There are various category loans available in the money lending market in Singapore. Some of the loans are tailored for specific needs like student loan or housing loan. Personal loans, on the other hand, can be used for any purpose by the borrower. Monthly installment loans Singapore is one such kind of payday loan that is easily available in the market and could fulfil all your financial needs. In this article, you will find a summary of how to search and apply for the best monthly installment loan in Singapore.
What is a monthly installment loan and how does it work?
This works on a simple concept: you take a cash loan and make monthly repayment in the form of a fixed interest rate. Taking personal loan by a Pte Ltd company in Singapore is a straightforward process and does not require any guarantor. A personal loan is the best kind of credit in which one knows the exact loan amount and the interest rate at which the loan needs to be paid. It allows you to take control of your finances in a better way.
Depending on the income level and money borrowed, the monthly repayment period differs for everyone. The duration for personal loans Singapore can be anywhere between 36 to 84 months.
Purposes of a monthly loan
There can be various reasons to apply for monthly installment loans in Singapore, few of the common purpose for which people apply for this loan are:
Emergencies: Emergencies can be an unexpected reason that can abruptly affect your financial plan. Taking Personal loan Singapore in such a situation can help you overcome any situation like a medical emergency or any other kind of emergency in a less stressful way. As personal loan is processed quickly by any company, you will receive fast cash which makes it ideal for such circumstances.
Credit card debts: Monthly installment loan is considered to be the most flexible way to do repayment of any credit card debt. In this loan, you will have the option to choose the installment amount and tenure as well. So, it gives you more freedom to pay the installment loans in an easier way.
New property: If you want to settle in your new home comfortably, an installment loan can prove out to be very helpful for you. You can talk to moneylenders in advance and get the information about the maximum amount of loan for which you are eligible. This gives you an opportunity to choose your dream house as you know what property you can afford.
Debt consolidation: Debt consolidation plan or DCP combines all your unsecured and credit card debts into one account. These DCP packages and their associated interest rates are very dynamic. It vastly depends on the loan amount, loan period, your income and citizen status.
Business growth: If you have a business plan in your mind or you are an SME owner who wants to improve the money flow of your Pte ltd company with a loan then this is the perfect option for you. Monthly loans act as a bridge between your idea and its implementation.
Benefits of getting a monthly loan
A fixed amount of interest: The maximum interest rate is only up to 4% monthly, regardless if the loan is secured or unsecured.
Higher Borrowing Limit: Unlike payday loans, which you can only borrow up to one month’s worth of your salary, a monthly loan can lend you up to 6 times of your salary, depending on your monthly income.
Quick and Easy Application: One can easily apply for a personal loan online or in-person and it gets approved within an hour!
Quick Cash: To reiterate, application process takes only an hour. You may receive the money as soon as the loan officer schedules you for an in-person meeting to discuss the terms and agreement of the loan. You will receive the loan as soon as the agreement has been signed.
Does not solely rely on credit score: If you are worried about not being qualified for a personal loan because of a poor credit score in the past, then it is time to brush off your worries. When you apply for a personal loan with a licensed moneylender, they don’t just take into consideration your credit score, they also consider your current financial standing and ability to pay the loan. This means you have to have proof of income. When borrowing a loan, paying on time may also give you an opportunity to improve your overall credit score.
Flexible repayment terms: These kinds of personal loans come with the flexibility to do repayment of money at comfortable installment. You can choose to pay a small amount for monthly repayment at a fixed interest rate, hence making the terms completely flexible and tailor-made as per your requirements.
Eligibility and requirements
You are eligible for this loan if, you:
- Are at least 18 years old.
- Have a minimum salary of S$1,500 for citizens and permanent residents and $2,000 for foreigners
Documents required are:
- Identity Card (for Citizen)
- Passport and work Permit (for Foreigner)
- Proof of Residence
- Proof of Employment
- Proof of Income
- Last 3 month’s salary slip
- SingPass (To log into CPF, HDB, IRAS website)
Where to apply for the best installment loans in Singapore
There are a lot of loan comparison websites available in Singapore, where you can choose the best pte ltd licensed moneylender for you based on the rate of interest, duration of intallment loans and other factors.
You can also use a loan calculator to check your eligibility for a personal loan and the repayment amount. All you need to do is fill in the amount of money that you wish to borrow and duration in which you can repay. In return, it will let you know the monthly repayment amount and a fixed interest rate at which you can take it. Likewise, many websites have their individual calculator and you can calculate the amount and directly apply for loans online.
It is necessary that personal loan in Singapore is taken only by a licensed money lender approved by the ministry of law. Fortune Credit is one such all rights reserved company in Singapore that provides installment loan, personal loans and business loans at a nominal interest rate based on your monthly income. This agency is regarded as one of the top 10 moneylenders by the Loan Advisor and is included in the list of top-performing licensed moneylenders by Top Brands.