Getting a loan is often thought to be a big task–you have to look at various options and do your adequate research before settling on one. Out of all the loan types in Singapore, many prefer to opt for a personal loan because they are relatively easier to acquire than other loans.
It’s a good loan option if you need some fast cash for an important purchase or sudden expense when you’re tight on finances. If you are looking for a personal loan in Singapore then you should know a few things before applying for one. Here is a list of things you need to know before applying for a personal loan:
- Loan amount
- Interest rate
- Repayment period
These are just a few basic things you must know beforehand when you are thinking of taking out a personal loan. And once you’re familiar with the following, applying for a loan will be relatively easy!
To make things even easier, you can now even apply for a personal loan online without having to make numerous trips around Singapore to find your preferred licensed money lender. To get you started on this online process, let’s go over how to apply for a personal loan online!
Regardless of whether you’re applying for a loan offline or online, you have to figure out whether you’re eligible to take out a loan with your chosen authorised money lender. After all, what is the point of comparing all the options if you are not even eligible for the loan application?
That is why you must check the eligibility requirements set by moneylenders, these may vary from company to company but the basic requirements remain the same. A basic outline of the eligibility requirements are as follows:
- The borrower must be a Singapore national or a foreigner with valid Singapore employment pass
- The borrower must be aged 18 years old and above
- The borrower must be employed full-time
Look at the options of lenders are offering
If you talk to more than one licensed money lender, you will realise each will have their own terms attached to their different loan types. Meaning that a personal loan taken with one licensed money lender can come with a different interest rate or repayment period than another.
This is because every money lender has its own set of rules they follow in addition to the government created rules. But apart from that, you should also look at the loan amount they are offering in accordance with your annual salary.
After ensuring your eligibility, and deciding exactly which loan you’re going to apply for, you will have to gather the necessary documents that are needed for completing your application. So, check the website of your chosen licensed money lender you selected and look for the documents required by them.
Most licensed money lenders will list the required documents online, but if you’re unsure, you can easily give them a call to be absolutely sure you have all your bases covered. Once you collect all those documents and get soft copies scanned for easy use, you can then proceed to the final stage of the application process.
Online Application Form
Now is the final step, which is usually rather straightforward. You’ll need to go to the website of your chosen money lender, fill out all your details and upload the required documents accordingly.
After filling out the application form you just have to wait for them to let you know if you’ve been deemed eligible for the loan you’ve chosen. In some special cases, you may have to mail all the documents separately, but this is not always a must.
Apply for Loans Online
Applying for loans online is a fast and easy way you can get the lowest interest rate personal loan from money lenders easily. The process might feel daunting if this applying for a loan is new to you. Especially since applying for a loan online requires you to work relatively independently. But worry not, if you have any questions, you can always give us a call on our hotlines at (+65) 62244746 (Yishun) and (+65) 62244749 (Tampines).