What is a Personal Loan?
A Personal loan Singapore is an amount of money that you can borrow to use for a variety of purposes. For instance, you may use a personal loan for an emergency, to consolidate loans, for school fees, renovation, dream wedding, and so forth.
It can be offered by banks, Singapore licensed moneylenders or credit unions. The money borrowed is expected to be paid overtime with interest on top. It also attracts loan application fees.
Below is what you need to know about a personal loan:
In Singapore, many banks and lenders offer personal loans but the requirements may vary. Here are some of the basic eligibility criteria that you will need to meet when applying for a Personal loan Singapore.
- Age of the Applicant – Any borrower should have attained the age of 21 years, although some lenders offer up to the age of 18 years and do not lend to individuals who are above the age of 60.
- Annual Income – Most lenders require Singaporeans or permanent residents to have an annual income of $20,000 and $40,000 for foreigners with valid credentials.
- Residence Status – Most lenders in Singapore offer personal loans to citizens, permanent residents and foreigners with valid credentials. However, there are some lenders who only give loans to citizens and permanent residents.
- Employment Status – Personal loans Singapore is offered to anybody with consistent income. The income can either be your salary or from the business.
Types of Personal Loan
There are two types of personal loans Singapore namely; term loan and revolving loan.
Term Loan – Term loan comes with a set period of time or a fixed period as well as established monthly installment. The interest rate for the term loan is usually higher than that of a revolving loan but a small percentage is usually charged for processing fees
A Revolving Loan – It is also referred to as the personal line of credit. Just like a credit card, you can use it anytime, anywhere up to your credit limit. You are only required to pay a minimum of 2.5% of the amount utilized each month. Because of its revolving nature and flexibility, the interest rates are usually higher.
A revolving loan does not have a fixed loan period, it is always available as long as you have regulalized the amount utilized. Once you pay the amount utilized, the limit becomes available again for you to utilize.
Term loan can extend from 1 year 7 years. The longer the term the lower the monthly payment but this comes with a high-interest rate.
How to Increase Eligibility
Having a good credit score will help increase your chances of receiving a personal loan. Also, having a steady income increases your chances of accessing a personal loan from the bank or Singapore licensed moneylenders.
If you are looking for a personal loan, SuCredit has got your back. Follow this link
Why Choose Us
We are reliable licensed money lenders
We offer quick turnaround time
We offer customized loans
We offer high loan approval rates
We offer low interest rates
According to MoneySmart Singapore, about 1.5 million people in Singapore have personal loans, which is about 36% of the adult population. The average loan value is $20,400, and the most significant percentage of borrowers are between 25 and 34 years old.
The amount of personal loans taken in Singapore has increased by 60% in 5 years, an average of 12% per year. There was a sharp increase in the loan value from $500 million to $1.25 billion. The growth in personal loans gets driven by the rise of internet usage in Singapore. People are more confident about getting loans online than going to a bank or financial institution and speaking to a representative face-to-face.
Borrowing money can be an essential and even necessary step toward achieving your financial goals. While there are many financial options available, such as credit cards or lines of credit, a personal loan is one way to get the funds you need quickly and from a lender that specializes in lending directly to consumers. However, knowing what a personal loan entails before applying for one is essential.
What is a personal loan?
A personal loan represents a form of unsecured loan that means you don’t need an asset that can be used as collateral. You can borrow money and pay it back over time, typically in monthly installments. A personal loan can help you pay for expenses that are beyond your reach with your current bank account or credit card. There are many various reasons why people take out personal loans, including paying down bills or consolidating debt, planning a vacation or special event, or just paying off old debt. You can use it on anything your heart desires! When you apply to get a personal loan, your credit history will determine whether or not you are approved. If you have a good credit score, you can receive the lowest interest rate available.
