Most people who aren't wealthy will need a loan to help them get through tough financial times that they encounter. Things like consolidating bills, to having money for boarding school and even funds for a wedding might be needed. No matter what you need money for the loan is going to only happen if you find approval.
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.
As you are looking for your personal loan, you also need to ensure you are a resident of Singapore, in some cases a recent permanent resident may also apply. This requirement reduces the risk that you take the money and end up leaving, before the lender gets any of their money 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.
Traditionally, the following formula is used when determining how much you may borrow.
If you make under S$20,000 can only borrow no more than S$3,000. Those who have an annual salary above S$20,000, but fall short of S$30,000 can only borrow less than two months' worth of salary. Should you make more than that amount, but don't quite make S$120,000 the most you will be able to borrow will be four months' if salary. Should you make over this high, then the bank will be able to determine the amount that they will be willing to lend 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.
As you are looking for your personal loan, you also need to ensure you are a resident of Singapore, in some cases a recent permanent resident may also apply. This requirement reduces the risk that you take the money and end up leaving, before the lender gets any of their money 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.
Traditionally, the following formula is used when determining how much you may borrow.
If you make under S$20,000 can only borrow no more than S$3,000. Those who have an annual salary above S$20,000, but fall short of S$30,000 can only borrow less than two months' worth of salary. Should you make more than that amount, but don't quite make S$120,000 the most you will be able to borrow will be four months' if salary. Should you make over this high, then the bank will be able to determine the amount that they will be willing to lend you.
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If you are short of money, then you should take concerns into your own hands. Start by searching for a licensed lender to give you funding. Then find out if you are eligible for a personal loan in Singapore!