How to Apply For Private Loan in Singapore

Posted by Golootlo on March 6th, 2020

If you are interested in applying for private loans of money lender Singapore through Private Credit these are the steps that you have to follow.

Owning a Property

In the case of Private Credit, all our loans are with mortgage guarantee. That is to say, that you have to own a property free of charges and that it is susceptible to sale to be able to request them. This property will become the guarantee of your loan. So, regardless of your financial situation, you can get a loan. The value of the property will determine the amount we can offer you on your loan. To define it, it will be necessary to carry out an official appraisal that we will handle.

Be clear about our financing needs

Before contacting a lender, we need to be clear about our financial needs. He thinks that applying for a loan is not something that should be taken lightly. You must respond to payments on a monthly basis until the amount is amortized. And you will have to face interest and perhaps other expenses. For example, if you are late in payments, it is likely that the lender will apply late payment interest.

Hence, it is vital to know how much money we need and for what. Whenever we can cover our expenses ourselves it is advisable not to go to the loans. But if there is no choice, we must do so with the following factors clear

• the reason for the loan,
• the total amount,
• the maximum value of the fees
• and the repayment terms

This will facilitate the work of the lender who can more easily define what is the perfect product for our case.

Get in touch with us

Now that you know what you need, for what and for what reason we advise you to contact an expert. For example, Private Credit. This way you can get immediate advice and find out if you can get the loan. To contact us you can do it as follows:

• Through the telephone number
• Filling in the contact form that you will locate on our website. 

We advise you to offer as many details as possible so that we can make the most of your loan calculations.

Pre-approval and documentation

The main advantage of Easy Credit is that we offer financial solutions in record time. Hence, we do not delay in offering the client information about whether their request has been pre-approved. In less than 15 minutes after we receive your file, you will know if we can lend you money. Once confirmed it will be time to present the necessary documentation to verify your data and formalize the credit through a contract. 

Rate the Property and sign before a notary

As our loans are with mortgage guarantee it is necessary to know with certainty the market value of the property. 

The normal thing in these cases is that the client is in charge of making this appraisal and offers the information to the company that demands it. However, in Particular Credit, we are the ones who take care of this procedure. We will look for an official external company and request pricing. Once we get it we will know what maximum amount we can offer you.

When we have finished the steps and defined both the amount, the repayment term, the installments and the interest, it will be time to sign a contract. Whenever you accept a financial product it is important that you have a contract between both parties. It should reflect all the details that have been agreed on. Including extraordinary cases and how to act if they occur. For example, if there is any type of penalty for delay or early delivery or if there is any link.

In Easy Credit we like our clients to be comfortable. For this reason, we offer you the opportunity to choose the Notary or notary of your choice to sign the contract.