The dangers of borrowing a personal loan
Borrowing a personal loan can act as a good thing when done right. Borrowing money to invest in your own future can help you build wealth and assets. However, borrowing a personal loan carries the risk of financial loss and comes with emotional, psychological, and social risks. Many folks fall prey to the trap of borrowing too much money. They mistakenly think they can make more money to pay off their debt, but they end up with more debt instead.
Borrowing money is never an easy task, especially if you are in a position where you need to take out a personal loan. Before you move ahead and pull the trigger on your application, there are some key things that you should know about it.
Your credit score and approval chances!
A credit score is an indicator of creditworthiness. When it comes to undertaking a loan, the crucial thing you can do is improve your credit score. It is because the credit score will determine what rates you get offered and how much money you can borrow. The higher the score, the better.
A bad credit score will influence your capacity to get any form of financing. If you have a bad credit rating, it might be challenging to get loans at all, and even if you are able to get a loan, the terms will be pretty unfavorable. If you plan to apply for a personal loan in Singapore, you must understand the importance of your credit scores and how they affect your loan application.
Check the Repayment schedule and interest rate.
When you require a personal loan for whatever reason, you might be doubtful about the repayment schedule and interest rate. While there is no one uniform standard for every lender, here are some figures for reference:
a) The average interest rate for a personal loan in Singapore is between 4%-15%. It varies from one bank to another.
b) The typical repayment period for a personal loan here is around 5-10 years. The longer-term of a personal loan means it will accrue less interest throughout the tenure but with a slightly higher monthly installment. On the other
You must fulfill the eligibility conditions to avail of personal loans. You have to be a Singaporean who has crossed the age of 21. The current bank account should be $1000 or above. As a salaried person, your earning must be at least $3,000 per month. If you cater to the stated conditions, then you can make an online application to any one of the reputed private lenders in Singapore.
Choosing the right lenders
It is simple to get a personal loan in Singapore. But the difficulty persists in choosing the best lender. When you take any loan, there will be some hidden charges around like processing fees, late fees. You may not be aware of such costs initially that can lead to financial trouble for you in the future. Hence, as if you are going to take a personal loan for your own use, make sure about all charges and interest rates before taking any loan.
Your Sources of Income and loans applications
Always include all sources of income when applying for a loan. It will ensure that you get the most favorable interest rate for your financial situation. When you file for a personal loan, you should never apply with more than one lender at the same time. Many people do this thinking that they can negotiate a better deal from one of the lenders, but what it does is cause confusion and delay your application. The lender will be unsure who to talk to about your account, which may ultimately result in your application getting declined.
Partner with SU Credit for your personal loan needs!
Whether you need a personal loan to consolidate your debts or buy an iPhone for your upcoming holidays, we can help. Here at SU Credit Pte Ltd, we provide a platform that enables you to find the right company and give them all your requirements. It makes it easier for us to source one of the many companies and connect you directly with them to get a reliable loan. You can now take advantage of our services to get the money you need. Whatever your profession may be, we have the perfect loan package for you. Our personal loans are available in any denomination, and you can repay them easily online. We offer a wide range of loan products and flexible payment plans that will help you out in your time of need. If you need guidance on what form of loan is right for you, sign up today to connect with our helpful team members!
A personal loan refers to a loan that an individual gets from a financial institution with the anticipation of paying it back in monthly installments. There is an interest charge in Singapore, and it ranges from 3.5% t0 10.8%.
It also has a loan repayment period that ranges between 12 to 84 months, whereby the borrower is required to pay a minimum amount of $1,000 if one is to qualify for it.
There are so many reasons why one proceeds to get a personal loan in Singapore: emergency loans, medical, education loans, debt consolidation, and many more. All these are put in place to help the borrower meet the short-term or long-term financial obligations, which may have negative consequences in the future if not catered for in good time.
Whatever reasons that may be there, it’s imperative to have an idea of the best personal loan that one can take in Singapore. This is because numerous financial institutions offer a wide variety of products with discounts and periodical promotions, which can be an overwhelming situation for a borrower.
