There is always a time in life when we might need a loan. Although banks are a great option to go to when you need a loan, sometimes, we need an alternative as banks do still have many restrictions that might make getting a loan difficult, especially for foreigners. Not only is the borrowing process long and convoluted, but the processing time for banks tend to be very long as well. In this article, we discuss an alternative option to banks when we need a loan.
So what is this alternative option?
Private loan lenders, otherwise also known as moneylenders, is a great alternative option to banks. Private loan lenders are known for being more lenient when it comes to loans, meaning that you have a higher chance of getting the loan amount that you need. Additionally, private loan lenders also have a drastically shorter processing time to get your loan when compared to banks, with some private loan lenders even handing out your loan to you on the spot.
So which private loan lender should I go for?
We recommend Fast Money, a private loan lender that is licensed with the government. Being licensed means that you as a borrower will be protected under the law from any illicit practices (unreasonable high-interest rates, harassment, etc) but Fast Money also has one of the lowest interest rates in Singapore.
How do I borrow?
The process for borrowing is simple, with the first step being to come down to the Fast Money office in person to find the best terms and loans for you. Remember to bring the following:
- your NRIC or Passport number
- your phone bill or Singapore power service bill
- 3 months payslip or 15 months CPF statement or Income Tax Statement
- or for self-employed individuals, your past 2 years income tax statements
- your original valid employment pass
- your original passport
- your tenancy agreement for your rental premise, PUB bill or handphone bill
- Appointment letter from your company
- latest 3 months payslip
- bank statement- for proof of your company crediting your salary
These are all relevant documents needed for the approval of your loan.
After determining the best loan for you, all you will need to do is to simply fill in the relevant forms and you can go to claim your loan after that.
There are some eligibility requirements, however, so please do ensure that:
- You are a Singaporean, Permanent Resident or a Foreigner with a valid Singapore Employment Pass
- Be above 21 years old
- Be a full time employed personnel
For more information about Fast Money, go to fastmoney.com.sg or call our friendly hotline at +6562244746 for the Yishun branch and +6562244749 for the Tampines branch.