Today everyone has a chance to get a personal loan. However, there is still a chance that you won’t obtain the lender’s approval. When time is of essence (as it usually is with personal loans) you need to make sure that you’ll get the money on the first try. To do this, you should try the following:
Check the approval criteria beforehand
Fast Money has very simple eligibility criteria, so you won’t have to collect a mountain of paperwork when applying for a personal loan. Singapore citizens only need to have their passport, utilities or Telco bill, and proof of income. Please note that Fast Money offers loans only to those over 21 years of age. Foreigners can apply for personal loans as well if they provide proper paperwork regarding their work and stay in Singapore.
Choose the loan amount wisely
A loan is a big responsibility, so you have to make sure that you will be able to repay it. Consider your current level of income and choose the amount you will be able to return, considering the interest rates. Think about reducing the loan or extending the repayment term to reduce your repayments / reduce your installment amount.
Build up good credit rating
Your credit rating matters because it serves as an indicator of your reliability as a borrower. Pay all your bills on time and take out an occasional loan to keep it good and stable. Please note that defaulting on your payments will reduce your rating, so apply only for loans you can actually repay.
Show you have a good savings record
This is an effective way to show the potential lender that you are a financially-savvy person who knows how to manage money well. This isn’t a necessary requirement for approval, but offering this extra information can help you make a good impression, which is especially important when taking out big loans.
Always be honest with the lender
Providing disinformation when applying for a personal loan shows that a person cannot be trusted. This will reduce your chances of getting the money you need and will prevent you from working with this lender in the future.
Please, be honest and only include truthful info in your application. Any issues you might have can be resolved and a plan can be created for you to get the loan you need. These tips will definitely help you achieve the desired result.