People opt for personal loans to get instant loan approval and money in a lump sum within a few days. But along with getting faster approvals, one should also check for the following requirements:
Digital era: make sure that each and every step that you along with either bank or licensed money lender take should be recorded digitally, for you to track the progress of personal loan and also review any past decisions taken. If you have a question, digitally it can be answered anytime and from any place, you will just need access to the internet.
Loan time period: determine that the personal loan you are opting for is long term or short term. In case of long term opt for banks and try to repay the loan within a time frame of a year and for short term loans licensed money lenders are better options, which can also help you in paying the loan ahead of time.
Check for authentication: irrespective of bank or money lender ensure that you are dealing with safer hands. Before directly approaching a bank or money lender, take a tour of their website. Read the government’s guidelines, rules and regulation for lending and borrowing personal loans so that you don’t get cheated or nobody can take advantage of your situation.
Experience: one should always look for reputed and well-known banks or licensed money lenders as they have experience. You might be taking a personal loan for the first time and need guidance, these experienced people at banks will guide you through the entire process and advise which will be best for you. You also have the freedom of asking the silliest questions to them.
Transparency: note that all the steps taken by your financial advisor should be under your surveillance. The bank or licensed money lender won’t take you for granted and work towards making your life easier first and then think of their advantage.
Here are three tips for getting an easy personal loan in singapore when you are cash trapped:
A click on credit card limit: the best way to use the unused credit card score piling up, is to buy a personal loan by converting them. This is advantageous because credit cards scores are built with healthy financial and repaying habits and any moneylender who sees your score will be assured that you will return the money with utmost sincerity. Hence it can be useful and an instant process if you have money already deposited in your bank account.
Use SingPass My Info for instant approval: if the first option isn’t for you then you can rely on this one. Try applying for a personal loan online using SingPass MyInfo. SingPass), it has your identification proof along with an additional information of income data. Hence the government uses it for verification of you as a person and your relation with money. It is linked in the data base hence can be easily accessible. It will deduct the time taken in processing the application and within a span of a few minutes, you will be able to see an approval request.
Also don’t think that early approval will provide you money right away, in certain scenes, it is not so. Check out with the bank or licensed money lender on dispatching the money in a short period of time and deposit money requirements. You can get money within a day if you have an account with the same provider, but if you don’t own one it might take 3 days.
How does the loan approval process take place?
The borrower after selecting the type of loan wanted, how much amount he or she needs and choosing which bank or money lender is best fitted in his or her requirements, needs to fill an application form requesting for a personal loan. It can be either online or offline. Once you confirm and send your application, within a day or two, the bank or licensed money lender will review your application. Further, they will check your economic or financial freedom and then decide whether to provide a loan or not (which is always a yes in most of the situation). And depending on the heat of the moment, they will give you lump sum money for days or even months. As soon as you receive your requested loan money, you will have to return the money in monthly instalments with specific interest chosen by you.
Here are few companies which provide the best personal loan interest rate singapore:
Standard Chartered Cash One:
Interest rate: 3.88 % per annum
Processing fees: $0
Processing time: 15 minutes
Online Promo: EIR- Effective Interest Rate of 8.04 % per annum based on 3-year tenure
DBS Personal Loan
Interest rate: 3.88 % per annum
Processing fees: 1 %
Processing time: Instant
Online Promo: EIR- Effective Interest Rate of 7.90 % per annum based on 3-year tenure
UOB Personal Loan
Interest rate: 4.25 % per annum
Processing fees: $0
Processing time: instant
Online Promo: EIR- Effective Interest Rate of 7.96 % % per annum based on 3-year tenure
OCBC Extra Cash Loan:
Interest rate: 5.43 % per annum
Processing fees: $ 200 or 2 %
Processing time: Instant
Online Promo: EIR- Effective Interest Rate of 11.47 % per annum based on 3-year tenure
Citibank Quick Cash:
Interest rate: 4.55 % per annum
Processing fees: $0
Processing time: 1 day
Online Promo: EIR- Effective Interest Rate of 8.5 % per annum based on 3-year loan tenure.
You can read in more depth about any of the above-mentioned companies and their personal loan plans on their website and choose which suits you best. Remember that each company is different from one another and thinks diversely. Note that the interest rates are a way of earning for banks or licensed money lenders, but it is the cost that you will pay from your hard-earned money or by your savings, so go for an affordable interest rate.
