Life is never a straight line. However much one is disciplined in terms of finances, it happens that at one time or another, they will fall into the trap of urgent need of finances. This could come up due to sudden medical conditions, car repairs after an accident, an excellent house purchase that was not initially budgeted for, and many other needs.
Others take a monthly installment loan to consolidate their debts and avoid the high-interest rates that they may be experiencing every other month. As such, they end up reducing those significant expenses to something easier to accommodate.
In such circumstances, one gets a way of going that extra mile, taking up emergencies, and sorting out the deal to repay later.
Therefore, a monthly loan installment refers to the borrowed short-term loan, payable every month for a defined period. They are repayable in fixed monthly installments and can either be calculated on a fixed rate or a reducing balance method, depending on the company that one is dealing with.
In Singapore, there are tons of companies that offer such facilities to support the borrower’s get out.
One of the well-known companies is Su Credit Pte Ltd. It is a company that has been known to reach out to the hearts of people, meet their financial emergencies, and give allowances to repay a fixed number of installments over the agreed period.
What Are the Requirements for borrowing with Su Credit?
Every company has its terms and conditions to avoid dealing with clients who are not genuine, and Su Credit has its checks before accepting to proceed with processing the Monthly Instalment. Below are the main requirements, which every other legal lender still abides by them.
- One must have valid citizenship in Singapore, or in the case of a foreigner, they must have a valid employment pass issued by the Singapore government.
- Must have attained the age of 21 years
- Should also be in full-term employment or a good business.
So long as one has these qualifications, one can access the monthly installment loan. However, other documents will be required to fast track the loan processing, and this is divided into two:
- For permanent residents.
- Documents needed for Foreigners.
In the case of permanent residents, below are the documents that will be requested.
- Singapore National Identification Card or Passport
- The last three payslips in case one are salaried, income Tax Statement, or 15 months CPF statement.
- Those in business will be required to submit two years’ Income Tax statement for further verification and checking the ability.
- Singapore power service bill or a phone bill.
With these documents, one will have the liberty to get the best loan with Su Credit.
Why Sign up for a loan with Su Credit?
Over the years, the company has gained credibility because of many reasons, and you cannot miss getting a monthly installment loan for the same reasons, such as
- One will be dealing with a legitimate lender that has been recognized in Singapore, duly registered, and has been accepted by the ministry to work with individuals in lending a wide variety of loans such as personal loans, entrepreneurial loans, and others.
- Fast Processing-As long as one has met the eligibility of accessing the loan with the company, the processing period can take as little as 24 hours. This has given the company mileage in getting many satisfied customers who love working with Su Credit always.
- Flexibility- Su Credit is one of the companies with customers’ interests at heart and is ready to offer the flexibility of the loan repayments depending on the customers’ ability.
- Manage your financial pressures- While there are loan sharks in Singapore, the main aim of Su Credit is to help alleviate the financial pressures.
Mostly, it may come unexpectedly and see that one is at peace even when making the monthly repayments.
Do not forget to look at more of Su Credit on sucredit.com.sg and get more insights on the products offered and see if they match your need for that incredible experience.
Besides this, it’s always important to know what a valid licensed Moneylender in Singapore apart from Su Credit needs to have as a lender to think about dealing with them. Some of these requirements should be.
- The company should not have hidden fees– Some companies may offer a good deal on its look, but hidden fees may cost one a massive financial crisis. Before signing up with any of these companies, confirm all the fees that need to be paid and make sure that you are comfortable.
- Confirm if the company is licensed- Carry out a check on the company’s authenticity and ensure that they are legally licensed to operate in Singapore. Doing this will avoid dealing with loan sharks who use fake licenses to defraud innocent borrowers unknowingly.
- The effects of delay on loan repayments– At times, it’s inevitable to delay paying the loan. However, it is essential to know the fines imposed in case of a delay. This will help one keep off from messing up with the credit rating in such circumstances.
How Monthly Instalments loan work with Credit rating
As long as one has a good credit rating, getting a monthly loan with credible lenders is easy. However, some borrowers have bad credits and still get loans. This depends on how bad the credit rating is, though the interest charged on the monthly loans will be higher.
It’s essential, therefore, to try and keep the credit rating and maintain them well to avoid high-interest rates. If you have some unpaid loans, you should make a monthly installment loan, pay off the previous loans and ease the financial burden, which could otherwise help manage the credit rating.