Step-By-Step Procedure to the Loan Process Singapore
Posted by Licensed Money Lender on June 26th, 2018
Singapore has a strong economic development and the lifestyle is expensive. Although people earn enough money, there are situations when they fall short of money and look for a genuine moneylender. For this, they need to apply for the required loan and follow the complete loan process singapore. This includes primary steps like pre-qualification, identification of loan type, initial loan application, credit report, appraisal analysis, loan file review and the final approval and disbursement of the loan amount. No matter how well you have financially planned, there are situations when you need a ready cash to overcome the adverse situation in your life. Here is a complete and stepwise guide to the loan application and the complete process to get the loan amount approved. All you need is to identify your need and then apply for the right kind of loan to avoid any future stress.
Do you often need a loan for various basic or emergency needs in Singapore? Do you need a guide on the complete processing loans procedure? For this, there are few basic steps that are followed by every financial instate and even the licensed moneylenders in the country. Here are complete steps following them will assure you a successful loan package. Adding to this, these are the basic steps and may vary from individual moneylenders in different regions of Singapore. This also depends on the local state laws, type of loan and processing environment. This list will definitely help you to understand the complete procedure for processing different loans.
Preparing the document: This is the initial step in which the applicant has to facilitate all the required documents as per the loan applied. No matter whether you are applying for the small loan or a big one, you need to complete the loan application form. This form will include the comments and other specification mentioned as per the interview of the borrower. This is thoroughly read during approval of the loan from the moneylenders. As this is the initial application, you get an option to clear all the queries from the loan officer before moving ahead. This information is for the moneylender who approved the loan as per the applicant need after finding the relevant documents like proof of address and identity. Loan process Singapore includes tracking of all the processing steps and completes the loan processing within the deadline. Once this information is successfully analyzed, the process moves to the next level.
Analysis of the credit report: This is the next step to the loan processing in Singapore. In most of the cases, a credit report is easily available to the moneylender. This decides the amount of loan you can get and decide the interest rates. Lower the credit score higher will be the interest rate due to the level of risk involved. If you have applied for the loan, ensure that have a good credit score to avail the required type of loan with needed amount.
Income source verification: This is an important step in the loan process Singapore. This decides the repayment capability of the borrower and repayment monthly installments are fixed using this information. Here all your assets, income and other employment information are scrutinized. Every licensed moneylender has a specific set of procedure to facilitate the loan. So ensure to follow the set procedure set by the particular lender. You may need to facilitate pay stubs along with W2 forms.
Appraisals, Inspections and Insurance: Once the moneylender reviews the appraisals, insurance and inspections of the loan application form, ensure that you get a quick reply from the moneylender. This step is necessary to handle any mortgage loan or personal loans for different needs.
Loan file review: Finally, this is the important steps in processing loans for various needs. Here all the mistakes, errors and oversights are caught and scrutinized. Here experts verify the income proof, resident proof, credit score and assets of the borrower. If any of the information is vague, the application can be rejected or the correct information can be asked from the borrower.
Certify and approval of the loan: In this step, the complete application file is certified and the final step to approve the loan is taken. Here the moneylender decided the repayment installments, interest rates, prepare the terms and conditions of the loan and finally approved the loan amount.
Closing: Once you get the loan approved, the funds should be transferred to your bank account. Here processing fees and other formalities are completed and the borrower needs to sign the documents of the loans as a final confirmation and agreement. In this step of loan process Singapore, the borrower needs to bring the checks for the down payment and for the closing cost if required. Review the loan documents, sign them, and provide the original proofs of identity and residence. Finally, you get the loan amount in our bank account. Although this looks like a long process, the professional moneylenders take only a few hours to one or two days to finalize the loan.
How to find the right licensed moneylender in your local area?
Finding the right moneylender is the key to get success in the right loan amount. The above processing loan steps are beneficial when you have a professional moneylender for your loan approval. The market has an ample number of moneylenders who works for the short-term profit and put clients in trouble for their benefits. You need to identify such moneylenders and pick the genuine and professional lenders. For this, you need to review the past customer’s feedbacks, go for referral and finally take the advice from the market experts. You can explore the internet and make a list of the moneylender in your area. It is good to fill the online loan application form and get the quotes like interest rates, repayment options, penalties and documents needed for the loan.
This is the best way to find the available loan options in the local market available for your different loan needs.
Like it? Share it!
About the AuthorLicensed Money Lender
Joined: April 11th, 2018
Articles Posted: 8
More by this author