Personal Loan is a very common type of loan in Singapore and almost every moneylender Singapore provide this service. This loan targeted to individuals who are in dire need of additional money for their personal needs, for example medical fees, unpaid taxes, or even just for a holiday. It’s a multi-purpose loan for all kinds of financial problems.
Applying for a loan in any of the banks in Singapore involves a long application and approval process. Some loans take up to a couple of weeks before it is approved. If you require fast cash, then you should consider going to moneylender Singapore Company instead. They have a simple application process to ensure that you get the money you need in the shortest time possible.
Capital is your net worth. How much do you have to cover the personal loan in Singapore if your income dropped, perhaps due to loss of employment or business revenue? Your additional savings, investments or other assets give lenders an idea of how much of a safety net you have.
Collateral is an asset you can pledge to back a loan, often used for borrowers with poor credit or those that are taking on a large amount of new credit. It could be a vehicle, a home, a savings account or in some cases even business assets. If the borrower defaults, the lender takes possession of the collateral.
It is generally easier to get approved for a loan with some kind of collateral, such as an auto loan or a secured credit card, and if you have someone with better credit to co-sign with you that can also help get you started. Once you’re approved, all you have to do is make your payments on time, and your credit score will increase over time.
To qualify for a personal loan in Singapore, here are the eligibility criteria:
- Must be a Singapore permanent resident over 21 years or a foreigner with a valid work permit (S-pass)
- Photocopy of your NRIC (both sides)
- Legal proof of income: Be permanently employed with a CPF contribution history statement for the last 15 months or bank statement, income tax returns, payslips for the last 3 months. For self-employed, you must give a legal proof of income and income tax statements.
- Tenancy agreement for foreigners
- Not bankrupt
- Proof of address (PUB bill or handphone bill)
QV Credit is one of the most notable Moneylender in Singapore. We offer a lot of loans from Instant cash loan, payday loan, personal loan to foreigner loan around Singapore. Contact Us for more details.