Since very few people have the money to get through the tough times, a personal loam will be essential. This is of course a loan that is going to help you to consolidate your bills, have funds to send kids to boarding schools and even give you the money needed to help with a big wedding. No matter what you end up needing money for, there will be a loan out there, if you can get approval.
Because of that, you will need to look at the qualification process. Many financial establishments have guidelines in place that are going to help both the lender and the borrower stay safer. That does mean that typically, a personal loan will only be given to those from the age of 21 to 65. In addition to the age requirement, identification will need to also be given. While the ages may seem strict, they are done so to ensure that borrowers are mature enough to understand the loan, while elderly victims aren't victims to predatory lending.
While looking at a personal loan that is offered, you will find that you must also be a true citizen of Singapore, or at a minimum a permanent resident. This ensures that you won't borrow the funds and suddenly leave, before the financial institution can get their funds back.
You will also need to understand that for your loan, your annual income is going to be important. Usually, if you make less than S$20,000 you can't be approved. With this, your borrowing history will also come into play. So keep this in mind as you look at a potential personal loan. Once you have agreed on a dollar amount, make sure you review the payments and interest being charged.
Traditionally, the following formula is used when determining how much you may borrow.
If you make under $20,000 you will only be allowed to borrow up to $3,000 total. If you make more than S$20,000 but under S$30,000 the total amount you can borrow is less than two months of annual salary. Those who exceed this income level but make less than S$120,000 can borrow four months' worth of salary. If you are someone who exceeds S$120,000 the amount you borrow will be up to the banks discretion as well as your own.
Because of that, you will need to look at the qualification process. Many financial establishments have guidelines in place that are going to help both the lender and the borrower stay safer. That does mean that typically, a personal loan will only be given to those from the age of 21 to 65. In addition to the age requirement, identification will need to also be given. While the ages may seem strict, they are done so to ensure that borrowers are mature enough to understand the loan, while elderly victims aren't victims to predatory lending.
While looking at a personal loan that is offered, you will find that you must also be a true citizen of Singapore, or at a minimum a permanent resident. This ensures that you won't borrow the funds and suddenly leave, before the financial institution can get their funds back.
You will also need to understand that for your loan, your annual income is going to be important. Usually, if you make less than S$20,000 you can't be approved. With this, your borrowing history will also come into play. So keep this in mind as you look at a potential personal loan. Once you have agreed on a dollar amount, make sure you review the payments and interest being charged.
Traditionally, the following formula is used when determining how much you may borrow.
If you make under $20,000 you will only be allowed to borrow up to $3,000 total. If you make more than S$20,000 but under S$30,000 the total amount you can borrow is less than two months of annual salary. Those who exceed this income level but make less than S$120,000 can borrow four months' worth of salary. If you are someone who exceeds S$120,000 the amount you borrow will be up to the banks discretion as well as your own.
About the Author:
When you in need of cash, then you'll want to take issues on your own hands. Begin by searching for a licensed company to provide you funding. Then find out if you are qualified for a personal loan in Singapore!
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