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How to Apply for A Personal Loan?

When borrowing money, we must consider what kind of personal loan singapore and what bank offers we are interested in, since this is broad according to the needs we have … and among the most flexible are personal loans, but what is and how request a personal loan singapore?

The most flexible offer

The personal character lies in that it adapts to the needs of the client without having to rely on quotas and fixed amounts as in other cases. The client decides how much he wants and for what he needs it and engages in conversations with the bank that, once the viability of the operation is assured (that the applicant is in a position to return it) is granted within the agreed terms and terms.

Given the security offered by checking the credit file of the applicant, their monthly income and that are usually not too high amounts, just ask for guarantees for the concession, so access to a personal loan singapore is relatively simple.

Measure the necessary quantities and the return time

The first thing we must do when considering a personal loan singapore is to calculate how much we need. Given the flexibility, we do not have to adjust to what is strictly necessary. For example: we do not need the money to buy a new vehicle because we have a tight budget month by month, it is convenient to ask for a peak over the value of the car for possible contingencies or even to return the first installments while adjusting our budget.

On the other hand, we must measure the quantities to know exactly if the personal credit is the right product for us or we will need to go to any other financial offer in the market. A personal loan singapore usually ranges from 600 to 15,000 euros: for smaller amounts the right product for its facilities both in access and in return are micro-loans such as Twinero.es, while for higher amounts we already talk about mortgage loans, since it is It is difficult to offer long-term repayment guarantees in excess of 15,000 euros (although there are companies that can offer them).

Select the method to request a personal loan

To date, the offer is very broad and covers both traditional banking companies and financial companies that operate online.

This last option, that of requesting a personal loan singapore via the Internet, has as its main advantage the speed and ease in the concession, with flexible financing conditions, without the need to have any previous connection with the financial company and reducing commissions of the type “study or opening”.

However, compared to traditional banking we find disadvantages that the amounts tend to be smaller and the amortization period is lower, although more and more products like these are seen in online banking that are equalized under conditions of traditional banking.

Beware of ASNEF

As a last factor to take into account when applying for a personal loan singapore is the fact of belonging or not to a delinquency list. We have indicated the importance of the financial institution conducting a feasibility study at the time of granting the loan, and in that study the applicant’s credit history and monthly income and expenses are taken into account.

Belonging to ASNEF, in addition to greatly lowering the credit score by which the granting of personal loan singapore is measured, is a stain on the file that prevents the granting of banking services, so at least in traditional banking we will have complicated at the time of access a personal loan singapore in these conditions.

However, in online banking it is common to find more and more urgent money concession products despite being on a list of defaulters, although it is advisable to allocate the money that can be obtained to get out of the list and improve our credit situation.


Editorial Staff

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