure you have disclosed these to the lender. Your outstanding debt may affect the repayment amount of your present loan, which the lender needs to know.
Choose the right lender…
If are looking for the right moneylender in Singapore, then click this link, Go to website. The moneylender is one of the most recommended moneylenders in Singapore. They can offer you a wide variety of loans that can cater to your needs. You can call them, visit their website, or you can go to their office personally if you have any questions.