Are you looking to apply for personal loans? For many people, this is not an easy thing to do. The lender asks for many requirements, or the application process takes a very long time. But what if you need the funds immediately? Moreover, what if you have bad credit or no credit history at all? Alpha 8 Credit makes it easier for you.
What to Consider in Getting a Personal Loan
If you are considering getting personal loans Singapore, there are a few things that you have to consider. First, make sure that what you are planning to borrow could be repaid in a few months. Most personal loans are payable within six months, and in case you won’t be able to pay it in time, you would incur extra charges for defaulting on the payment.
Look for personal loans that do not consider your credit scores. This is especially important if you have bad credit as surely you would have a hard time getting loan approval. This is why you should look for licensed moneylenders that approve loans without having to consider the client’s credit history. (This is not a license not to pay the loan though. If you are looking to borrow more significant amounts in the future, pay your loans to improve your credit score.)
If you are struggling and there is nobody to turn to, or if you require emergency funds and money is not yet available, you should apply for personal loans. When applying, look for licensed moneylenders with a record of satisfied customers. This means that the moneylender has helped many people who had financial problems.
When Financial Emergencies Arise
There are only a few people who save for financial emergencies. Most are caught off-guard when these times come. Also, when emergencies like this happen, people have difficulty finding access to money in the quickest way possible.
Determine if the needs are immediate and if there is no other way to get funding. When the requirements have to be addressed in the quickest possible time, and there is no way to get fast money, get a loan.
Moneylenders are quick to take action when it comes to processing and approving personal loans Singapore. Three days is the maximum time for you to get what you need. Most approvals only take hours.
Aside from those who have personal financial emergencies, there are also those who get loans from moneylenders to use the proceeds for business opportunities, investments, buying a new house, and other opportunities that knock only once. This means that the borrowers have to take advantage of the opportunities to get the best deals. So that is why quick money is needed.
Alpha 8 Credit for Your Financial Needs
Whether it is for a personal emergency or to take advantage of opportunities, Alpha 8 Credit is ready to help you with your financial needs. We have been helping clients all over Singapore with their financial woes. Whether a tenant, homeowner, business owner, or foreigner, there is a loan package perfect for the needs of our clients.
For salaried employees, to be eligible for a loan application, you should:
• Be a Singapore citizen or permanent resident (PR)
• Be between 21 and 65 years
• Have a minimum annual gross income of S$20,000 and above
Those who are less than six months on the job would require a guarantor.
Those who are self-employed should also possess the qualifications, in addition to at least two years of existence of the business; otherwise, a guarantor is required.
To apply, the following documents are needed:
• NRIC / Identity Card / Passport
• Proof of employment, such as the latest computerised monthly pay slip, income tax statement, and 15 months CPF contribution for salaried employees. The past two years’ income tax statements are needed for self-employed individuals.
• Latest handphone bill or Singapore power services bill as proof of residence
• Latest bank statement or bank account book
If you decide to apply, contact our sales officers for additional information and further evaluation of your eligibility. Once approved, you will be asked to visit our office to receive the proceeds of your loan personally. You may also send your authorised representative in case you are unable to get your money in person.
Take Note of these Personal Loans Tips
When you are applying for a loan, secure only the amount that you need. You have to remember that personal loans Singapore come with interest rates. If you default on a payment, because you had a hard time meeting the monthly or weekly dues, you will receive additional charges.
Always remember to deal with licensed moneylenders. This way, you are protected under the law. Ask for the moneylender’s license to make sure that you are dealing with authorised lenders.
Moreover, make sure to pay your dues on time. If you think that you would have a hard time meeting your dues, immediately contact your moneylender so you can devise a way to still pay your dues without having to incur penalties.