Below are some essential tips that one should place in mind when applying for a personal loan with a Credit company in Singapore.
- Plan for the loan and put it into good use
More often than not, borrowers get excited about seeing huge monies in their accounts and forget the reason for taking the loan. This ends up disorienting the finances and, at times, leads to regrets. Much as this is a freedom that everyone ought to enjoy, put the money into good use.
For instance, consolidate the high-interest loans using the new disbursement, pay off the medical bills as and when they occur.
This is done to ensure that you do not fail in your financial planning and that you will be able to plan the finances accordingly.
- Research for the Best Credit Company in Singapore before Signing up for any loan.
While there are tens of financial institutions offering Credit facilities in Singapore, it is essential to research for the best company that will meet either the short-term or long-term financial needs with ease.
Some companies are legitimate, while others are loan sharks and are out there to exploit individuals who are not well conversant with the loan operations. For instance, some may charge as high as 20% interest on loans, while the government-approved loans range between 3.5% to 8%.
Others do not have physical offices, and should there arise any issue; one will not have a fallback position to seek help from.
One of the best moneylenders in Singapore is Su Credit PTE ltd. They will offer the best interest, take you through all the terms and conditions and ensure you are well equipped with their loans.
Next time you look for a personal loan in Singapore, whether to sort the emergency needs or for a holiday session, visit https://sucredit.com.sg/ and enjoy all the benefits that go hand in hand with this esteemed moneylender in Singapore.
This is very important. It helps one to know the credit standing at the time of loan application. Remember that the credit score reflects one’s financial history, and therefore, it is essential to maintain a good credit score. This will enable one to get loans at low-interest rates and qualify to get loans with the best financial institutions in Singapore.
Always remember that the higher the credit score, the more one gains trust in any financial institution. Therefore, as you look forward to building your loan portfolio, always pay in time to maintain good credits at all times.
- Be familiar with the Interest rates, fees and Commissions, and any other charges applicable at the time of loan application.
Before settling down and making a loan application, check from the various financial organizations on how they charge. The interest rate may vary from one company to another, and there is a need to understand the charges beforehand.
Some companies also have annual charges, which is an additional figure from the interest rate offered. This may render the loan to be too expensive, while there are moneylenders such as Su credit Pte Ltd that do not have such charges in place.
How about the late payment fees? Many companies have a percentage set, where they impose charges on late repayment. Check out on those who offer lenient late repayment charges.
Sometimes it is inevitable to get late in making the monthly repayments, and if costs are too high, the result is that they would end up paying costly charges.
Moratorium changes are another factor to consider when it comes to the charges. Weigh the amount of money one will be asked to pay in case of loan moratorium and change of tenure. By doing this, one will be able to decide on how viable the loan might become.
Speed is of utmost importance to the borrower and, as such, very important to get information beforehand on the duration it will take for the loan to be disbursed. This, however, ranges from one lender to another. In most cases, banks go for more than a week; licensed moneylenders can take as little as 24 hours.
So, depending on the urgency of the loan, the borrower should not be coarse by the lenders and find themselves in the wrong hands. Always work within your limits and convenience.
For instance, with the digital era, companies have migrated to online loan applications, making it more convenient and improving on speed compared to the olden days when such was a dream.
Applying for a personal loan is an exciting experience if one goes through the right path. Again it is a way of raising cash quickly and efficiently, and as such, one must read through the terms and conditions of the loan and confirm that you are in safe hands.
Also, ensure that the loan tenure is within one’s ability to repay the loan depending on the source of income, and you will be good to go.
When it comes to personal loans, we are dealing with a very wide branch of the credit market in Singapore, a form of financing that together with the home loan represents most of the requests of Singaporeans looking for financing.
But what are personal loans in Singapore?
