How To Get A Personal Loan: A Step By Step Guide - 0 views

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  #1 Ted Mccoy on 21 Apr 12

   

  
  
  Singapore MoneylendersAs the costs of living in Singapore are rising steadily on a yearly basis, some of us may very well be caught offside when some urgent matters unexpectedly surface that require money. In these cases, it's money that you may not have but you need to have.
  
  So you decide to borrow money. Rather as compared to encroaching on family, relatives and friends, you turn to banks and licensed moneylenders to get a personal loan.
  
  Loaning criteria for banks and licensed moneylenders:
  
  

  
  
  • For annual income of S$30, 000 or higher, you can apply with regard to credit facilities that grant you credit as many as four times your monthly salary;
  
  
  • For annual income between S$20, 000 to S$30, 000, you can borrow up to twice your monthly pay;
  
  
  • For yearly income below S$20, 000, you can only borrow up to S$3, 000 from licensed moneylenders with maximum 18% interest per annum;
  
  
  • To borrow from banks, you really need a clean credit history, as it is the first criteria they look at. So if you never have been regularly servicing your credit card bills or your hire buying, then you are deprived.
  
  

  
  
  However, it is quite tricky to borrow from registered moneylenders, as they are not standardised in their dealings. Each of the 243 licensed moneylenders (as of 1 February 2012) has its very own set of terms and conditions for loans, and personal loans are the most popular in their business.
  
  Things to do before seeing any licensed moneylenders:
  
  

  
  
  • Budget your monthly acquire salary and whittle it as a result of your disposable amount after factoring in all of the your financial obligations; and
  
  
  • Derive the quantity you can repay in full each month from ones disposable amount, having set aside some money for financial savings.
  
  

  
  
  Things to ask the licensed moneylenders:
  
  

  
  
  • The amount you want to borrow and whether they can lend you;
  
  
  • The interest rate and how it can be calculated;
  
  
  • Your repayment period; and
  
  
  • Some other extra fees and charges which will apply.
  
  

  
  
  Items to consider in selecting the desired moneylender:
  
  

  
  
  • The repayment amount matches or is as few as your calculated repayment level;
  
  
  • Understand all the fine print that the moneylender submit; and
  
  
  • Your moneylender's demeanour and approach.
  
  

  
  
  Things to note when signing this contract:
  
  

  
  
  • The contract's information matches the verbal explanation with the moneylender;
  
  
  • The contract lists correctly the primary loan amount, the interest rate, the repayment period and the repayment amount due monthly;
  
  
  • The moneylender passes you full loan amount as predetermined without deducting any amount for almost any fee, if any, ought to be told to you sooner; and
  
  
  • You are assured you will get a dated and signed receipt for each repayment and/or fees, as well as a half-yearly statement from your moneylender.
  
  

  
  
  On your side, you must:
  
  

  
  
  • Promptly repay all monthly installments;
  
  
  • If possible, repay your principal level earlier, if there is not a clause in the contract that prohibits it; together with
  
  
  • Keep all receipts and statements of account for future clarification if required.
  
  

  
  
  Don't borrow more than you may repay, and keep for your repayments strictly.
  .
  

   

  <div class="cArrow"> </div><div class="cContentInner"><br /><br /><a rel="nofollow" href="http://www.sucredit.com.sg">Singapore Moneylenders</a>As the costs of living in Singapore are rising steadily on a yearly basis, some of us may very well be caught offside when some urgent matters unexpectedly surface that require money. In these cases, it's money that you may not have but you need to have. <br /> <br /> So you decide to borrow money. Rather as compared to encroaching on family, relatives and friends, you turn to banks and licensed moneylenders to get a personal loan. <br /> <br /> Loaning criteria for banks and licensed moneylenders: <br /> <br /> <ul><br /><li> For annual income of S$30, 000 or higher, you can apply with regard to credit facilities that grant you credit as many as four times your monthly salary; </li><br /><li> For annual income between S$20, 000 to S$30, 000, you can borrow up to twice your monthly pay; </li><br /><li> For yearly income below S$20, 000, you can only borrow up to S$3, 000 from licensed moneylenders with maximum 18% interest per annum; </li><br /><li> To borrow from banks, you really need a clean credit history, as it is the first criteria they look at. So if you never have been regularly servicing your credit card bills or your hire buying, then you are deprived. </li><br /></ul> <br /> <br /> However, it is quite tricky to borrow from registered moneylenders, as they are not standardised in their dealings. Each of the 243 licensed moneylenders (as of 1 February 2012) has its very own set of terms and conditions for loans, and personal loans are the most popular in their business. <br /> <br /> Things to do before seeing any licensed moneylenders: <br /> <br /> <ul><br /><li> Budget your monthly acquire salary and whittle it as a result of your disposable amount after factoring in all of the your financial obligations; and </li><br /><li> Derive the quantity you can repay in full each month from ones disposable amount, having set aside some money for financial savings. </li><br /></ul> <br /> <br /> Things to ask the licensed moneylenders: <br /> <br /> <ul><br /><li> The amount you want to borrow and whether they can lend you; </li><br /><li> The interest rate and how it can be calculated; </li><br /><li> Your repayment period; and </li><br /><li> Some other extra fees and charges which will apply. </li><br /></ul> <br /> <br /> Items to consider in selecting the desired moneylender: <br /> <br /> <ul><br /><li> The repayment amount matches or is as few as your calculated repayment level; </li><br /><li> Understand all the fine print that the moneylender submit; and </li><br /><li> Your moneylender's demeanour and approach. </li><br /></ul> <br /> <br /> Things to note when signing this contract: <br /> <br /> <ul><br /><li> The contract's information matches the verbal explanation with the moneylender; </li><br /><li> The contract lists correctly the primary loan amount, the interest rate, the repayment period and the repayment amount due monthly; </li><br /><li> The moneylender passes you full loan amount as predetermined without deducting any amount for almost any fee, if any, ought to be told to you sooner; and </li><br /><li> You are assured you will get a dated and signed receipt for each repayment and/or fees, as well as a half-yearly statement from your moneylender. </li><br /></ul> <br /> <br /> On your side, you must: <br /> <br /> <ul><br /><li> Promptly repay all monthly installments; </li><br /><li> If possible, repay your principal level earlier, if there is not a clause in the contract that prohibits it; together with </li><br /><li> Keep all receipts and statements of account for future clarification if required. </li><br /></ul> <br /> <br /> Don't borrow more than you may repay, and keep for your repayments strictly. <br />.<br /></div>

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