One of the most popular unsecured loans is personal loans. The personal loan is also known as unsecured loan. This is because of the applicant not necessary to use their car or house to collateral for the loan application. Money lender is not the same as banks and financial institute loans. Personal loans do not have any attaching car or property with the loan application so is more risky for the lender. Therefore, personal loan interest charges higher compared to unsecured loans. However, the personal loan’s interest charges are high but still lower than all of the credit cards interest charges.
The advantages of the personal loan are can be used to settle daily expenses or urgently financial problem. The personal loan also can be solving many objectives ranging from combining 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 give your reason for applying for 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 the minimum annual income of S$ 20,000 and above or business revenue. However, borrowers must be 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 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 the 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 providing the letter of discharge.
Some borrowers do not have salary statements such as the 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 use 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 to announce bankrupt before attached with the letter of discharge. However, bank and traditional credit or financial institution need the bankrupt people waiting for 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 to your available credit that is taken from others loan from other sources. If you taking the loan from others it will lower down the available credit limit, in this case, the amount that we can lend to you also will lower. Be ensure pay your debt as fast as possible then we can maximise your credit limit to offer you with the full loan amount that you requested.
Furthermore, our financial consultant will evaluate your financial capability to decide the 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 the emergency circumstance. The situation such as medical emergency or legal action may cause a 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 the extra money to us as partial settlement of your loan. Total repayment credit must not exceed 65% of the gross income this is stipulated by the Ministry of Law. To increase the chances to get a full loan, you are encouraged to avoid prevent to taking the loan at the same time.
All About A Personal Loan
In fact, personal loan in Singapore advantages is you demand the amount of the loan you might get approval with the amount. There is loan available for helping you pay 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 repayment loan. 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 for choosing your financial loan must from a licensed moneylender. In Singapore, a licensed money lender can provide professional services and understand for the different financial requirement of their client. A qualified licensed money lender and financial institutions are capable to provide best solving method with 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 of rollover problem.
If you are under financial problem and you have bad credit rate. Application loan from the bank and financial institution are not easy to get approved. 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 your credit rate. Money lender will able to understand your financial income then forecast the most suitable package for you. Besides that, advice on how to manage your financial and offering you the personal loan that you demand.
Best option of Trusted Moneylender
1st LG Credit Pte Ltd previously known as Lekshmi Moneylender. 1st LG Credit is the most reliable and trusted license money lender in Singapore since 1991. All our well trained consultant able to give you advice and offering you the best package. We are offering the lowest interest charges for all our loan products.
1st LG Credit is trustworthy business owners and we provide professional service to our customer.
Any question, do not hesitate to contact us at +65 6299 6654.
Visit our office at 16, Kerbau Road, #02-01, Singapore 219155.