One of the most popular unsecured loans is personal loans. Personal loan known as unsecured loan. This is because applicant not necessary to use their car or house to collateral for loan application. Money lender is not same with banks and financial institute loans. Personal loans do not have any attaching car or property with the loan application so is more risky for lender. Therefore, personal loan interest charges in higher compare to unsecured loans. However the personal loans interest charges is high but still lower than all of the credit cards interest charges.
The advantages of the personal loan is can be use to settle daily expenses or urgently financial problem. Personal loan also can be solve of many objective ranging from combine all debts to funding investment. Another benefit of this loan is that all money lender or bank will not ask implantation of the money therefore applicant no need to giving your reason of applying the loan.
Eligibility for Personal Loans
Recently the qualification of the personal loan in Singapore is very simple and clear. Borrowers must have a steady earning with minimum annual income of S$ 20,000 and above or business revenue. However borrowers must be a citizens of Singapore or Singapore Permanent Residents with 21 years old and above which is stipulated by Singapore Law.
Bring over with NRIC and mobile bill or original PUB bill that can be show your residential address. Your income evidence which most recent six months CPF contribution statement. If borrowers unable to provide all required document and information completely the loan application will be rejected by money lender.
- Singaporean, Singapore Permanent Residents.
- NRIC / FIN number
- Original PUB or Mobile bill evidence of your residential address.
- Min. 21 years old and above.
- Current Employment letter.
- Latest 3 months salary slip.
- Latest 6 months or more CPF Contribution Statement.
- Income Tax Statement.
- If declare bankrupt before provide the letter of discharge.
Some of borrowers does not have salary statement such as business owner or people who work on commission basic. Do provide with most recent income tax returns that reflecting your monthly earning. Then our consultant will used the income statement to compute and determine the amount of the personal loan to be lent and repayment plan.
Especially we can offer personal loan for the people who had announce bankrupt before attached with the letter of discharge. However bank and traditional credit or financial institution is need the bankrupt people waiting 5- 7 years only can approve another new loan application.
Personal loans scale to be lent
The scale of the loan amount is according to your monthly earning. But there also examine according your available credit that is taken from others loan from others sources. If you taking loan from others It will lower down the available credit limit in this case the amount that we can lent to you also will lower. Be ensure pay your debt as fast as possible then we can maximum your credit limit to offer you with full loan amount that you requested.
Furthermore our financial consultant will evaluate your financial capability to decide a best repayment plan that most suit for you that will not too heavy load from your income.
Most of the usage of Personal Loan
The primary purpose of the personal loan is to lend you a hand when you under emergency circumstance. The situation such as medical emergency or legal action may cause serious problem if the payment put off.
Strongly encourage do not utilize the loan to involve in gambling, bucket investment trading or insecurity venture activities. You may return extra money to us as partial settlement of your loan. Total repayment credit must not exceeding 65% of the gross income this is stipulate by Ministry of Law. To increase the chances to get full loan, you are encouraged to avoid prevent to taking loan at same time.
All About a Personal Loan
In fact personal loan in Singapore advantages is you demand of the amount of the loan you might get approve with amount. There are loan available for helping you paying your debt, purchase an asset, set up a new business or fulfill your daily need. Another consideration of many borrowers is the interest that will accumulate when loan repayment. Different money lender and financial institutions interest rate might vary. The repayment time frame will be plan according to the borrower’s capability to repay the loan. When looking for money lender Singapore, consider on the licensed lender provide the lowest interest rate and repayment time frame is most suitable for you.
The most important criteria to choosing your financial loan must from a licensed moneylender. In Singapore a licensed money lender can provide professional services and understand for different financial requirement of their client. A qualified licensed money lender and financial institutions are capable to provide best solving method the their client. Therefore, you can believe their financial advice and expertise. The financial consultant will advise you on the best loan to suitable you and the step to follow. This will help you avoid a lot rollover problem.
If you are under financial problem and you have bad credit rate. Application loan from bank and financial institution is not easy to get approve. However applying from money lender you will get the loan. This is because they are able to take a risk to offer you the money loan to recover you credit rate. Money lender will able to understand your financial income then forecast most suitable package for you. Also advice on how to manage your financial and offering you the personal loan that you demand.
Best option of Trusted Moneylender
1st LG Credit is the most reliable and trusted license money lender in Singapore. All our well trained consultant able to give you advice and offering you a best package. We are offering lowest interest charges for all our loan products.
1st LG Credit are trustworthy business owners and we provide professional service to our customer.
For more inquiry regarding our personal loan or others product.
Do not hesitate to contact us at +65 6299 6654.
Visit our office at 25 Norris Road Singapore 208267.