Monthly Repayment Loans – 3 Short Tips

Loans are a tricky thing, and they can be difficult to understand if you have a basic understanding of them. And even if you do have a rough understanding of loans, they might still be tough to handle. Fortunately, today we are here to help you. In this article, we will be sharing 3 short tips on monthly repayment loans.

  1. Don’t borrow more than you can afford
    • A common shortfall of most people is that they tend to borrow or spend more than they can afford, often ending up in debt. This can easily be avoided by making sure that whatever you are borrowing can be handled by your monthly income.
  2. Don’t stretch out your loan period
    •  Another handy tip to handle monthly loans is to not stretch out your monthly loan period. The general rule of thumb is to try to repay the loan as quickly as you can as stretching out the loan period would mean that you are spending more money in the long term due to you paying more interest overall.
  3. Find a good moneylender
    • This last tip would seem pretty obvious, but it is always good to remember that moneylenders can come in all types with different services, interest rates and fees. A good guide to finding a good moneylender is to make sure that they are licensed, and have low interest rates. Fitting all these criteria is Fast Money, a licensed moneylender in Singapore. If you need a good moneylender, you can look for Fast Money.

How do I borrow with Fast Money?

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
  • your latest 3 months computerised monthly payslip or 15 months CPF statement or Income Tax Statement
  • or for self-employed individuals, your past 2 years income tax statements

For foreigners:

  • 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, call our friendly hotline at +6562244746 for the Yishun branch and +6562244749 for the Tampines branch.

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.