With the changing economic climate and increasing rates of inflation, cash flow for personal and business purposes is becoming more and more strained. What happens when you have a need for a boost in your cash flow for personal uses? That is where a personal loan comes in.<\/p>\r\n\r\n\r\n\r\n
A personal loan<\/a> is one that an individual takes from a lender, such as a bank or licensed moneylender, and pays the loan amount plus interest in installments over a pre-determined time period. In Singapore, personal loans do not need collateral, hence are accessible to a majority of the people. However, each financial institution has its own metrics to determine who qualifies for a personal loan<\/p>\r\n\r\n\r\n\r\n Personal loans are applicable for a number of uses, for example, debt consolidation, home renovations, and settling medical or educational bills among others. One of the advantages of a personal loan is that it does not require fixed collateral, and hence it is unsecured.<\/a> There are certain tips you can follow when you want to access a personal loan<\/a>.\u00a0<\/p>\r\n\r\n\r\n\r\n This means that it is accessible to the normal working Singaporean who does not have many fixed assets. However, one has to have a good credit history to qualify for a personal loan at a low interest. Apart from good credit history, one must have a minimum income that is maintained to access a personal loan.<\/p>\r\n\r\n\r\n\r\n SU Credit<\/a> is one of the most reputable companies that offer loans such as personal loans, business loans, and unsecured loans<\/a>.<\/p>\r\n\r\n\r\n\r\n For banking institutions, the credit score is stored by the Credit Bureau of Singapore. For licensed moneylenders, the credit score is stored under Money Lender Credit Bureau. Before applying for a loan, ensure you have your credit score with you.<\/p>\r\n\r\n\r\n\r\n Your credit score will determine how much credit you can access and how much interest you will pay for applicable loans. The higher your credit score, the higher your chances of qualifying for a low-interest rate personal loan.<\/p>\r\n\r\n\r\n\r\n Before applying for a personal loan, ensure that you have checked your cash flow and your needs, to ensure that once you apply for a personal loan, you will be able to meet the Loan Contract Agreement. This can be done by checking your income and spending needs, to ensure that if offered a personal loan, you will have enough income to service your loan.<\/p>\r\n\r\n\r\n\r\n Remember, if you take a personal loan from a financial institution or licensed moneylender, you are obligated to meet the repayment amounts as agreed.<\/p>\r\n\r\n\r\n\r\n Failure to which, you will be blacklisted, and this affects your credit score negatively. Additionally, this affects your future loan applications due to a lower credit score.<\/p>\r\n\r\n\r\n\r\n Singapore has numerous financial lending institutions and licensed moneylenders in operation. Before deciding on where to take a low-interest personal loan, ensure you have done your background research on the available offers.<\/p>\r\n\r\n\r\n\r\n We at SU Credit have been in the licensed money lending industry for some time and have developed a reputation for being dependable and customer-centric. Our products are tailor-made to meet the specialized needs of each customer.<\/p>\r\n\r\n\r\n\r\n In Singapore, licensed moneylenders can charge a maximum interest rate of 4% per month. For banking institutions, this rate is different. In the eventuality, that a client is unable to make a repayment for their personal loan, the maximum late repayment interest a licensed moneylender can charge is 4% for each month the loan is repaid late.<\/p>\r\n\r\n\r\n\r\n The late repayment rate is only charged on the amount that is repaid late, and not on the whole loan amount.<\/p>\r\n\r\n\r\n\r\n When applying for a personal loan from a financial institution, some other application fees are applicable. As of 1st October 2015, for Licensed Money Lender, a limit was placed on the additional charges. These charges are limited such that:<\/p>\r\n\r\n\r\n\r\n In this digital age, there are numerous ways to apply for Low-Interest Personal Loans. The first and oldest method is to physically apply by visiting financial institutions’ offices or branches.<\/p>\r\n\r\n\r\n\r\n Most banks and licensed moneylenders in Singapore have offices and branches that customers can visit to get the services needed.<\/p>\r\n\r\n\r\n\r\n The minimum requirements to apply for a Personal loan in Singapore are:<\/p>\r\n\r\n\r\n\r\n For documentation, most lenders will require you to provide:<\/p>\r\n\r\n\r\n\r\nWhat Are Some Things You Should Consider Before Applying For A Low-Interest Personal Loan?<\/h3>\r\n\r\n\r\n\r\n
1.\u00a0\u00a0\u00a0\u00a0 Your Credit Score.<\/h4>\r\n\r\n\r\n\r\n
2.\u00a0\u00a0\u00a0\u00a0 Plan your Finances.<\/h4>\r\n\r\n\r\n\r\n
3.\u00a0\u00a0\u00a0\u00a0 Shop Around For the Best Loan Terms.<\/h4>\r\n\r\n\r\n\r\n
How Interest Is Calculated For Personal Loans.<\/h3>\r\n\r\n\r\n\r\n
Other Charges Applicable While Applying For A Personal Loan.<\/h3>\r\n\r\n\r\n\r\n
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Procedure Of Applying For Personal Loans In Singapore.<\/h3>\r\n\r\n\r\n\r\n
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