Loan Application

 

Tips on Loan Application in Singapore

If you are in need of financial assistant and searching for best lender in Singapore, you are in the right site. When it comes to loan application in Singapore, there are lots of things you need to consider. First of all you need to check all available schemes for financial assistance in Singapore before going ahead to collect loan from a lender. It is also important for you to be sure that you are lawfully obliged to complete the loan contract you want to get into through licensed lender in Singapore. You must consider the terms and ensure that you will be able to effectively abide by them considering your income.

The Easy Loan Application You Need To Get Loan in Singapore

There are many money lenders in Singapore and you must compare their services before selecting the particular one you want to contact. It will be easy and fast for you to compare loan service of many lenders in Singapore when you do that through the internet. More so, you can read review of lenders posted by other people that have already collected loan from the same lender.

Things You Need To Consider Before Going for Loan Application in Singapore

Among the things you need to consider before going ahead for loan application are interest rate and fees. When it comes to charges and fees in Singapore, there are six permitted charges including

  • Charges for late repayment and interest rate
  • When you issue dishonored cheque
  • When there is unsuccessful deduction of GIRO from a bank
  • Cost incurred for recovery of loan
  • Early repayment or termination of loan contract
  • For term of the loan which varied based on request.

The abovementioned fees and charges are only thing you should watch after. So anything other than these is not acceptable and should be reported.

Information Needed for Loan Application in Singapore

In your bid to apply for loan through any lender, there information you will be required to provide. For only application, you will be provided with form where you will need to provide information about your name, account no, contact number, the amount you want, the type of loan, your current monthly income etc. These information will not take you long to complete mostly when you are applying on the internet.

Some Bad Practices You Should Report From Any Lender during Loan Application

You should ensure that you only contact a licensed lender for loan application in Singapore. It will save you from stress and different kinds of problems. You should report or lodge complaint against a lender for unfair practices. Some of the unfair practices you need report includes:

  • If the lender withhold part of your loan amount irrespective the reason
  • Offer you loan without confirming your eligibility or doing due diligence
  • Refuse to give you Note of contract for the loan you collected
  • Request you to sign blank document for loan contract
  • Withhold your personal document including personal ID card and others
  • Request your confidential information like password, ATM pin etc
  • Use insulting language or even threaten you in any way.

Avoid Money Lender That Will Ask For Application Fee

There is nothing like loan application fee in Singapore. So, you should avoid any lender that demands for that from you. Also, you have to go for the lender that will only request you payback borrowed amount and interest rate without secret charges.