Have you thought about what you would do if you ever fall in trouble with a shortage of money? Living in Singapore can be very difficult, especially when you are looking for long term plans. There is no doubt about the fact that Singapore is an expensive place to live in, and this may become a significant concern if your job does not provide you with enough money. Dealing with money in such an expensive city becomes hugely challenging, and you will, at some point in time, require some assistance and help. When you are in desperate need of some immediate cash, it is not always possible for you to go over to the bank and borrow money or take loans as it is also a lengthy process. How about you think about borrowing money from a Licensed Moneylender Singapore ?
Be Safe, But Borrow Smart!
The people living in Singapore often take financial help from different banks and or moneylenders. Although it is one of the quickest options in the minds of the people to borrow money from a moneylender, it is often difficult for you to trust them in today’s world. You always have to keep your eyes open before you trust them entirely and before you borrow money from them. You must therefore not believe anything and everything that you get to hear around you. Dealing with money is one of the most critical and risky things, and you must be careful while doing so.
Many people in Singapore make use of this fact of licensed moneylenders in a significant way that allows them to deal with immediate money requirements. This is the reason why there are a large number of money lenders present in the market today. Local people, as well as established companies such as that of Crawfort and other similar well-known names, have grown and become constant support for most of the people in Singapore now.
Decide On Which Type Of Loan You Need
Before you take a loan from any moneylender, private, or anywhere around the city, you must think carefully. Also, make slow and steady comparisons between different moneylenders in the market. You first need to understand why you need the money and which kind of loan you need to opt for. There can be different amounts of money that you can take as a loan from the moneylenders, and this depends upon the need you have. Let us take a look at the different types of loans that you can get from the moneylenders in Singapore.
There can be a need for money loans from moneylenders, whether you are dealing with a small emergency or a major crisis. If your problem is a small or minor one where you need a small amount of money, applying for personal loans is a great idea. Personal loans are sufficient and most suitable for completing payments of renovations, paying your card debts, and other similar kinds.
In case of a major financial crisis; also, you need to remember that approval of any loan is greatly dependent upon your annual income. You will not be considered eligible for the loan, whether small or large, if your annual income reflects you are incapable of repayment.
Things To Keep In Mind
- After you decided upon the type of loan that you require depending upon your annual income and the crisis you are in. You have to research carefully on the repayment terms, that is, the terms that determine the time you have to repay the amount of money you took as a loan. Moneylenders today offer a loan suitable for different reasons, and these may be fixed or variable terms. Therefore you must be careful while deciding on the type of loan you need that decides the terms of repayment too.
- You must be careful to get your accurate credit report from the Credit Bureau of Singapore (CBS). The CBS will charge a fee of Singaporean $6, and you will get your report in a few days. Many licensed moneylenders tactfully do not provide the individuals with a credit report, especially when the loan is a minor one. Thus, if you have a bad credit report, it’s better to clean it up a bit before making a loan application.
Moneylenders in Singapore today make a note of a list of documents. These are as follows-
- Proof of income and employment
- Tenancy agreement, employment letter, employment pass, and bank statements (for foreigners)
- Current credit score
- past CPF statements
- proof of residency
It must be noted that not all moneylenders ask for all of the documents mentioned above. Although it is best to stay fully prepared, moneylenders require these documents to check and cross-verify and evaluate your capability to repay the amount given for the loan. You must be able to repay the loan, and this is what the moneylenders need to check. Since these loans are often approved based on an individual’s annual income and not their credit history, these moneylenders need to be very careful.
Get The Loan You Need Today!
You no more have to worry about the financial problem that you will be facing in your life. With the help of a licensed moneylender, you can ensure that your immediate financial needs are satisfied. However, finding a licensed money lender who puts your interest first can be challenging. While the process of applying for a loan is easy, it requires a lot of consideration. When you keep the above tips in mind, you will be able to ensure that the loan that you apply for fits your requirements the best. There are several moneylenders in the Singapore market now so that you do not have to get scared and face these problems bravely with the constant support of these smart and expert moneylenders today!