Are you planning to borrow funds from a well-known moneylender near you? If you are short of funds, this way is the right to get a fast personal loan Singapore Without wasting much time. But prior to that, you need to better understand a few parameters which will help you get a loan immediately in Singapore.
- Make A Decision On The Type Of Loan You Need
Firstly, you must decide on the type of loan before getting it from a licensed and regulated moneylender. The next step is to evaluate your finances, which will help determine the type of loan you need. Check whether you are in a major financial help or a small emergency. If it is a small one, getting a personal loan would be easy, and it is also an ideal option. Some common situations where you can opt for a personal loan are credit card debts, home renovation, and consolidating your debts.
- Check Your Credit Score
While opting for financial support for a reputed moneylender, consider getting a credit report from the MLCB (Moneylender Credit Bureau) or the CBS (Credit Bureau Singapore). Even though some licensed money lending institutions do not check for the credit rating, a few check and approve a loan based on the scores. In the case of individuals with a bad credit score, with a personal loan, they can get better credit scores.
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- Finding Legal Lenders in Singapore
What happens if I don’t pay moneylender? Many individuals do not pay attention to the late fee being charged by the moneylenders of Singapore for not paying the amount on time. Well, the fine amount that you will be charged varies from one moneylender to another. Instead of paying more, you should always look for options charging a minimal amount. Also, it gives be an update about the companies operating in this sector for future.
- Looking For The Eligibility Criteria
Check the list of eligibility criteria set to be fulfilled before qualifying to get a loan. The requirements can vary depending on the annual income and whether you are a citizen of Singapore or a foreigner. To better understand the pointers, you should get in touch with a licensed moneylender.
- Preparing The Necessary Documents Before Visiting A Licensed Moneylender Office
After deciding to take a loan, gather all the necessary documents, you need to submit. The documents include proof of employment and income, past CPF statements, current credit score, NRIC, residency proof, employment letter, tenancy agreement, bank statements, and employment pass. Also, for consolidation loans for bad credit Singapore, you can speak to the experts who have all the recent updates.
- Find Out If The Licensed Moneylender Is Present On The Minlaw’s Registry
A suitable way to find out all the details about the moneylender is by finding their name in the list of licensed moneylenders available in the country. The Registry of Moneylenders always uploads an updated list for every money. That way, you can avoid getting trapped in the hands of illegal moneylenders while opting for a personal loan.
- Find Out If The Lender Has Good Reviews
An important thing to keep in mind is whether the lender has received positive or negative reviews from previous clients. It is always better to opt for a professional with many positive reviews. To find out about them, you can visit their review section and get more details.
- Look For The Advertisements Of The Reputed Moneylenders
Do not trust a moneylender who promises to offer you loans through text messages or calls. If they are ready to offer financial help through online mode, you should check out all the prerequisites. Also, as per MinLaw’s platform, legal moneylenders are capable of advertising in various ways. It includes consumer or business directories, sites of legal money lending companies, etc. Get clarification for the advertisements first and then decide whether to go ahead.
- Look For The Fees And Interest Rates Of Moneylenders
A legal moneylender imposes a standard fee and interest rate as stated by the Registry of Moneylenders. Here are a few things which, if you find, the indication is a red flag. They are:
- The later rate of interest is above 4% for all late repayments.
- The percentage of monthly interest rates is above 4%.
- If the company is charging more than S$60 as a late fee
- The company is not explaining the fees and interest rates.
- The administrative is more than 10% of the granted personal loan.
Summing Up
If you are looking for a personal loan immediately, start preparing the documents. It includes receipts of all payments you need to make for the loan, a copy of the contract of the loan, copies of receipts, accounts, and a statement of your account showing whether you have taken any loan previously or not. You won’t have to spend much time getting a loan with all the updated information.
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