Singapore just like other countries has a lot of lending companies who are offering different types of loan to those in need of extra cash. But not everyone is entitled to get a loan. If you are looking into transacting with a money lender, you have to meet the eligibility requirements. Any moneylender will have to review your profile and make a background check before they approve your application.
Who can apply?
Listed below are the common requirements to apply for a loan.
- Must be a Singaporean citizen or a permanent resident
The documents required are: original identity card, latest payslips for the last 3 months, CPF contribution statements for the last 15 months, income tax statements as well as a proof of address such as an electricity bill, phone bill or any utility bill.
A foreigner is also entitled to a loan as long as he or she is living in Singapore and has a work pass or work permit.A foreigner will be required to show an original passport, payslips for the past three months, contract for the rented property, bank statement showing the monthly income, and also the employment contract or appointment letter with the work pass.
- At least 21 years of age
- Employed in a full-time basis
Amount of loan
The loanable amount depends on your income.You may be approved for as high as twice your monthly salary.
Filing and processing of application
Normally, you need to go to the bank or to the office of the lending company to file your application.Some moneylenders allow the applicant to submit their applications online.But this is only good for short-term loans like a payday loan.Fill up the appropriate application form and attach the necessary documents. After submission, the moneylender will review your papers and may also do a background check on you.If you have established a good credit history, then it is more likely that your application will get approved.Processing takes 1 to 3 days. If your application has a positive result, you will be notified.You may then go back to the bank or the moneylender office to get your check/cash.Some companies can also arrange the money that they loan you to be deposited directly to your account.
Types of loan
There are different types of loan that you may apply for depending on your situation and circumstances.You may choose from a personal loan or payday loan, business loan, housing loan, car loan and many more.