Is Personal Loan Worth It?

Is Personal Loan Worth It?

Life is often unpredictable and the situation differs at any time. Sometimes we may force into the worst scenarios which are beyond our financial capabilities. In those situations, we don’t have many options other than a personal loan.

There is no doubt we can approach the family member or close friend for emergency needs, at the same time we should think about their financial situations. Because every individual has their commitment and self values that they need to fulfill.

In the worst scenarios, they may also not able to provide financial help to you. Under those circumstances, the certified money lender company at Singapore assures a quick solution to the financial needs of every individual. For an urgent financial need, Personal Loan is the boon to an employed person.

It is important to think of the following aspects to enjoy maximum benefit from the Personal loan before acquiring the loan:

Personal loan for Emergency needs

Many people are excited about a sophisticated life. Maybe it’s a luxurious car, new furniture, or holiday vacations. In this situation, many people think about taking a loan to live a sophisticated life. For taking a personal loan, the document required is simple and the cash is disbursed immediately.

When an individual takes the loan for personal reasons they may lock in severe financial crisis. A Personal loan is for emergency needs, not for personal expenses. When a person takes a loan for personal reasons he may suffer a lot in the future by paying more interest for the loan amount. Hence it is advised to take a loan for urgent needs.

Always prefer to take Personal loans for emergency needs like medical expenses, overwhelmed credit card bills, or in shortage of planning for the purchase of some property. Whenever you take a loan, take a look at it whether you badly need this money? If so just proceed, since the interest rate of personal loan is comparatively high than a secured loan.

Quick Access of Loan 

Personal loans are unsecured loans, which need only a few documents for processing. For an unsecured loan the customer must do the following things:

Apply online: Apply for a personal loan to the certified Money Lender online. After filling the application form, the customer has to wait to receive the confirmation mail from the Lender. 

Check the results: The Lender will send the result to the customer’s e-mail id and his registered mobile number within 10 minutes.

Collect the Loan: Once the confirmation mail is received, the customer can visit the lender directly to validate the details and collect the cash from the bank.

What is your monthly income?

Before taking the personal loan, the individual must need to know how much he can take as a loan based on his annual income. The amount received yearly will determine the amount you qualify for.

The government has separate norms for Singaporeans and Foreigners who work in Singapore. Based on monthly income, work experience, and the place where the applicant lives in based on these proposals, the government fixes the amount to the Lenders.

Money Lender or Banks will check the loan applicant’s credit history, re-payment history, citizenship, and workplace and assign the amount accordingly based on the applicant’s annual income.

Suppose if the Singaporean or a foreigner has an existing loan, then the personal loan will be calculated as per the bank norms. The multiple repayment options are available for a convenient cash re-payment schedule. The applicant can choose their tenure, repayment schedule, and interest rate based on the terms and conditions.

What documents to be submitted for loan application? 

Once the moneylender approves your loan, then the applicant must submit the following documents to avail loan.

For employed:  The documents required are NRIC, Singpass & 2FA and 3 months official computerized pay slip are needed.

For self-employed: The required documents are NRIC, Sing pass & 2FA are needed.

Interest rates for Personal Loan 

The main factor to be considered for a personal loan is the rate of interest charged. Just pay attention to the interest rate and check what is your minimum and maximum requirement and take the loan amount accordingly.

To get the best rate, it is better to compare the interest offered by different money lenders and financial institutions. The online loan calculator also helps to find the interest rate, competitive rate, monthly EMI, and tenure of the loan.

When you take the Personal Loan have the intention to repay the loan within a short period. Failure of personal loans may cause widening debt, stress, depression, and a low standard of living.

It is always advised to Check about loan details through online and choose your convenient loan and tenure for emergency needs. At the time of excess cash flow, pre-close it to save future needs.

Learn more about instant loan with EasyFind personal loan guide.