There are many types of loans around, but one of the more popular or well-known ones are the monthly loans. These loans are loans that are paid back in multiple parts monthly, with interest. This is great for people who need a large sum of money in advance to pay for their expenses, and they can choose to repay that loan comfortably in the following months. In this article, we will be discussing the advantages of monthly loans.
Being able to plan your finances in advance is always a great thing, especially when there are times when there might be any other unexpected expenses coming out from nowhere. The great thing about monthly loans is the fact that you can control how much you want to repay every month, and you will not be hit with any surprises regarding your loan.
Control of your repayment period
Flexibility is an important thing, and monthly loans also allow you to control your repayment period, with a longer repayment period resulting in lesser instalments every month but paying more long term because of the interest, and a shorter repayment period resulting in a higher instalment monthly, but paying less overall with the lesser interest.
Where should I get a monthly loan from?
While there are many places where you can get a monthly loan from, we recommend that you get your monthly loan from Fast Money, one of Singapore’s best licensed moneylenders. Not only do they have one of the lowest interest rates, but they also have multiple loan options to ensure that you can find the loan that suits you the best.
How do I request a monthly loan with Fast Money?
We recommend Fast Money, one of Singapore’s best-licensed moneylenders, offering one of the lowest interest rates around. Not only does Fast Money have a license, but they also have a fast cash loan where you can get your money really quickly.
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
- 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.