Loans play a vital role with regards to your wants and needs. Not only this but if you want to start your brand-new business and do not have the required fund to raise the capital, then you can easily approach a loan provider without any hesitation.
Nowadays, businessman and strategy makers do not have to think much about the growth of their business.
Most of the entrepreneur in courtiers like Singapore have started demanding start-up loan, and surprisingly they get the approval for their demand easily. Due to this, Singapore ranks 2nd all over the Asian continent in the “Ease of doing business index”, which is calculated by the world’s leading economists.
If we talk about the individual level, Personal Loans in USA an easy flow of cash without doing monthly jobs. Sometimes many of us face a shortage of money while paying our credit card bills and throwing off the best wedding ceremony possible.
Not having the required amount to pay your educational fees and/or any particular course fees is the major problem of all the students who want to achieve their desire and goals. Everyone has the right to dream. No power can stop you from doing this, not even your lost pocket.
Only a personal loan provider can help you out in such situations. Although, you must have a genuine reason as to why you need a loan. But there is a drawback while requesting personal loans. Not everyone gets approved for such types of mortgage.
What are the criteria for getting loans?
In this greedy world, everyone is profit-oriented, even the loners. Many of the private bank owners have established a whole organisation out of nothing just by the amount of money generated from giving the mortgage.
Those who are helping with loans are very clever minded. They are looking to charge the highest interest rate possible at the time of accepting the money demand. According to many news outlets and reports, a loner makes more profits just by giving money than a monthly salary package of a software engineer in multinational corporate companies.
But not everyone is ready to extinguish their hunger for money through personal loan interest rate Singapore, and even they know the mindset of common people. Well, loan providers are very clever and intelligent.
Most the moneylender provide loans only to those who come up in all the criteria. Yes, your loan will only be approved if you have passed all the legal criteria. So before looking out for loan money, you must know what the criteria to get the loan are.
Here is the list of a few basic and very common criteria’s a loan giver considers before giving you a loan.
Let us have a brief look into it.
- Source of earnings
The very first things a moneylender will ask you is your source of income. Of course, a loan seeker can only pay loans and high interest rates if he or she has a steady and reliable job or income source.
If we talk about the average monthly income throughout the world of the person who needs a loan, then they must have a salary package of around five thousand US dollars. In Singapore, the average goes down to 1-2 thousand dollars.
Although, it depends upon the amount of loan you are seeking for. If you want money under the cash slab of ten to twenty thousand, then the average income of yours per month should be around 500-1000 Singaporean dollar which is comparatively low.
Moreover, those who are giving you money on an immediate basis notice the amount of money you want. If you are going to demand more than 1 lakh, then your monthly salary should also give you the necessary support.
- Eligible age
The factor which almost every licensed moneylender will consider is the age of that person who wants the loan. The ministry of laws and internal affairs of most of the country has put down the eligible age for a loaner seeker to the limit of +18 plus.
Whereas in the metropolitan cities of Singapore, the minimum legal age for a borrower should be 18 and above.
Although, if you are taking a personal loan for educational purpose, then the age factor is not considered by the moneylender. In such a case, the age limit of a guarantor is examined.
However, the age limit can vary from bank to bank. There is no specific estimation of age limit for all the banks as they draft their loan policy.
- Other eligibility criteria
Some other important norms a licensed moneylender can look out for is your criminal records and past loan records (if any).
Criminal records will help them to determine whether you are a fraud or not. And more on, if you are under debt crisis of a loan that is already taken from any other lender, then it is nearly impossible to get approval.
How moneylender approves the loan?
One’s they have gone through every single detail and personal information related to you and your assets, it’s time to decide whether you will have the opportunity for loans. If you are eligible enough, then you may get approval for your loan demand.
Yet sometimes money seekers have behind in some criteria like the source of earnings. It is not possible to think about getting a mortgage if you don’t have a stable and, more importantly, a legal income source.
But still, some of the moneylenders in countries like Singapore can give you money even if you do not have a job or employment. No, I’m not talking about a loan shark or an illegal lender.
You don’t’ have to approach a loan shark if you can get cash from a licensed moneylender even if you don’t have income proof. Perhaps, you must have a guarantor who can guarantee the lender for loan payback concerning the personal loan interest rate.
And yes, your guarantor must have good earnings.
In this way, you can get a personal loan from a licensed moneylender without income proof easily.