Unforeseen circumstances, such as medical bills or unexpected repairs, can often require immediate cash. For those who don’t have sufficient savings, unsecured urgent loans in Singapore can provide a solution. Whether you approach banks or licensed moneylenders, understanding the required documents is crucial for swift loan approval. In this article, we will outline the necessary documents needed to secure an urgent loan in Singapore.
Personal Identification:
– Copy of your passport, NRIC (both front and back), or Employment Pass: Lenders need to verify your identity to prevent fraud and ensure you meet the age requirements (18 years for licensed moneylenders and 21 years for banks) and do not exceed the maximum age limit (usually 65 years).
Proof of Address:
– Copy of your latest utility bill or lease/rental agreement: Lenders want to verify your address to ensure you have a valid residence in Singapore. Having a verifiable address increases lenders’ confidence in extending loans to you.
Proof of Income:
– For salaried employees: Provide the latest income tax notice, payslip, or CPF contributions.
– For self-employed individuals: Submit copies of the most recent income tax notice or bank statements showing income deposits. Include documentation of any additional income earned, such as freelance jobs, as it may impact your loan eligibility.
Lenders, whether banks or licensed moneylenders, prefer borrowers with a steady income to ensure timely repayments. Minimum salary requirements may apply for bank loans (starting from $20,000), while licensed moneylenders generally do not impose such requirements but consider your income for determining the maximum loan amount.
Recurring Monthly Expenditures:
– Mortgage or rent statements
– Utility bill receipts
– Credit card and insurance payment records
– Car loan payment documents
Lenders offering urgent loans in Singapore want assurance that you can afford the loan repayments. Providing documents that outline your current expenditures demonstrates your ability to manage monthly payments responsibly.
Credit Rating:
Lenders assess your creditworthiness during the loan application process.
– Banks check your credit score through Credit Bureau Singapore (CBS), which provides information on borrowers’ credit risk profiles. A good credit score increases your chances of loan approval.
– Licensed moneylenders rely on the Moneylenders Credit Bureau (MLCB) report, which consolidates data on borrowers’ loans and repayment records. They do not practice credit score discrimination and evaluate creditworthiness based on the report.
Should You Get an Urgent Loan in Singapore?
While borrowing money for unexpected expenses is challenging, urgent loans are generally a more cost-effective option compared to payday loans or credit card cash advances. Loan standards vary by lender, so consider factors such as borrowing amount, fees, credit score requirements, income criteria, and repayment terms when evaluating your options.
Avis Credit, a licensed moneylender registered with the Ministry of Law, offers personal loans with competitive interest rates and flexible repayment terms. Our straightforward application process accommodates both Singaporeans and foreigners, ensuring a fast and seamless experience to help you receive your loan quickly.
When facing unexpected expenses, urgent loans in Singapore can provide much-needed financial assistance. By gathering the necessary documents, you can streamline the loan application process. Avis Credit stands ready to offer personal loans with attractive terms, ensuring that you can overcome financial challenges with ease. Contact us today and experience a hassle-free loan application process.
