In life, we tend to come face to face with scenarios that are beyond our financial capabilities. This is especially so in a society like Singapore where the high cost of living is inescapable. When you’re trying to overcome a hurdle but you have exhausted all other means of acquiring financial assistance (e.g. family, friends), your last resort would probably to take out a personal loan.
Who Is Eligible For A Personal Loan?
You are qualified to apply for a personal loan if you are a Singaporean or Permanent Resident above 21 years old with full-time employment status. The following information and documents must also be presented at the point of loan application:
- NRIC or Passport No.
- Copy of mobile phone bill or Singapore Power utility bill
- For salaried individuals: latest computerised monthly pay slip OR 15-month CPF statement OR income tax statement
- For self-employed individuals: income tax statements from the past two years required
A Personal Loan with Fast Money
In comparison to local banks, legal money lenders like Fast Money are more lenient when it comes to loan assessments, which is why the time taken for your application to be processed is much faster. Banks’ interest rate is capped at 24% per annum which is lower than moneylenders, we cap our interest rates at 4% per month, a requirement that is enforced by the law.
However, it is important to take note that taking out a personal loan is only a viable option if your expenditures do not exceed beyond your means. If not, you are just setting yourself up for more debts. As long as a loan installment does not affect your income detrimentally and you still able to get by reasonably after taking out the loan, you are good to go!
Do you require extra finances for your child’s education or medical expenses? Perhaps your dream wedding or luxury vacation awaits? Either way, fill up our online form or reach out to one of our friendly representatives today!