Best Legal Private Licensed Money Lender in Singapore
Not at all like secured loans, for example a car or home loan, unsecured loans imply that the advance is not attached to a security like your vehicle or home. Personal loans are not tied to any asset, such as a car or a home, which banks can repossess on the occasion you default on your advance.
Personal loan interest fees are 4% per month. Private moneylenders offer loans with a repayment period of between 1 to 12 months, with a base loan amount of around $500.
There may be other fees involved besides interest, such as handling charges. You can save money on interest charges by repaying your loan early or on time.
Some common reasons personal loans are used in Singapore include dealing with health-related crises, vehicle costs, training costs or other forms of debt repayment. Simply put, a personal loan in Singapore is an immediate solution to cash flow issues.
Any authorized money lender should meet loan owners personally at an authorised business location before approving any loans. Approvals should not be confirmed through instant messages or calls. If you have gotten such a message or call, do not fall prey to them.
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Read the terms
• Loan sum – Does the lender fulfil the amount you require to borrow?
• Loan terms – how long can you loan for? Private moneylenders allow a loan of up to 1 year.
• Fees – what kind of extra fees are required? For example, application charges, processing fees, monthly fees. These should be taken into consideration into your overall loan amount.
• Interest rate – Is the rate fixed or variable? How up to date is it?
• Repayments – what is the repayment schedule like? Can you repay in advance without incurring extra
• Age – 21 years and above to apply for an advance in Singapore.
• Income – You may need to meet a minimum income criterion to be qualified to apply for a loan.
• Employment – Most moneylenders will expect you to be employed full-time, though some may permit jobless candidates or part-time workers.
• Residency – there are loans for Singapore residents or permanent residents and loans for foreigners.
• Credit profile – Your credit health may influence the interest rates of your loans. Now and again, poor credit scores and history of poor repayments may render you incapable of obtaining a loan.
Nonetheless, regardless of whether you meet the base prerequisites for a loan, you will not be endorsed unless you can demonstrate that you can repay your loan.
• ID – Work pass, visa, or IC.
• Proof of address – You should be able to provide bank statements of bills that incorporate your residential address and complete name.
• Proof of salary – Contingent on the moneylender, you may need to provide your last 3 months of CPF contribution history statement/payslip, your most recent Income Tax Notice of Assessment or a compensation slip of your most recent month of employment
Full approval is most likely given if you have provided adequate data to prove your credibility, allowing moneylenders to make a more informed decision.
Personal loans are an ideal solution to an immediate reprieve to a financial struggle. UK Credit is a licensed money lender in Bedok that provides fast cash loan service, it is the perfect option for you where you receive money on the spot if you do not have enough time to wait for all those long procedures for approvals.
Apart from personal loan being UK Credit’s primary service, the comparatively modest rates offered, and reliable client support makes us a prime choice. UK Credit also caters to those that have less than ideal credit scores. We passionately believe that residents in Bedok neighborhood and the rest of the regions of Singapore should not let the lack of cash or credit score get in the way of resolving personal issues.
UK Credit provide repayment period of up to 12 months*, subject to approval. Additionally, with a 4% reducing interest rate per month and a loan amount of up to 6 times one’s monthly salary, personal loaning is an approachable and feasible solution for anyone facing a temporary financial challenge.
Covering some 22 square kilometres, the mature estate has one of the largest number of residents – almost 300,000. Bedok is a well-established residential district with no shortage of facilities and has easy access to everything.
Only 500 metres away from the MRT station and bus interchange, UK Credit makes it easy for visitors to commute freely and easily.