How to Qualify For a Personal Loan in Singapore

Whether you are in a cash crunch or need to meet your financial goals, a personal loan singapore can help you get enough finances. However, it is crucial to understand what lenders require before you send your application. This article will walk you through the basic requirements that you need to fulfill in order to qualify for a personal loan.

A personal loan is a type of credit that allows you to borrow a lump sum of money and pay it back in fixed monthly installments. The amount of money that you can borrow depends on your credit history and income profile, but it typically ranges from $1,000 to $100,000. Personal loans can be obtained from banks and licensed moneylenders in Singapore. However, you should always exercise prudence and not overstretch your finances.

The best way to compare personal loans in Singapore is by using a comparison website like Lendela. This Fintech company will automatically match you with the best personal loan offers from their partnered lenders. It also provides transparency throughout the process, allowing you to track the progress of your application.

It is important to choose a reputable and licensed moneylender in Singapore when applying for a personal loan. A good moneylender will have excellent customer service and follow the Ministry of Law’s guidelines for the industry. In addition to this, a reputable moneylender will provide reasonable interest rates for their clients. They should also be able to provide you with sufficient documents, such as your CPF contribution statement, NRIC, and last 15 pay slips.

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