Applying for the best personal loan in Singapore may look quite a challenge but with enough research and accurate information, you can easily find a variety of deals that will cater to your financial worries. The multitude of options can be vital as it will help you consider different factors before deciding which and whose package to get. Moneylender Review can assist you in trimming down your searching time to take you through the best deals from this guide.
Personal loans are a form of credit that can aid in making big purchases, transactions, or consolidate high-interest debts. Usually, it has a lower interest rate/s than credit cards. It can be used to combine multiple credit card debts into a single, lower-cost monthly payment.
Top Features of Personal Loans
- No Collateral
In Singapore, a personal loan does not require borrowers to provide any collateral such as a house, car, or other possible assets to avail deals. It is approved only based on creditworthiness, which depends on your credit score, monthly or annual income, repayment history, employer reputation, etc.
- Flexible End Use
Personal loans can be used for multiple purposes, like meeting expenses of a medical emergency, travel, house renovation, as well as debt consolidation, etc.
- Flexible Tenure
Personal loans usually come with flexible tenure either for the short term or long term.
- Minimal Documentation
With moneylenders, personal loans can be applied both online and offline with very minimal documentation. Key documents that lenders generally need the applicant to provide include proof of identity, monthly or annual income, and their address.
- Flexible Loan Amount
The personal loan amount that gets disbursed is based on an individual’s repayment history, monthly income, age, profession, employer reputation, and other factors.
- Quick Disbursal
Personal loan disbursal via banks can sometimes occur within a few days, once the application is permitted. For licensed moneylenders, approval may only take within 30 minutes should you avail of a pre-approved loan offer.
List of Licensed Moneylenders
A1 Credit SG Pte Ltd
For most clients, A1 Credit is deemed to have a very helpful and efficient staff. It has been commended many times for its quick and easy approval rate which has provided borrowers with a smooth experience.
365 Credit Solutions Pte Ltd
First-time borrowers see 365 Credit Solutions as an accommodating lender because of its friendly and polite staff members – granting a seamless application for their financial concerns.
Bugis Credit Pte Ltd
Clients agree most Bugis Credit staff members will get into each detail to help borrowers thoroughly understand all types of loans, including the terms and conditions that need to be taken note of.
GM Creditz Pte Ltd
Borrowers suggest GM Creditz is one of the most considerate lenders in Singapore- assisting clients on their bills and loans amid the COVID-19 situation.
Raffles Credit Pte Ltd
It’s always a good experience working with Raffles Credit, says most clients. Staff members are keen on listening to financial commitments before proposing options.
Fortune Credit Pte Ltd
Fortune Credit is known to most of its borrowers for its compassionate and good service, as it considers various factors to ensure assistance will be given for clients.
Steps to Apply
Most moneylenders share the same application process which consists of three easy ways.
1 – Call or apply from the comfort of your home with a few clicks using our online form.
2 – Visit the branch for an appointment to create a customized plan that suits your needs.
3 – Finalize the loan plan and receive the cash right after.
How to Choose the Best Personal Loan for You
While looking for the ideal moneylender or bank is already time-consuming, choosing the best personal loan could be way easier. Here are things you can consider to assure the loan you’ll avail best suits your financial needs.
- Research about banks and licensed lenders from the internet. There are varieties of sites which produce information about the institutions which could match your details.
- Be mindful of restrictions. Before applying, make sure you can use your money for the purpose you have in mind. Take note that if you want to use the money for home renovation, there could be a different lender/package that fits well.
- Comparing rates, terms and other fees can get out of hand. Using a personal loan calculator will enable you to compare many options and still make a fast decision.
- Although most moneylenders consider those with low credit for borrowing, it’s better to build a better credit score. Improving it, even incrementally, can help people get a better rate and terms regardless of where it falls on the scale.
- Make relevant inquiries and stay away from predatory lenders. It’s best to verify your lender whether they are listed under the Ministry of Law and check reliable reviews as an assurance. Finding quality lenders can help you identify an option that will definitely work for you.
Best Personal Loans in Singapore Today
Forget doing multiple loads of searches on where to get your personal loan. Moneylender Review has listed down licensed moneylenders you can choose that are beneficial for your financial demands.