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Securing A Personal Loan

People work very hard to stay within their budgets and try to stretch paychecks as far as possible. Now and then, an expense surfaces that will require being paid right away. When this happens a possible solution can be a personal loan.

It is natural for a person to be a little nervous about borrowing money. Many worry if they can make payments, and there is concern about the ethics of the lender. Singapore has a quite a few lending institutions and no one should have any problem finding one that will consider a loan application. Banks in Singapore have a sterling reputation for integrity and do not charge excessive rates. A number of them do have maximum amounts for lending purposes, but that is not a bad practice. The concern is that the individual may borrow more than he or she can afford, and get in over their heads. A good bank officer explains the details of any loan agreement and make certain the applicant can afford the terms of the loan.

The problem a person may face in getting the desired loan is eligibility. A loan is not a gift from the bank and must be repaid promptly. A prospective borrower must give evidence he or she is able to repay the loan within a given time period, and be able to make any scheduled payments without being late. Anyone who wants instant approval loans is going to have to show a creditor a fair amount of proof of ability to pay. Supporting documents will include pay slips, NRIC, CPF statements and other financial documentation. Lending institutions may also insist on proof of tenancy or letters of recommendation, depending on the nature of the personal loan. It is generally accepted that a loan applicant whose paper work is in order has the best chance of securing the amount of money sought.

Applying for a loan does not mean an individual is a bad money manager. Emergencies arise without notice. Certain costs need to be paid quickly and securing a loan is the best option. No one should be embarrassed to look for financial credit. The money might not be for anything extravagant. It could be for school tuition or repairs that a home needs. The borrowed funds might also help an individual put finances in order and eliminate some lingering debts. The best thing about personal loan is having the needed money right away and not having to save for years.

 
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Posted by on January 27, 2012 in Loan Services

 

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Paydays Loans Provide Cash Quickly in Singapore

Small personal loans come in all shapes and sizes. These are nearly all unsecured and rest on the borrower’s ability to repay over a given period of time. Personal loans, however, will require a fair amount of paper work and a certain amount of time before the loan is approved. That could cause a problem in some cases. Emergencies happen when least anticipated and an individual may need cash to cover a sudden cost. Fortunately, the financial community of Singapore has options a person can use to get the money in a hurry. One example is the payday loan.

A loan or credit to cover an unexpected emergency until the next time wages are received is a quick definition of a payday loan. Singapore has a number of lending institutions willing to provide such a financial transaction. These ordinarily have easy approval requirements and clearly defined repayment terms. Of course, a person must be able to prove that he or she is gainfully employed and be able to provide pay slips for a given period of time. Other requirements may include the NRIC card, proof of where the applicant lives, and income tax information. The key point is that the process is much faster than normal. A payday loan lasts for a very short period of time and its convenience is indisputable.

The notion “let the buyer be aware” is well taken when it comes to a payday loan. Singapore frowns on any attempt made at loan sharking, and the Small Claims Tribunal will negate any loan arrangement deemed to be unscrupulous. Still, a borrower ought to do a bit of research first. Terms of such credit offers can be found on the website of lending institutions. Something to be very careful about is any requirement to disclose the personal Singpass password. Llicensed moneylenders may not ask for the Singpass password, and any moneylender who insists on it should be reported to the Ministry of Law.

Having considered all the precautions, this form of financing can appeal to anyone who suddenly is confronted with a large damage or expense that has to be immediately paid. A gainfully employed individual can use that working status to readily get cash, knowing that the sum will be paid off as soon as the next pay period comes along. While this is not something that should be resorted to all the time, such financing can help relieve a situation over which a person may have had no ability to control or stop.

 
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Posted by on January 27, 2012 in Loan Services

 

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Foreigners Seeking Loans In Singapore Must Be Prepared

Singapore sits at the crossroads of Asia. Its history has seen the coming and going of people of all nationalities. The republic’s business continues to attract foreigners and some of them stay for long periods of time. Now and then, these nonresidents wish to take out a cash loan for various expenses. Singapore’s lending institutions are willing to allow that to happen but will insist on certain requirements. Nonresidents will quickly discover that some things must be available before applying.

The major problem a foreigner faces is not having a local credit history. Moreover, foreigners simply don’t have some of the paperwork that a resident has and this can make things a bit difficult. The lending institutions are willing to work with outsiders but have to be assured the transaction will not result in a loss. The guidelines of a typical lender may be fairly strict but are reasonable given the number of foreigners who work in Singapore. Instant loan for foreigners are available but certain paper work is necessary. A nonresident must demonstrate that he or she has the income necessary to pay the loan installments. Pay slips for a period of time, ordinarily the past full calendar year, should be provided upon request. Most importantly, that potential borrower must produce an employment pass. It lets the lending institution know the applicant will be in Singapore for the duration of the loan, and not be leaving in a short while. Depending on the lender, a Letter of Appointment may be necessary and a borrower should have this ready for inspection.

A foreigner is basically a stranger living in a strange land. That person, too, has concerns about the loan process. No one wants to be taken advantage of, and the fear may surface that the nearby moneylender is a loan shark. An easy way to calm such a worry is to contact the Registry of Moneylenders. This public board keeps the records of licensed moneylenders in Singapore. Loans for foreigners are possible and a nonresident should have no problem at all seeking a reputable moneylender.

It’s perfectly understandable from a business point of view why foreigners are treated differently. Singapore has been a port city for all its existence and seen strangers come and go all the time. A dishonest borrower can easily board ship or plane and depart from Singapore, leaving the creditor in the lurch and without the loan being fully repaid. Singapore protects its consumers and businesses alike. Asking foreigners to adhere to certain guidelines is only fair.

 
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Posted by on January 27, 2012 in Loan Services

 

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