This is a fixed interest rate loan granted directly to the applicant by a specialized financial company or a licensed money lender like Su Credit, repayable over a certain period, generally between 12 and 120 months, by paying repayment installments constant every month, all underwritten by a contract. Below we will talk in detail about personal loans in Singapore by analyzing everything you need to know about them.
What are the peculiar characteristics of personal loans in Singapore?
First of all, Personal loans in Singapore are non-finalized loans at a fixed rate and repayable in constant installments, and when the contract is signed between the parties involved, the amortization plan is defined at the same time, i.e. the total amount to be paid to the financial company or licensed money lender as a reimbursement of the disbursed capital plus the interest calculated on this amount, including ancillary costs and tax charges, over a pre-established time frame. Each installment, therefore, consists of a principal amount and an interest portion.
At any time the financed party can decide to terminate the contract early, repaying the bank or financial company the amount still owed, and in this case, the sum to be repaid will be equal to the residual debt indicated in the amortization plan or obtained from the calculation of the current value of future installments.
Personal Loan from Licensed Money Lender: who is it convenient for?
Such a loan is very convenient for the recipient of the money. Thanks to the wide choice of a licensed money lender like Su Credit and their web platforms that offer similar services, we can prefer the one that best suits our case. We will be able to choose the amount we need, but also the interest rate that will be applied to the loan. We also won’t be forced to fill out millions of contract pages. Everything will happen quickly and quickly, and on some sites like Su Credit, it is possible to get money even if you are a bad payer. This type of exchange also benefits those who make the money available.
Precisely for the same reasons, the lender can decide the interest rate, repayment times, etc. A loan, therefore, turns into an investment, as we will be able to get a nice sum from this exchange. So a similar operation is convenient for both parties.
The advantages of a personal loan from a Licensed Money Lender
In addition to the previous advantages, applying for a personal loan from a licensed money lender has many other positive implications. First of all, the timing with which they are accepted or rejected. If we go to a bank, the waiting times for the response are quite long.
In addition to filling out the documents, these entities take time to ascertain the integrity of those who request the sum. Often even those who act as guarantors, or closest relatives, are “investigated”. This is because institutions need to know that, in one way or another, we can return the money taken. With a personal loan in Singapore from a licensed moneylender, we will not need a guarantor, or to undergo too strict controls.
Personal loans from licensed money lenders are safe and have countless advantages. There is no need to fill out the thousands of paperwork as we should do in the bank, the request and receipt times are short and we do not need guarantors or similar figures.
As already mentioned, it is also possible to choose the amount of the monthly payment. In this way, we can also prefer a very low one. Return times are getting longer, but by doing so the amount will never be greater than our economic possibilities. In general, this type of personal loan is customizable in every aspect.
Personal loan: who can apply for it?
Personal loans in Singapore are an option potentially open to any category of subjects, as long as they can demonstrate their ability to repay the loan with the interest charged.
Therefore, they can be requested by self-employed workers, employees or retirees, by submitting a specific application to the chosen licensed money lender with related documentation attached. The minimum requirements for applying for a loan are less strict in Singapore than those imposed by a bank. But it is good to clarify that there are anyway, and almost all sites are uncompromising on this point. To obtain a loan from a licensed moneylender, the applicant must:
- be between 21 and 65 years old;
- Singaporean citizen (valid for most sites);
- have employed with a minimum annual salary of $10,000.
Loan evaluation criteria
Once the personal loan application has been submitted, the procedure of the credit institution provides for an evaluation process of the request based on certain parameters: the acceptance of the personal loan request by a bank depends briefly on two elements, namely a correct ratio between the income and the installment to be paid, and a good level of creditworthiness.
With the first aspect, a credit company evaluates the set of financial commitments undertaken each month by the applicant and proposes an installment proportionate to the income received. However, the real cornerstone is the creditworthiness of the applicant, i.e. the degree of trust that the financial company attributes to the customer based on the payment history of other loans: if it is regular, it is possible to obtain a personal loan, otherwise the This issue is considerably complicated unless alternative forms are allowed such as the assignment of the fifth that offers superior protection guarantees for a bank.
