Financial emergencies normally end up messing your finances. Good thing there are ways on how you can solve your financial emergency and one of them is finding lending institutions offering numerous financial assistance to people in need of cash. In Singapore you can check out several lenders that can provide you financial help a day after your application.
Personal loans are among the easiest debt that a qualified borrower can acquire. Qualified means you are a citi en and/or resident of Singapore, you are 21 years of age or older and you have a proof that you have a job that can help you repay your debt. Other than these basic requirements, you no longer need to provide other proofs or credentials to meet the lender\’s criteria. This is in contrast to other loans in Singapore like student loans where you must provide registration card or other proof of admission.
However, you have to be aware that, as unsecured type of debts, personal loans can make or break your finances. Bottom line is your motive for application. If you wish to apply to pay off your credit card bills then the cash can be a good thing. However if you use the loan for caprice, then it can bite your back in the end. So it is important that prior to filling applications and attaching your passport, HDB proof of home ownership and employment contract, you follow borrowing guidelines.
1. Consider borrowing money for short-term needs. Personal loans have higher interest rates than other types of loans. This is mainly because the debt is entirely based on your proof of income and if non-payment scenarios arise, your lender doesn\’t have a lot of chances to recover from the money you borrowed. However, your credit score will be ruined. Hence, it is important that you only borrow money as temporary fix for your money problems.
2. Borrowing from multiple lending firms should not be an option. If your application is declined because of your preferred amount, then clearly, your lender have problems on your financial status and how you can possibly repay the borrowed money. But as bad as the rejection may sound, applying for personal loans from various lenders isn\’t a good thing. Borrowing money beyond your means can lead to your financial ruin.
Related articles on personal loans or visit www.monetiumcredit.com.sg.
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