When it comes to applying for or getting loans, people often get jittery or are found faced with a multitude of questions and clarifications about the entire process. There is a wide array of information available online and offline that is bound to confuse you about making the right decision and the right choices when it comes to applying for a loan. As a citizen of law, you have every right to question the methods followed or even about what comes after acquiring a loan. Here are your queries answered with the aptest of answers with their reasoning too.
How to Find the Right Moneylender?
Do not rely on individual sources for details about money lenders. Brush through multiple sources and correlate with similar reviews about the same company. Check with the list provided by the Ministry of Singapore and conclude the moneylender with positive reviews and feedback. The best money lender Singapore suggests are only those who are legally licensed with authentic credentials and safe loan offers. CrawfortPte Ltd is a government-approved money lending company that caters solely to the needs of the people.
Which Loan Scheme Do I Choose?
The first step to identifying which loan scheme is right for you is understanding your basic needs and the overall amount which will be required to fulfill your requirement. A substantial reason to furnish your requirement and its urgency will also help identify the category of loan to choose from. Basic requirements such as home renovations, credit card debts and the like will fall under the personal loan category. By also conferring with a loan scheme advisor you will better understand your requirements and be able to assess the verity of the amount to be borrowed.
Am I Eligible for Loan?
Eligibility for loan relies on two main factors as per the Singapore Ministry of Law:
- Having a good credit score
- Being able to repay the loan on time
Singapore law is very particular about the allowances it makes to both its citizens as well as its service providers. Even in allowing people to avail loans to fulfill their shortcomings and needs it ensures that people have a good backup to repay a loan before agreeing to a huge amount that they may not be able to bear the burden for.
Singapore law also checks the credibility of a person’s financial stability through a credit score provided by the Credit Bureau of Singapore at a nominal fee of S6$. Thus ensuring the moneylenders of guarantee that their lent money will be repaid in time by the borrower. Though all moneylenders do not rely on the credit score to grant a loan to borrowers, this does give both parties confidence in lending and borrowing money.
What Documents Do I Need?
– Much like applying for any kind of legal support, applying for legit financial also involves providing documents of proof and verification before being valued or sanctioned for a loan.
Documents proving employment and source of income.
- National Registration Identity Card – NRIC
- Recent Credit Score
- Past Compilation of CPF Statements
- Proof of Residence
In the case of foreigners applying for a loan – a Tenancy Agreement, Bank Statements, Employment Letter, Employment Pass and other documents that prove their guarantee of repayment of loan during their tenure.
Having all these documents ensures clarity in one’s value as a borrower and clears one’s mind of their ability to bear the loan.
What Do I Do after Loan Approval?
Once you have been sanctioned a loan do not take it lightly and sit back. Your first step as a borrower is to ensure that the moneylender has charged you the appropriate fee as approved by the Singapore Ministry of Law. Ensure to pay each installment on time to avoid any late fee or loss of credibility with the moneylender.
Always keep the following documents at hand until you clear off all your debts:
- Loan Contract Copy
- Payment receipts made towards the loan
- Account statement and Balance Statement
- Copies of all relevant documents, receipts as well as accounts
- Why Choose Crawfort?
CrawfortPte Ltd is an updated form of money lending firm which relies solely on customer satisfaction through quick applications and digitalized loan process which holds all information of the clients in confidentiality by the use of state of the art technology encrypted within the servers.
The Best Money Lender Singapore ties up with are all legitimate firms or banks that solely cater to the convenience and comfort of people. In choosing Crawfort you will not only benefit a sense of comfort but also feel assured of a peaceful life. If you are still pondering over the details of availing loans, meet up with loan counselors who will guide you through the entire process step by step in person and make the procedure easy to follow through.