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What is a personal loans in Singapore?

When it comes to personal loans, we are dealing with a very wide branch of the credit market in Singapore, a form of financing that together with the home loan represents most of the requests of Singaporeans looking for financing. 

But what are personal loans in Singapore? 

This is a fixed interest rate loan granted directly to the applicant by a specialized financial company or a licensed money lender like Su Credit, repayable over a certain period, generally between 12 and 120 months, by paying repayment installments constant every month, all underwritten by a contract. Below we will talk in detail about personal loans in Singapore by analyzing everything you need to know about them.

What are the peculiar characteristics of personal loans in Singapore? 

First of all, Personal loans in Singapore are non-finalized loans at a fixed rate and repayable in constant installments, and when the contract is signed between the parties involved, the amortization plan is defined at the same time, i.e. the total amount to be paid to the financial company or licensed money lender as a reimbursement of the disbursed capital plus the interest calculated on this amount, including ancillary costs and tax charges, over a pre-established time frame. Each installment, therefore, consists of a principal amount and an interest portion.

At any time the financed party can decide to terminate the contract early, repaying the bank or financial company the amount still owed, and in this case, the sum to be repaid will be equal to the residual debt indicated in the amortization plan or obtained from the calculation of the current value of future installments.

Personal Loan from Licensed Money Lender: who is it convenient for?

Such a loan is very convenient for the recipient of the money. Thanks to the wide choice of a licensed money lender like Su Credit and their web platforms that offer similar services, we can prefer the one that best suits our case. We will be able to choose the amount we need, but also the interest rate that will be applied to the loan. We also won’t be forced to fill out millions of contract pages. Everything will happen quickly and quickly, and on some sites like Su Credit, it is possible to get money even if you are a bad payer. This type of exchange also benefits those who make the money available. 

Precisely for the same reasons, the lender can decide the interest rate, repayment times, etc. A loan, therefore, turns into an investment, as we will be able to get a nice sum from this exchange. So a similar operation is convenient for both parties.

The advantages of a personal loan from a Licensed Money Lender

In addition to the previous advantages, applying for a personal loan from a licensed money lender has many other positive implications. First of all, the timing with which they are accepted or rejected. If we go to a bank, the waiting times for the response are quite long. 

In addition to filling out the documents, these entities take time to ascertain the integrity of those who request the sum. Often even those who act as guarantors, or closest relatives, are “investigated”. This is because institutions need to know that, in one way or another, we can return the money taken. With a personal loan in Singapore from a licensed moneylender, we will not need a guarantor, or to undergo too strict controls.

Personal loans from licensed money lenders are safe and have countless advantages. There is no need to fill out the thousands of paperwork as we should do in the bank, the request and receipt times are short and we do not need guarantors or similar figures.

As already mentioned, it is also possible to choose the amount of the monthly payment. In this way, we can also prefer a very low one. Return times are getting longer, but by doing so the amount will never be greater than our economic possibilities. In general, this type of personal loan is customizable in every aspect.

Personal loan: who can apply for it?

Personal loans in Singapore are an option potentially open to any category of subjects, as long as they can demonstrate their ability to repay the loan with the interest charged. 

Therefore, they can be requested by self-employed workers, employees or retirees, by submitting a specific application to the chosen licensed money lender with related documentation attached. The minimum requirements for applying for a loan are less strict in Singapore than those imposed by a bank. But it is good to clarify that there are anyway, and almost all sites are uncompromising on this point. To obtain a loan from a licensed moneylender, the applicant must:

  • be between 21 and 65 years old;
  • Singaporean citizen (valid for most sites);
  • have employed with a minimum annual salary of $10,000.

Loan evaluation criteria

Once the personal loan application has been submitted, the procedure of the credit institution provides for an evaluation process of the request based on certain parameters: the acceptance of the personal loan request by a bank depends briefly on two elements, namely a correct ratio between the income and the installment to be paid, and a good level of creditworthiness.

With the first aspect, a credit company evaluates the set of financial commitments undertaken each month by the applicant and proposes an installment proportionate to the income received. However, the real cornerstone is the creditworthiness of the applicant, i.e. the degree of trust that the financial company attributes to the customer based on the payment history of other loans: if it is regular, it is possible to obtain a personal loan, otherwise the This issue is considerably complicated unless alternative forms are allowed such as the assignment of the fifth that offers superior protection guarantees for a bank.

How long will it take to have the sum of money?

Once the appropriate form has been completed, a confirmation email is immediately sent to the applicant. This represents a sort of test, that is, the loan installment for the requested sum is simulated. The final interest rate, and the loan response, arrive within 24 hours of sending the request. Once the loan is accepted, the applicant is entered into the site database. The lenders can then give the sum, investing in the applicant they prefer.

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