In today’s world, speed is very important for any kind of service. People here in Singapore look for the quickest ways to acquire any kind of service–be it food delivery, groceries, clothes, furniture, accessories, cleaning services, etc. With the internet developing every minute, one is able to meet all his or her requirements simply by sitting at home and clicking.
The same applies to financial services as well. Anybody can make amazing financial savings by choosing financial instruments on the internet. You can also do proper research online before you actually select any specific financial instrument. You may apply for any kind of loan in Singapore and get it approved in no time if you meet all the requirements.
Fastest way to get a personal loan in Singapore
Let us take a look at how you can apply for a personal loan in Singapore quickly:
Assume you need immediate money for an urgent reason. If you are wondering how to make arrangements to get the money, think no more. You can apply for a personal loan online and get the money quickly.
Points to be considered before applying for a quick personal loan
You can keep the following points in mind before you apply for a quick personal loan:
- Find out how long your loan provider will take to approve and disburse your loan.
- Find out the legality of the loan provider’s website. We advise you to choose a loan from a bank and not from a moneylender. There are several banks in Singapore that provide personal loans for different categories of borrowers.
- Enquire about the late payments fees charged by different lenders. You may want to pick a loan that comes with low late payment fees. We advise you to pay your personal loan on time. However, in the case of unforeseen situations, it is good if you are aware of the late payment fees.
- You can also find out about the prepayment fees. Some banks will permit you to pay your personal loan on time. However, they may ask you to pay a certain fee as a penalty. Make sure you enquire about these fees.
- You can also read the reviews about various personal loans by browsing reliable websites.
- You need to make sure your credit rating is good. This will help the bank in processing your loan application faster.
- You will have to evaluate your monthly expenses and then decide your loan amount. You will have to consider your equated monthly installments (EMIs) before you fix your loan amount. This step will make sure that you do not struggle while making repayments.
- Banks also consider the loan amount while processing your loan application. They will try to assess if you will be able to repay the amount promptly without much trouble.
- You can take a personal loan for any purpose without mentioning the purpose to your lender. You can use it to fund your education, home renovation, wedding, vacation, etc.
These are the eligibility criteria to get a personal loan in Singapore:
- You will have to be a citizen of Singapore or a permanent resident.
- Some loan providers give loans to foreigners working on a full-time job with a valid work pass.
- Different banks have different minimum income requirements for personal loans. The requirement will depend on your credit score, loan amount, and your unsettled dues.
How to identify online loan scams
While we do our best to find quick personal loan application processes, we must make sure that we are wary of online loan scams. Managing your finances online is very convenient, however, it is quite risky too. Sometimes, you may unknowingly apply for a loan online and then end up losing a lot of money. It is very important you know about the common ways through which borrowers are cheated.
Phishing of lending websites: Some fraudsters can create a website that looks exactly like a reliable lending website and then make people apply for loans. These sites will work to get your personal data without your knowledge and then use it for financial transactions in your name. This is known as identity theft.
No interest shown in your credit history: Most loan fraudsters may not ask you for your credit history. You should be wary of such loan application processes. Every authentic money lender will definitely ask you for your credit history as it plays a very important role in determining if your loan application should be approved. So, if a lender offers a loan without bothering much about your credit score, you now know that you should avoid it.
Advance fees for loans: Before your loan is given to you, you may sometimes be asked to pay a fee for approval or for any other reason. This is not right as you are already in need of money and if you are being asked to pay a sum of money for approval, the purpose of procuring a loan is not served right. You also should not give any upfront loan fees before your loan is provided.
Immediate consent: A lender should never enforce you to buy a loan immediately. You should not be compelled to give consent. When you are being asked to agree, it is most likely because they are waiting to get money from you. Make sure you read every document properly before you actually agree to sign up for a loan.
Process for personal loan application
Let us discuss the steps of applying for a personal loan quickly:
- You will need to download the loan application form from the official banking website and then fill it completely. Make sure you fill every field with accurate information. When your form is filled without any errors, your application will get processed quickly.
- You will have to attach relevant documents on the official website. Documents can include identity proof and income proof.
- For identity proof, you will have to give a copy of NRIC for citizens and permanent residents of Singapore or copy of passport for foreigners.
- For income proof, you will have to give latest payslips, employment pass, income tax notice of assessment, etc.
Banks that provide quick personal loans
These are some of the top banks that give personal loans in Singapore:
You can apply for a personal loan from any trustworthy bank and get it approved within 24 to 48 hours. The documentation process will be simple and easy to understand.