How long will it take to have the sum of money?
Once the appropriate form has been completed, a confirmation email is immediately sent to the applicant. This represents a sort of test, that is, the loan installment for the requested sum is simulated. The final interest rate, and the loan response, arrive within 24 hours of sending the request. Once the loan is accepted, the applicant is entered into the site database. The lenders can then give the sum, investing in the applicant they prefer.
Generally speaking, personal loans are considered feasible, safe, and handy for people coming from different backgrounds! Whether you are an entrepreneur or an employed individual – you can proceed with a personal loan in Singapore to fulfill your cash requirements without wasting your time.
Google, “Personal Loans Singapore” and you will be amazed by the magnitude of results! Lending has become a very profitable business in Singapore; as a result, many private entities are illegally luring prospective borrowers.
You should avoid unlicensed moneylenders to stay safe as advised by law enforcement agencies of the country. SU CREDIT PTE LTD is a Singapore Licensed Moneylender and you can verify our status by accessing this list here. It is completely safe to apply for a personal loan provided that you are not dealing with an unlicensed moneylender.
Benefits of Personal Loans
- Fast track approvals
- Fixed and flexible interest rates
- No collaterals involved
- Repayment in fixed monthly installments
- Possibility of flexible repayments
- Availability in shorter and longer tenures
How to Avoid Singapore Personal Loan Scams?
The official website of the Singapore Police has a dedicated page to educate the general public about loan scams! It is an unfortunate fact that around $6.8 million were lost by the victims of financial scammers last year. Don’t panic! You can easily avoid such scams by borrowing from a listed Singapore Licensed Moneylender such as SU CREDIT PTE LTD. Furthermore, keep the following points in mind!
- Avoid chasing unrealistic offers
- Licensed moneylenders are not allowed to market through cold calling and unsolicited text messages
- Singapore Licensed moneylenders are not allowed to close deals remotely
- Moneylenders are not allowed to ask you for any kind of fee or service charges before loan disbursement (including “admin fee”, GST, “processing fee” etc.)
- Singapore Licensed moneylenders cannot lend at interest rates beyond 4% per month.
- Never share your personal information such as bank account details, SingPass or NRIC with anyone
- Ignore the advertisements you receive through social media channels.
When to Report the Moneylender?
SU CREDIT PTE LTD retains a team of seasoned financial advisers and loan experts. We believe, borrowers should understand their rights and must act appropriately to safeguard their financial and social wellbeing. At times, you might encounter unpleasant circumstances while seeking a personal loan. The following are a few cases in which reporting the moneylender becomes mandatory!
- Use of threatening or abusive language
- Questioning about your SingPass credentials
- Retention of personal ID documents (such as ATM card, NRIC card, work permit, etc.)
- Approval of loan without exercising due diligence
- Moneylender charges >10% on account of the processing fee
Why Borrow from a Singapore Licensed Moneylender?
Personal loan products being offered by SU CREDIT PTE LTD and other Singapore Licensed Moneylenders are specially designed for customers in need of instant cash. Being a borrower, you remain safe and covered against malpractices when you do business with licensed moneylenders. So, you can easily raise your concerns against licensed moneylenders before the competent authorities. On the other hand, you won’t be able to enjoy a legal cover from authorities against malpractices of an unlicensed moneylender.
What SU CREDIT PTE LTD is offering?
SU CREDIT PTE LTD is one of the finest Singapore Licensed Moneylender operating on the market. We are here to assist our clients with their planned and unplanned financial needs. So, whether it’s about gifting a diamond ring to your other half or the latest smartphone – you can always contact us with full confidence! We are a 100% legal business. You are welcome to the club of satisfied and happy SU CREDIT PTE LTD. Let us assure you! It’s completely safe to apply for a personal loan with us.