Welcome to Personal Loan Singapore!
If you find yourself in a situation where you need cash fast and without hassle, you may want to look at a personal loan in Singapore as an option for your situation.
Where Can I Get a Personal Loan in Singapore?
There are two main instituitions that you can obtain a personal loans from:
1. The first and most common institution are the banks. Every bank in Singapore have their own requirements, repayment plan options, interest rates as well as other perks and bonuses.
2. The second most common instituition are the moneylenders. Moneylenders are less regulated and do not have fixed interest rates likes the banks. Most of the time, licensed moneylenders have higher interest rates and fees which can be tricky.
What if I Do Not Qualify For a Bank Loan?
If you do not qualify for a loan at the bank, then your best bet in obtaining a personal loan is probably from a licensed moneylender in Singapore.
Who are the Licensed Moneylenders in Singapore?
The licensed moneylenders are a group of people or an individual who offer small or large amounts of personal loans, normally at a high interest rate. Moneylenders often target those who do not have an excellent credit history and have little interest in the Debt Service Coverage Ratio (DCSR) which is the ratio of available funds for debt servicing. In short, it is the ability for a person to produce sufficient cash to repay the loan. It is said to be 1.20 times here in Singapore.
What Are The Requirements in Order To Obtain a Loan
Every bank or moneylending institute has their own requirements. However, the more common requirements include:
1. A Singaporean citizen or a Permanent Resident.
2. Have an annual income of S$20,000 or more.
3. Have sufficient documentation including your salary slips, bank statement, personal information and tax documents.
4. Must have good credit history.
5. At least 21 years of age.