Do you want a personal loan? A personal loan is most often said as the easiest way of fulfilling money required for a short time period. The economy of Singapore is rising and with this lifestyle of people is improving fast! In order to fulfill various dreams of life people require adequate finance. Maintaining a high living standard is one of the essential factors in everyone’s life.
A personal loan is a type of loan taken by individuals for funding several high-priced personal expenses. It could be for marriage purpose or for vacation or for renovating home. There are several types of loans which embeds several restrictions but personal loans have no restrictions on how the borrowed money is used.
Cover immediate financial requirements with Personal loan
Availing a personal loan, the borrower obtains full freedom to use the borrowed amount for any purpose as they wish for! Certain strict qualifications requirements make the process of availing personal loan tough! Personal loans either may be secured or unsecured. So, there are certain things you must know before applying for a personal loan Singapore. Remember, you can avail personal loan for covering your immediate financial requirements but you need to have ample of knowledge about the personal loan and its involved facts.
Facts you must learn about before applying for personal loan
- The rate of interest- There are several factors that determine the rate of interest! Interest rates for personal loans vary with banks. Interest rates also depend on customer profiles. Net income, a Permanent source of income, an additional source of income, residential status, marital status, age, work experience, etc. are few of the factors involved in preparing the personal profile of any borrower.
- Loan approval fees and charges- For disbursing loan, banks generally charge fees or extra charges for loan approval. The charges either may be hidden while applying and get revealed when the time of disbursement approaches. You need to confirm about any hidden loan approval charges or fees in prior to your application.
- Documentation- Documentation is an essential part of applying for personal loan. You may get stressed while fulfilling the formalities of documentation. Make sure to learn about the documentation requirements for a loan application. Income proof, bank statement, residential proof, photograph, etc are few of the essential documents you would require for applying for personal loan.
- Time of disbursal- You indeed will apply for a personal loan when you require financial backup immediately. As you need money immediately at the time of urgency, you need to learn about the time taken for disbursing loan.
- EMI amount and date of payment- While applying for the personal loan, you need to calculate the EMI amount you will pay. Even you must fix a date on which you can easily pay the EMI. You mustn’t fail to pay the EMI.
Avail personal loan from authorized financial institutions
There are several lenders in Singapore. You need to apply for a personal loan from authorized financial institutions. Banks or licensed money lenders are ready to lend you money with applicable interests. You have to pay the principal loan amount along with the interest within the due dates.
It is essential for you to obtain a contract copy of the loan with mentioned terms and conditions of the loan. If your lender denies providing you the official contract of the loan then you must stay away from such lenders as illegal business activities may be involved in the process for which you may suffer in a later period.
Obtaining a loan may seem easier but it is a work of high responsibility. While applying for a personal loan you must be clear about your requirements. You must apply for the loan amount analyzing your limit and ability to pay back the loan amount.
If you have a good credit score then you can easily apply for a personal loan from banks but if your credit score is bad then you can opt for licensed money lender but you need to fulfill the qualifying requirements of the lenders.
Find a reliable and flexible lender with Easy Credit
Easy Credit is a personal finance directory offering excellent and personalized solutions to the customers searching for banks or licensed money lenders for borrowing money. There are financial experts at Easy Credit who would assist you in obtaining Personal Loan Singapore. It picks trusted and licensed lenders so that the borrowers would feel confident about the personal loan obtaining operations and easily get one according to their requirements.