Unless you are independently wealthy, there are going to be times where you find that you need a loan to help you through a financial situation. This can be anything from consolidating bills, to having the extra funds needed for boarding school or planning a daughter's wedding. No matter what you needs may be, the loan will only happen if you are approved.
This is why you need to look at the qualifications that are in place. Most financial institutes will have guidelines in place to ensure they are safe during lending, while keeping you safe also. That does mean they usually have an age range of 21 - 65 for lenders. This is to ensure you are mature enough to handle the loan, while keeping the elderly safer from predatory lending. With this requirement, you will also need to produce valid ID.
While looking at a personal loan that is offered, you will find that you must also be a true citizen of Singapore, or at a minimum a permanent resident. This ensures that you won't borrow the funds and suddenly leave, before the financial institution can get their funds back.
While looking for a personal loan Singapore residents will also need to ensure that they have an annual gross income that exceeds S$20,000. Based on your income and borrowing history, you will be approved for a specific dollar amount that can be borrowed. Included in this dollar amount will be the interest and payments that will be part of the repayment process.
In terms of borrowing, the following information also remains very true.
Those making less than S$20,000 can only borrow up to S$3,000. If you make more than the S$20,000, but not quite S$30,000 you can borrow no more than two months' worth of salary. If you exceed that level, but fall short of S$120,000 the most you can borrow is four months' worth. If you make more than that amount, then you can borrow up to the amount that the lender is comfortable giving you.
This is why you need to look at the qualifications that are in place. Most financial institutes will have guidelines in place to ensure they are safe during lending, while keeping you safe also. That does mean they usually have an age range of 21 - 65 for lenders. This is to ensure you are mature enough to handle the loan, while keeping the elderly safer from predatory lending. With this requirement, you will also need to produce valid ID.
While looking at a personal loan that is offered, you will find that you must also be a true citizen of Singapore, or at a minimum a permanent resident. This ensures that you won't borrow the funds and suddenly leave, before the financial institution can get their funds back.
While looking for a personal loan Singapore residents will also need to ensure that they have an annual gross income that exceeds S$20,000. Based on your income and borrowing history, you will be approved for a specific dollar amount that can be borrowed. Included in this dollar amount will be the interest and payments that will be part of the repayment process.
In terms of borrowing, the following information also remains very true.
Those making less than S$20,000 can only borrow up to S$3,000. If you make more than the S$20,000, but not quite S$30,000 you can borrow no more than two months' worth of salary. If you exceed that level, but fall short of S$120,000 the most you can borrow is four months' worth. If you make more than that amount, then you can borrow up to the amount that the lender is comfortable giving you.
About the Author:
When you in need of cash, then you need to take things into your own hands. Begin by choosing a registered lender to loan you funding. Then find out if you're qualified to get a personal loan in Singapore!
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