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The following article was published in our article directory on July 4, 2013.
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Personal Loan Singapore – What is it and Why Get One?

Article Category: Finances

Author Name: Dean Wang

With the current cost of living, it isn't surprising that many individuals today are trying to obtain personal loan Singapore opportunities. The fact is that an additional influx of cash is always welcome as long as it is reasonable. This is why personal loans are in demand – they offer the chance of borrowing money without having to meet impossible requirements. Although some requirements are in existence, the fact is that personal loans are definitely more accessible to borrowers.

Define Personal Loan

Personal loan is defined as a borrowing opportunity for the personal use of the borrower. It is often obtain as unsecured with only the borrower's integrity as the security for payment.

Why Take a Personal Loan?

As the definition states, a personal loan is taken for personal purposes with no specific explanation of how it will be spent. This is actually one of the biggest draws of personal loans. Borrowers do not have to expand or explain on why they are getting the loan, therefore cutting back negotiation time significantly. Typically, personal loans are obtained to pay off outstanding debts, purchase personal items or even use it for a dream holiday.

How much can be borrowed for a Personal Loan?

The credit limit for a personal loan varies from one person to another. Banks in Singapore and all over the world typically use a mathematical formula to find out how much cash they can spare for the borrower. Typically, this involves the amount salary they get on a monthly basis. If the loan requires you to pay more than 10% of your monthly salary each month then chances are you're going to be turned down by the bank. Of course, other factors may come into play with this. For example, if you have an exemplary credit history then a bit of leeway may be offered. Securing the personal loan with an asset can also help boost your credit limit with the lender.

How to apply for a Personal Loan?

The process of applying for a personal loan Singapore may vary from one lending institution to another. Typically though, this involves determining the amount you want to borrow, filling in an application form and waiting for an appointment wherein the loan will be discussed. More often than not, it is the bank that will set up the interest rate of the loan based on how big it is, how long it will be paid and the credit worthiness of the borrowers. The better your credit score is, the lower your possible rate.

What are the things to remember when applying for a personal loan Singapore?
Applying for a personal loan is easy but still leaves the possibility of rejection. This is why individuals who want to increase their odds of acceptance are advised to prepare their financial history for a credit check. Correct any mistakes on the credit report and pay off outstanding bills to increase the score. It's also a good idea to send an application to multiple lenders so that you have the option of comparing the terms of the loan.

Keywords: Personal Loan Singapore

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