Licensed Money Lender Personal Loan Near Me

Are you willing to apply for a loan and in search of a genuine moneylender, but have no idea about where to start? What process do you need to follow to apply for the best personal loan in Singapore? Here’s how to search for a money lender near you.

How to choose a good moneylender near me?

In Singapore, you should remember to take a loan only from a licenced money lender approved by the Ministry of Law (MinLaw). The easiest way to check the legitimacy of the company is by checking the list on MinLaw’s website. In addition to this, you should also make sure that you read reviews about them. You may check customers’ feedback on Google Reviews or Loan Advisor.

How to apply for the loan

Step 1: Determine the amount: Firstly, you need to determine the amount of loan that you need to take. Is it a large amount or a small one? What is the purpose of taking the loan? A personal loan lets you borrow up to 6 times your monthly salary, that can be paid up by monthly instalments subject to the terms and conditions of the agreement.

Step 2: Check the requirements: There are different requirements to apply for various loans, make sure to check if you are eligible to apply for it. Taking a personal loan is easiest from all the options, but naturally, you will have to apply for it based on your needs. It is important to opt for the best interest rate available in the market. For this, you can either inquire with the moneylender directly or can use an online loan calculator.

Eligibility for getting a loan:

Minimum age should be at least 21 years.
Local/PR with a minimum salary of $2,000 or a foreigner with a minimum salary of $3,000.

Documents needed:

Singaporean / Permanent Residents (Minimum Income > $2,000)

Identity Card / NRIC
Proof of Residence such as Recent Bill or Letter addressed to you (applicable if you do not own the place of residence)
Tenancy Agreement (applicable if you are renting a flat)
Employment letter if your current employment is less than 6 months
Recent 3 months payslips
Know your SingPass (log into CPF, HDB, IRAS website)

For Foreigners (Minimum Income > $3,000)

Work Permit / S-Pass / Employment Pass
Passport
Proof of Employment (staff pass, company pass & employment letter)
Recent 3 months Payslips
Proof of Residence (Tenancy Agreement & recent bill or letter addressed to you)
Latest Bank Statement of account to which salary is credited
Singpass (To download IRAS Notice of Assessment)

Step 3: Submit Application: Once you know the amount and loan that you need, you can start applying. The loan officer will contact you within 15 minutes after you have submitted your loan application. If you are eligible to apply for a loan, you will be invited down to their office to sign the contract. The loan will be approved within 30 minutes and you will receive your cash loan within an hour.

Step 4: Read the terms & conditions: Once the loan is approved, you will have to sign the contract. Before signing, make sure that you read it thoroughly and understand it. If in any case, you are not able to pay any of your instalments on time, what will be the consequences? Would the contract be extended or the rate of interest change? A loan officer will always explain to you all these terms and conditions. You can always ask any questions that you have until you clearly understand everything.

Conclusion

Doing the proper research can help you find the right lender with a suitable loan package that fits your needs. Just remember that a good moneylender will always follow all the guidelines by the Ministry of Law. Contact 1 Fullerton Credit today or contact them on 6588 1886 to get details of the best loan packages available in the market. They have no hidden costs, and they give fast approval. A lot of clients feel that the team here is professional and very friendly.