A personal loan can be a great financial tool if used prudently. The loan can help you deal with emergencies. These emergencies could have otherwise stripped you of your bill money. Hence, you have to choose a money lender Singapore interest rate that is best for you. For instance, Credit Hub Capital (Singapore) is a great money lender.
You can get cash in advance and repay the loan over the next few months based on your salary. Even better, you don't need collateral for this type of loan.
Factors determining Loan Eligibility
The main factor in determining if a person is eligible for a loan in Singapore is the source of income. The higher the earnings of the borrower, the higher the loan amount that a borrower is eligible for. This also increases the chance that the loan will be approved.
Money lenders usually lend up to four times the salary of the borrower. These are money lenders are such as Credit Hub Capital (Singapore).
Make a comparison of loans before you borrow a loan. The loan industry is competitive in Singapore. Hence, there is a variety of money lender Singapore interest rate. So, do some research. Then make some comparison between the varying personal loan interest rates. Then choose one that you can manage.
As a borrower put into consideration your debt servicing ratio. Debt servicing ration is the repayment of bills per month in comparison to total income. Ensure that this ration is less than 50% or else you will suffer from high-interest loans.Other than the interest rates, always check other factors when comparing money lenders. Check the repayment period and extra fees among other important factors. The most important factor is trust. Always pick a money lender that you can trust. Also, ensure that you can manage to repay the loan. Remember to make sure that you make the repayments on time.
In Singapore, you have to compare loan terms of different institutions. Do this before you take a personal loan. The way that your credit score matters in a line of credit, your income matters with a personal loan. Choose the best deal for you!