Thursday 4 April 2013

How To Get Loans In Singapore

By Albert Arce


In Singapore loan applications are quite easy. As long as you know what to do, and what papers you will need. Money lending companies in Singapore will always lend you money, because it is in their principle. Trust is a huge factor on this. They trust that individuals will always pay their debts that people are honest and responsible payers, and that people do not run away from their obligations. This heavy stress on the word trust is what drives individuals to apply for loans, and for companies to grant loans. Believe it or not, it simply takes three steps to get a loan in the Lion City. Here they are.

Step 1: Loans Request

The first step is obviously to apply for the loan. You will find couple of ways by which you may apply for the loans. One is by going to the money financing office and apply there in person. You just have to fill out the application forms and then submit it afterwards.

Two, is to apply on the Internet. With online loans application, all you need to do is to visit the company's website, fill out the online form then click submit. If you apply on the Internet, a representative will keep in touch with you for the details of the succeeding steps of the application.

Submission Of Documents

Usually, citizens of Singapore only need to submit a handful of documents when applying for a loan. Requirements are different if you are a non resident. The required papers for citizens are as follows:

A. Latest Payslip

2. CPF Statements

C. Taxation Statements

D. PUB Or Handphone Bill That Reflects Your Home Address

Once you have completed all the papers needed you can already submit it thru a couple of ways. One is to hand it to their office personally. Second is to submit it on the Internet via email. The second method is usually for online applicants only.

Approval

After your request is approved, you can already get your cash. Obtaining a loan in Singapore is as easy as that.

The last step is to wait for the approval of the loan. The company will check whether or not you qualify for the loan. Can your income support the regular monthly payments without bleeding you dry? Were you able to pay off previous loans from your money lender or are you regularly paying for current loans? All of these are factors for approval for loans application in a moneylender.




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