All You Want To Know About The Personal Loans Online

Posted by goldencredit on August 6th, 2018

Do you need financial support in Singapore? Or are you planning to apply for the personal loan online to get a quick financial help? If yes, then a personal loan is the best loan that can be availed from banks or the licensed moneylenders. This loan can also be availed by providing a security against the loan or taking it as an unsecured loan. The trend of availing this loan is taking peak and people of Singapore completely trust it for short-term financial assistance. This is the best and easy way to raise the funds when the emergency knocks on your door.

Most of the time personal loans are approved without any guarantee or collateral. This means it is available easily when you have a good credit score and completes all the necessary documentation. One of the best reasons for this loan popularity is its low rejection rate.

What are the purposes to avail personal loans?

The name itself suggests that this is an easy loan taken for the personal reason. For availing it, you do not have to disclose the actual reason for availing it. There are plenty of reasons for which this loan can be availed and is a good idea to meet the urgent financial crisis situation. Personal loan online is best at the time of the wedding, medical emergencies, travel plan, education, renovation of the house, etc. Adding to these reasons, this loan is also best suited for debt merging or consolidation, car repair, or paying the old credit card bills.

Check the ability to repay the loan

If you have finally decided to file for the loan application to a licensed moneylender, it is good to analyse and scrutinize your ability of repayment. It is important to understand when and how much you can pay as your monthly instalments. Always pick the loan that can be repaid even if you delay or fail to pay the EMI. The loan you take should not have EMI more than 30 to 40% of your income. If you already have a loan, try to accompany the existing loan with the new loan. When you have a loan, try to control the expenses or keep them in mind when you take a related financial decision. Personal loans are designed to ease your life. Therefore, make it best used when you face a tough time and never let it provide you stress in future.

Eligibility for personal loan

If you have finally decided to look for the personal loan online singapore, you should understand few eligibility criteria’s for it. If you are applying for the loan from the licensed money lenders you need to get a list of basic factors that should be fulfilled to be eligible for the cash. Here is a complete list of such basic criteria:

Monthly Income: It is good to understand the income you earn and the loan you can avail. Both banks and moneylender have their lower limit for the income to avail the loan. This also depends on the cost of living in the country.

Criteria for salaried and self-employed applicants: There are specified limitations for the loans and documentation for both the salaried and self-employed person. Each individual can easily avail the personal loan online after facilitating the basic documents. Here salary or the basic turnover of the business plays a vital role in the quick loan approval.

Credit score and age limit: Credit score is the basic parameter to judge the qualification for the loan. If the credit score is high, it is easy to avail loan and get enough loan amounts. On the other hand, an individual should be of 21 years or above to qualify for the personal loan. In Singapore, you can get a professional money lender in your local area to avail of the loan. When you meet the above criteria, you are completely eligible to file for the personal loan.

Documents required for the loan application

If you are applying for the Easy Personal Loan singapore, you need minimum documentation. All you need is to facilitate the age proof, income proof, identity and residential proof. You can fill the online loan application form and get the acknowledgement. Licensed moneylenders work in Singapore to make life simple. This means they approve loans when an individual meets the basic criteria.

Personal loan interest rates

We know that personal loansin singapore are mostly unsecured when you avail them from the professionally licensed moneylender in Singapore. This means they are charged slightly higher interest rates over the other loans. Banks, on the other hand, have slightly lower interest rates but they take a lot of time to approve the loan and heavy documentation along with verification. The interest rate also depends on the credit score of the applicant. Therefore, before you apply, make sure you are well aware of the interest rate calculation and how it is defined in the loan you avail based on the different factors.

Along with the interest rates, different charges are also applied. This includes processing fees however most of the moneylenders waive the fees as a promotional offer. Prepayment charges are common that a moneylender charges if you pay the loan before the tenure. Late payment charges can be charges if an individual fails to pay the monthly instalment on time. Along with this, there are few more charges but they are applied in rare conditions.

Advantages of personal loans

If you have decided to file for the personal loans in Singapore, then you have several advantages. They are the best way to overcome the short-term financial challenges when an emergency situation arises in life. Some of the benefits are quick processing, elasticity and easy availability along with easy payment options. These loans are approved even if you have a low credit score and low earning. These moneylenders work for genuine profit and with an intention to make the life of people easy at the time of financial emergency. So pick the right moneylender in your area and get a personalised loan as per your need.