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Personal Loan
Whether you are working on a personal project, want to pay your bills or just acquire an item you always wanted, a personal loan can provide instant help.
Benefits of a Personal Loan
with Best Licensed Moneylender
Flexible Loan Tenure
Fast approval
Quick Loan Processing
Minimum Credit Requirements
Private & Confidential
Personal loans offer immediate and timely relief to whoever in need of it. This makes personal loans one of the most essential types of loans because they are easily accessible and do not require collateral security. In Singapore, for example, they are adaptable and simple to use. Best Licensed Money Lender Pte Ltd is a licensed provider of the best personal loan in Singapore. With a goal to address your financial problems, we offer great customer service and solutions.
Whether you are working on a personal project, want to pay your bills or just acquire an item you always wanted, a personal loan in Singapore can help. Every personal loan can be adapted to your needs, and you can request the amount of money that you need.
Whether you need money for your career advancement, tech or personal products, we are always here to help every step of the way. You can apply for the best personal loan in Singapore just within a few minutes, and we will be ready to help.
Once you complete the loan application, we will reply within a few hours with our answer, and then we can provide you with the funds right away. We offer a monthly installment personal loan in Singapore that’s efficient, reliable and easy to use as well. As a licensed money lender Singapore, it’s crucial for us to deliver the best value and results, while bringing in the utmost attention to detail.
If you always needed a personal loan quickly, don’t hesitate and contact us today. We offer the best loan in Singapore with a monthly flexible repayment plan that you can adjust to your needs, and we are excited to help you fulfill your project
Types Of Personal Loans
If the various sorts of personal loan in Singapore are properly understood, one may make an informed decision.
Unsecured Personal Loan
This is a sort of personal loan in Singapore that does not require collateral. It can be used to categorise money incurred from medical bills, tuition fees, or any other unexpected event. It is common since it is simple to obtain and does not put your finances at risk.
Secured Personal Loan
In this situation, you will be required to provide collateral, such as your car or property. This draws low interest because it secures the loan. If you desire a substantial loan, this is the most suitable alternative to consider.
Payday Loan
It is known as a payday loan since it is issued on short notice and must be repaid as soon as the borrower receives their pay. The loan is easily accessible to assist in emergencies.
Eligibility Criteria
To be eligible for a personal loan in Singapore, you will need to meet the basic qualifications:
| Criteria | Details |
| Age | At least 21 years old |
| Income | Stable income with proof (e.g., bank statements) |
| Employment | Employed or self-employed |
| Credit score | Basic credit requirements |
Application Procedure
The process of applying for the best personal loan Singapore with us is simple.
- Apply on our website or visit our office. It only takes a few minutes to finish the form.
- Submit relevant documents for the verification process. These include identity and income. Make sure your documents are up to date to avoid any delays.
- We review your application and notify you of its status within 2 hours during business hours. We provide a very quick review of the application.
- Visit our branch for a face-to-face verification, sign the agreement, and receive the funds instantly.
Repayment Methods
We offer repayment options to meet your financial requirements. You can apply for monthly instalments or plans with the option of pre-closure at no extra cost. The payment terms of the best loan in Singapore are tailored to your budget. This makes it easy to manage your financial resources.
Interest Rates and Associated Fees
The cost of your loan is heavily influenced by the interest rates and fees you pay.
A. Interest Rates
We provide competitive pricing, which can be either fixed or variable. Fixed rates are stable throughout the loan repayment period, while variable rates may change based on market conditions. It is critical to determine the type of rates you are exposed to better plan your repayment strategy.
B. Associated fees
We will notify you of any potential costs before you sign the loan agreement. We do not charge processing, origination, or other hidden fees. Transparency is vital for ensuring that you are informed of all expenses involved.
Factors to Consider Before You Get a Personal Loan
There are various requirements to consider before applying for the best personal loan in Singapore:
- Interest rates: They determine the amount of repayment you will make. Compare interest rates of lenders to get the optimal deal.
- Loan tenure: Choose a loan tenure that is appropriate for your repayment capabilities. Longer tenure would result in a lower monthly payment but a greater total interest payment.
