How to Apply for Singapore Moneylender’s Loan Online
New technology advances are being made in today’s society and because of it, the demand for money is increasing.
Families require more money now than ever before. One solution to their financial problems are getting funds from friends or relatives or applying for moneylender’s loan online.
Getting a loan in Singapore is one of the easiest ways to temporarily and immediately handle financial emergencies. There easy loan application in Singapore online system and it is popular due to its outstanding reviews and ratings.
Online Loan system like onemoney.com.sg does not have hidden fees and obtains 100 percent satisfactory from their customers.
Before you apply for a loan, you need to be aware of the type of loans available and different licensed moneylenders’ terms and conditions.
What Is a Licensed Moneylender’s Loan?
Licensed moneylender’s loan is money that can quickly be credited to an individual’s bank account for financial emergency purposes. Majority of moneylender’s loan are categorize into different types of loans like personal loan, payday loan, loan for foreigners in Singapore, domestic helpers loan aka maids loan.
Some big boys even offer financing facilities to business, trades and SME however we are not touching on this topic today. Basically, these are unsecured loan offers by licensed moneylenders in the market.
They are adhere to the strict rules set up by the authority from the maximum amount that can be charge, maximum interest rate chargeable to maximum overall charges for the loan. This helps protect the interest of the borrowers.
Individuals can apply for a loans to receive money to help them with their finances until their next salary bank in. Normally, loans can be issued from licensed moneylenders within 30mins of application (On premise). There is a longer hour waiting period from the time the application is submitted online to receive the funds.
Documents Required to Process the Loan Application
Before a loan can be processed, there are different documents that are required. These forms can be conveniently submitted online. |
The documents are required for identity verification.
These documents include:
- NRIC or Government-issued identification card
- Phone, utility or credit card statement for proof of residence
- Bank statement for proof of income/CPF contribution records
Why Do People Apply for Loans from Licensed Moneylender?
Other than the speed of approval where you get cash on hand faster than any other financial institution.
People apply for loans for various reasons, including:
- Paying household expenses
- Home renovation
- Emergency situations
- Medical expenses
- Credit card payments
- Investment purposes
Who Is Eligible for Moneylender’s Loans?
Each loan service has specific qualifications. Basic eligibility criteria includes:
- Applying applicants must be between 21 and 65 years of age
- The applicant must have a minimum income of $20,000 per year
- Individuals applying must have proof of identification and residence via ID card
- Applicant must be a permanent resident of Singapore or have Singapore citizenship
- Majority of licensed moneylender also offers loan to foreigners and doemstic helper residing in Singapore.
|Borrower’s annual income||Singapore Citizens and Permanent Residents||Foreigners residing in Singapore|
|Less than $10,000||$3,000||$1,500|
|At least $10,000 and less than $20,000||$3,000|
|At least $20,000||6 times monthly income||6 times monthly income|
Repaying Your Loan
Repaying a loan is a crucial part of an individual’s credit history. A contract agreeing to the moneylender’s terms and conditions must be signed before a loan application can be submitted. Once the individual signs their name, they are bound to the terms. It is in the best interest of the individual to make their loan payments on time.
Default payments can be sent to collections and have a negative impact on the individual’s credit score. However, repaying loan payments on time can have a positive impact on an individual’s credit. Payments made on time show responsibility. In the event, an individual requires another loan, it will be easier to obtain.
There are different types of loan moneylenders offers, and choosing the best option can be more difficult than you intended. Each moneylender has different services and features. These services and features need to be researched and investigated thoroughly before the final decision is made.
Individuals should research loan lenders available in the Singapore area and choose the company that best suits their current situation.
What Are the Benefits of Licensed Moneylender Loans?
Monetary needs are increasing every day, as is the technology that makes high-tech loans possible. Whether you need money to grow your business, meet the needs of your family or a little bit of both, moneylender’s loan services always can help you get the cash you require.
Moneylender’s loan is a popular choice for anyone who needs cash and needs it fast. Latest technology and algorithm allows lenders to gather your credit information within minutes of time. It just a matter of time, when authority dismiss the requirement of on premise verification and explanation which can be easy replaced with facial recognition system for verification and video conferencing.
These advance technologies have been making big inroads in other country and now into the local market, driven by the credibility and transparency of the process and the fact that all our loans come with a 100% guarantee of satisfaction.
If you need a loan, you may still need to do some homework and understand exactly what the process entails. Having a thorough understandings of the loan process and the identity requirements will make the process go more smoothly for everyone, and here is what you need to know.
As the name implies, Moneylender Loans provides a simple path to the cash you need. When you apply for a loan, you get a fast decision, and once approved, the money you request is instantly credited to your account. You can control the amount you borrow through loan system facility, and the future online services make the entire process simple and convenient.