subject: Singapore Personal Loans: A How To Guide [print this page] A personal loan can give you an advantage that can help you provide extras for your family, capital for a small business, or simply help you weather a financial downturn. Getting a personal loan need not be a difficult process. The first step to getting a personal loan in Singapore is checking out qualified licensed moneylenders who are likely to lend you the money you need. It is a good idea to take a look at several moneylenders to find one that is right for you. Check to make sure that any company that you do business with is properly licensed and take a look at any testimonials available on their website to see how other customers view their services.
Once you have found a reputable company offering personal loans to individuals, take a few moments to learn more about them. Their website should give you information on the types of personal loans that they have available. You will need to get an idea of what type of loan you hope to secure for how much and how you will be able to pay it back. By perusing their website, you will be able to learn much about a company. FAQ pages for personal loans are a great way to get your questions answered.
After you are comfortable with the company, it is time to fill out an application. Depending on the company, there are three possible ways to apply. Some companies allow you to apply online. This can be the easiest way to apply, but you may not be able to get your questions answered quickly. Some companies allow you to apply over the telephone, and pretty much all companies have in person application available at their offices. If you choose to apply in person, it is a good idea to call ahead to make sure that you know exactly what documentation you need to bring with you.
As part of the application process, you will have to submit some documents. The exact documents that you are required to provide will vary by company. This documentation step is often easier than applicants anticipate. In general, a licensed money lender will need to see your National Registration Identity Card if you are a Singapore citizen or your passport if you are not and some sort of proof of income. Proof of income includes things such as pay slips, Central Provident Fund records, and letters from employers. The acceptable income verification may vary from lender to lender.
The last step of the process is making sure that you understand all the details of your loan before accepting. You will want to make sure that you know exactly how much money you will be receiving and that your bank account information is accurate. You will need to carefully study your interest rate and repayment plan. Dont be afraid to ask questions if you have them. It is particularly important to be familiar with any penalties for late payments or default. You want your loan to help your financial future, not create more problems down the road. If you follow these steps, you are likely to have a good experience as you seek that personal loan in Singapore to help you build your future.