- Monthly instalments: Payment of monthly instalments should not result in a financial burden. Drawing up a monthly budget for expenses will help in meeting financial obligations comfortably.
- Credit score: A good credit score may help you get a favourable loan. Improve it before you apply to increase your chances of loan approval.
- Total amount of repayment: Consider the total loan amount in the long term. Ensure that you have information on the amount to be paid during the full course of the loan.
Required Documents
Prepare the following documents for a hassle-free loan application process:
- Identity proof: Your identity proof, which can be your NRIC or SingPass.
- Income proof: Your last recent payslips, CPF statements, or bank statements.
- Employment proof: An employment letter or contract.
- For foreigners: Attach a valid work permit and proof of residence, to confirm that you are legally staying in Singapore.
Benefits of Personal Loans
Taking a personal loan in Singapore with Best Licensed Money Lender PTE LTD offers the following benefits:
- Flexible loan tenure: Choose a suitable tenure that meets your needs. The flexibility in loan tenure can help you plan your finances well.
- Fast approval: Approval in less than 2 hours. Fast approvals ensure that your financial needs are addressed quickly.
- Quick loan: Our streamlined processes mean you get your funds with little to no delay.
- Minimum credit requirements: Accessible to people of various credit scores. We believe that everyone deserves equitable access to credit.
- Flexible repayment terms: Flexible repayment terms and schedule.
- High-quality service: Get professional and quality loan services that will meet and exceed your expectations.
- Private & confidential: Handling your personal information with care, your information is safe and secure with us. All client details are encrypted and protected.
Risks and Considerations
Although personal loans have various advantages, they also carry certain risks. Because of the high interest rate, certain personal loans may have larger fees than others. Additionally, if you do not repay the loan in full after the due date or if you make a late payment, your credit score could be affected. Borrowing must be done carefully, assuming you are capable of meeting the repayment terms.
HOW IT WORKS
APPLY WITH MYINFO
Submit application via SingPass retrieve your information via MyInfo directly. Faster and easier way to submit application.
BOOK APPOINTMENT
Received in-principal approval within the same business day. Book your appointment with us.
COLLECT YOUR FUNDS
Visit us at our outlet, you can directly obtain your cash from us or via PAYNOW
FAQ
Frequently Ask Questions
Read our frequently asked questions for fast answers
A personal loan is a financial arrangement characterized by minimal paperwork requirements and the absence of the necessity for collateral or security. These loans offer accessible funds that can be utilized for a wide range of purposes.
To qualify for the best personal loans in Singapore, you need to meet the following basic requirements:
- You must be a Singaporean citizen, permanent resident or foreigner with a valid work permit.
- Your age should fall within the range of 21 to 60 years.
- For Singaporeans or Permanent Residents, with minimum annual income of $20,000.
- Foreign workers are required to have a minimum annual income of $40,000.
When applying for a personal loan in Singapore, you typically do not need to provide a specific reason for the loan. However, common situations in which people take out personal loans include emergencies, funding weddings, covering study fees, and consolidating credit card debts.
Your maximum personal loan amount is influenced by the borrowing limit set by the Ministry of Law. Typically, you can borrow up to six times your monthly salary within this limit. Here is a table for your reference, and the maximum amount applies across all moneylenders in Singapore.
| Borrower’s annual income | Singapore Citizens and Permanent Residents | Foreigners residing in Singapore |
|---|---|---|
| Less than $10,000 | $500 | |
| At least $10,000 and less than $20,000 | $3,000 | $3,000 |
| At least $20,000 | 6 times monthly income | 6 times monthly income |
Personal loans are easy to obtain from all banks in Singapore, although the eligibility restrictions vary. It depends on your financial situation and credit history. Research and compare each one to your needs before determining the best loan in Singapore to peruse.
You can use the loan to pay for fees, home upgrades, medical expenditures, and even school tuition.
Personal loans are faster to approve, have lower credit requirements, and offer a more personalised service. We strive to make the procedure as simple and straightforward as possible for you.
Personal loans provide an easy solution to demanding needs. At Best Licensed Money Lender PTE LTD, we offer the flexible and fast personal loans to suit your requirements. Apply now and take the first step toward your financial goals with the best loan in Singapore.