6777 7775
Sim Lim Tower, 10 Jalan Besar Sim Lim Tower #01-01, 208787
What Documents Are Required When Applying for a Personal Loan in Singapore?
28 August 2024 | Monetium Credit
Your family’s financial and emotional well-being will be correlated with your financial possibilities. Do you live in a stable environment, and do the people around you support the endeavors you want to fulfill? Then, it’s up to you to take every necessary step to achieve your ambitions and bring your financial plans to life. However, like most people, you probably occasionally need monetary help, and you’re thinking about the benefits of a personal loan in Singapore.
Have you found an investment opportunity that requires a boost in your economic assets? Are you looking to purchase goods and services that, with time, will bring a positive ROI? Would you like to invest in the education and development of your family? If so, you should look for a personal loan in Singapore. The credit packages offered by our firm are favorable and regulated by the Ministry of Law. In our country, the financial activity of private and national lenders is more limited than in neighboring nations, and the rights of borrowers are prioritized. What does this mean? For one, you have every opportunity to find the best personal loan rates in Singapore for the financial package you need.
Secondly, in the event of a financial dispute, the national government ensures your rights. Unlike in other countries, in SG, the financial packages offered by private lenders are safe and, more often than not, even more favorable than those provided by national financial institutions. Applying for personal loans online is straightforward in Singapore. Moreover, the credit packages that you can access are diverse and usually come with interest rates and repayment periods suitable even for people with modest annual incomes.
Flexibility: The Keyword When Talking About Private Lenders
Are you on the lookout for the guaranteed best personal loan rates available in Singapore? In such a case, the best option for your family’s financial security will be the utilization of our services. Why us? For starters, our financial packages come with low APRs and flexible, negotiable repayment periods. We are more open to negotiations than traditional banks, and we are keen on finding solutions that work for both parties, whether you are self-employed, a foreigner on a work visa, or, in the past, you were registered as a defaulter.
In addition, we offer a faster approval process for our commercialized credit packages, and we can tailor our service offer to your family’s subjective needs. What exactly do you need? Does your family require a break and have been asking you for some time to take a vacation in an exotic destination? If so, you might want to apply for a collateral-free personal loan in Singapore. Has your business expanded to a regional level, and does it need funding to continue its growth to a national or international level? In such a case, applying for our business loans would be an excellent idea.
Due to external factors beyond your control, have you run out of money and need financial help until the end of the month? In such a case, our payday loans might turn out to be advantageous to your situation. Our financial services are diverse and, overall, are much more beneficial than the ones offered by the majority of conventional banks. We are less stringent with the documentation required for loan applications; if approved, we will disburse your funds on the spot, and most of all, our offers can be utilized to improve your credit profile.
What Documents Are Needed When Applying for Our Packages?
The main advantages of private lenders are the reduced paperwork for the application process and the ability to compare personal loans online. What documents must you attach to your application form? It depends on which type of credit package you choose. Are you a citizen or a permanent resident? Do you need a personal loan in Singapore? In such a case, our agency will need to know your NRIC. Are you a foreigner with a valid work visa? In that case, we will require a copy of your employment pass. Moreover, to qualify for a personal unsecured loan, we will need proof of your monthly income.
In Singapore, private lenders are prohibited from providing personal loans over a certain threshold to people with annual incomes below $10,000. To check your income, we will need proof of your employment and recent pay slips. Plus, we’ll need a report from the Singapore Credit Bureau. All in all, the documentation required to get a personal loan in Singapore is simple and can be submitted by most residents without second thoughts. In addition, the approval rate of personal loans is high, and the interest rates are suitable for the majority of borrowers.
Things, however, can be more complicated in case you need a secured business loan. Has your business grown considerably in recent years, and do you need a monetary influx to expand your services nationwide? Then, to obtain a business loan, our experts will need your ACRA business profile, the NRICs of your business directors, bank statements, previous balance sheets, and your most recent NOA. Moreover, depending on the collateral provided, you may need to submit an expenditure plan and previous profit & loss statements.
What Are the Eligibility Criteria?
Do you want to apply for a personal loan in Singapore? Then, as a general rule, you will need to be a Singaporean citizen or permanent resident, be at least 21 years of age, and meet the minimum annual income requirements imposed by the Ministry of Law. Obtaining a personal loan as a foreigner is possible, and the process is regulated by the Moneylenders Act of 2008. However, the financial conditions you have to fulfill will be different from those of SG nationals.
To qualify for a personal loan in our country, your annual income, in order to get six times your monthly wage, will have to exceed $20,000. The same conditions apply for foreigners. However, the granting terms for secured credits may be stricter. To increase your chances of being approved for a personal loan, you should be employed at your current job for a minimum of six months and have a debt-to-income ratio that will entitle you to a new financial package. Before responding to your application, our agents will check your credit score and verify your submitted documentation.
A credit score above 1800 and a debt-to-income ratio not exceeding 60% is preferred. However, the lending conditions for the financial packages of private lenders are flexible, and we are open to finding solutions for people with complicated financial standings. Are you applying for a business loan? Then, your firm must be registered with ACRA and have at least 30% of its ownership held by SG residents. In addition, since most business loans include higher sums than personal loans, you will most likely have to submit collaterals to cover the initial amount of the loan package.
