What is the guide to getting a Personal Loan in Singapore?

When the financial tide is in your favor, you may not have given a moment to think about loans, their types and what they have to offer. However, if an unexpected situation throws you off balance making you start looking for loans, you might find the situation baffling. The offers for loans are many and varied and each of them may sound promising. Hence, as a new comer to this part of the finance world, you may find the offers overwhelming. If it is a temporary setback and you hope to get out of it at the earliest and most of all, you need funds faster, personal loan could be the best option for you. Here is a simple guide to help you get personal loan in Singapore.

Documents – The Basic Requirement

Like in every loan, you will be asked to provide documents while applying for personal loan as well. However, the documents required for personal loans are minimal, as personal loan lenders do not expect you to provide collateral. You need to carry with you documents pertaining to age proof, identity proof, residence proof and income statements. Hence, have with you a copy of NRIC, recent original pay slip and CPF statements. With minimum documentation, the processing time is quicker as well ensuring that you get your loan amount within 72 hours.

Check If Your Bank Accounts Are Alive

Your attitude towards loan and repayment will be gauged by the way you handle your accounts. Banks and other money lenders offer personal loans without collateral and they stand the risk of losing the amount in case of default. Hence, they consider all aspects before sanctioning personal loan. Maintaining unnecessary credit cards and multiple bank accounts may not present you in the best light. Before applying for a personal loan, do away with all bank accounts that may not be required.

Outstanding Accounts Might Lead To Loan Denial

Having outstanding accounts may work things against you. Make out a list of all your outstanding accounts and ensure that you update them before applying for personal loan. This would project your current financial status and help with the process of quick approval of personal loan.

Check Your Credit Score

Checking your credit score is essential before you apply for personal loan. You could receive a copy of your credit score report by forwarding an application to the bureau and paying a small fee. Your credit score will reflect your financial status accurately and with a good credit score, you are sure to win over the bank or any financial institution with whom you are making your personal loan application.

Getting personal loan in Singapore is easy if you have all the documents on hand and provide the lender with accurate details and documents to support the claims. Before deciding on the money lender, make sure to study the market and make a comparative analysis so that you could land on the right bargain. You need loan to come out of a tough situation and hence you would not want to have on hand yet another problem that could lead you deep into the crisis. Make no mistake while choosing the lender.

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