This article will provide an insight on the eligibility criteria of taking loans from quick personal loans Singapore Company. There might be a time where you could be financially tight or require a sum of money for emergency or time pressing situations. In times like these, moneylenders would come in handy to help you resolve temporary financial issues.
It is important to understand what personal loans are and the processes behind them, in order to take these loans. Personal loans are low in security that can be borrowed by people who are eligible for them in Singapore. The eligibility criteria are as follows:
- Legal age of 21 year old
- Singaporean, Permanent Residents (PR) or possess a Singaporean work permit
- Income has to be regular (for the 3-month payslip verification)
If you meet those criteria, congratulations, the next step is finding a moneylender to take the loan from. The moneylender must be licensed with the related authorities and have a steady record for credibility purposes. Quick personal loans are low on security; therefore they tend to have a higher interest rate as compared to higher security loans for vehicle down payment or property mortgages. The purpose of quick personal loans provides fast solutions that can temporarily resolve tight financial situations. This problem-solving method is the best solution for you, due to the fast processing speed and approval of the loan. The timeline of when you receive the money from the moneylender is also dependant on two variables. Firstly, is ensuring that your relating documents are true and updated for verification purposes. Secondly, the quicker you provide your information and needed documents to your moneylender, the quicker they can provide you with your loan. When everything has been verified and confirmed, you can proceed to sign the loan agreement and receive the loan.
The reason why documentation is crucial in quick personal loans is because they have low security. This is also why licenced moneylenders will determine if you are financially capable to take these loans. Their method of checking your eligibility is by reviewing your current job situation and seeing your past 2-3 month payslips. This is conducted as it informs the moneylenders on how you would repay them. If you do not have a regular salary such as entrepreneurs or commission-based worker then the previous two income tax returns are sufficient to calculate the monthly average salary. This information is processed by the moneylender to provide you with the final amount in which you are allowed to borrow and recommendations on how you can repay them.
It is highly recommended for you to borrow an amount that you require to quickly solve your issues. After resolving your financial issues, you should be exploring different ways to make prompt repayment. A good method to promptly clear your debts is to increase the amount paid in the instalments, this can effectively reduce the amount of payment made and widen your servicing ratio to ensure reliability when you apply for loans again.