What Are the Principal Benefits of Private Lenders?
Private lenders are more flexible when it comes to the lending conditions for commercialised loan packages and less stringent with the documentation that needs to be submitted. In the past, have you encountered difficulties in paying your outstanding debt? Has your credit score suffered, and have you been turned down by most of the conventional financial institutions to which you have applied? Then, the services of private lenders like us might be your only hope.
Plus, the application process for our credit packages is fast and can be done exclusively online. Our online platform is advantageous for people who want to check multiple credit packages at the same time. Plus, we offer customized loan solutions that can be tailored to the specific monetary requirements of your family. Do you need a more extended repayment period for your unsecured personal loan? Are you looking for a more significant monetary influx, which you can guarantee with collaterals? Do you require a payday loan that you can repay in less than thirty days? Then, we are the perfect agency to call.
Our services are accessible to SMEs and residential clients. We offer credit packages that are not found in the offerings of conventional financial institutions, and our approval rates are above the industry average. That’s not to say that your application will be approved regardless of your financial situation. Ultimately, our offers are bound by the regulations imposed by the Ministry of Law, and we have a responsibility to offer credits only to those who can afford them. However, we are more open to negotiations than conventional financial institutions, and we prioritize your privacy and long-term economic stability.
What Are Some Misconceptions About Private Lenders?
Globally, private lending practices suffer from a negative reputation. However, in Singapore, the activity of private money lenders is supervised and limited through the provisions of the Money Lenders Act. Our country limits the number of private lenders that can offer credit packages to Singaporean citizens. So, the competition between them is high, which often leads to loan bundles with favorable interest rates. Plus, the Ministry of Law limits the maximum APR of commercialized loans and the administration fee mandated by private lenders.
In Singapore, the monthly interest rate is capped at 4% per month, and the extra fees applied by lenders cannot exceed 10% of the credit’s initial value. Plus, in case you have difficulties in paying your financial obligations on time, lenders cannot penalize you with more than $60 per month. A widespread misconception is that private lenders offer financial packages with significantly higher interest rates than traditional banks. However, at least in Singapore, this is not valid, as the competition between private creditors has a positive effect on the financial packages available on the market.
Our loans, for example, are characterized by interest rates that are as advantageous as those of traditional financial institutions. However, our main advantage is that we are more flexible with the necessary application documentation, and we are open to finding solutions even for clients with lower credit scores. This brings us to the last misconception, namely that the services of private lenders are suitable only for individuals facing financial difficulties. That’s objectively not true, as a large part of our customers are part of the corporate environment and require long-term loans for their ambitions, which, most of the time, they secure with collaterals.
How Can You Ensure We Are Trustworthy?
Do you need a private personal loan in Singapore? If so, before you select the loan packages of private lenders, you will need to make sure they are appropriately licensed and fulfill all the necessary criteria to work in our country. Currently, 154 licensed private money lenders are operating in Singapore, which are required to comply with the provisions of the Money Lenders Act of 2008. The operating license of private money lenders in our country is active for 12 months, and institutions wishing to continue their activity must apply for their renewal one month before it is set to expire. Moreover, currently, the approval process for new private lending applications is stopped.
Our firm, Monetium Credit PTE. LTD operates under license 147/2023, and over the years, we have established a reputable standing among Singaporean citizens due to the transparency of our lending terms and our advantageous interest rates, suitable for medium and long-term finance packages. But skepticism goes hand in hand with caution, and it’s crucial to avoid unpleasant financial situations. How can you verify our validity? For one thing, you could check our testimonials and search online for the reviews of our clients.
Plus, before utilizing the services of a private money lender, you should consult the FAQ page present on their website and note the presence of marketing tactics that violate the provisions of the Money Lenders Act. Our agency’s services respect the regulations imposed by the Registry of Money Lenders, our maximum interest rates are in tune with the active legislation, and we are open about the repayment terms of our credit packages and the amounts we can charge for late payments. Our offers are characterized by professionalism, and over the years, we have become a top choice for Singapore citizens looking for advantageous financial offers.
Recent News
Recommended Read
Getting to know the Criteria to getting a Low Interest Rate Personal Loan
In a world where financial opportunities and challenges come hand in hand, securing a loan with a low-interest rate can be a game-changer.
Why Wait? Take Control of Your Financial Future Today!
At Monetium Credit, our goal is to help you navigate life’s financial demands with ease and confidence. Our quick personal loan deals are crafted to offer both speed and flexibility, ensuring that you receive the support you need exactly when you need it.
Quick Links
Login to your bank’s PayNow App & Scan the QR Code to make Payment
Monetium Credit (S) Pte Ltd (201326118D)
DBS Current Account
Copyright @ 2024 Monetium Credit (s) Pte Ltd. All Rights Reserved. License No 147/2023.
Disclaimer | Privacy Policy | Responsible Borrowing
Monetium Credit (s) Pte Ltd (UEN No. 201326118D) is a registered company under the laws of Singapore. Customers are strongly advised to take a look at our privacy policy & disclaimer sections. If you have any queries or concerns in regards to personal data, please kindly contact [email protected]