Emergencies wait for no one, and they’ll never alert you when to strike. You can be faced with an emergency that requires immediate financing regardless of the time of the day.
For instance, if you are faced with an emergency that requires immediate financing in the middle of the night what do you do? This is where credit company Singapore comes in.
Many are times when Singaporeans find themselves at crossroads not knowing where or who to run to. When faced with such emergencies, you are left with no other option but to run for the most accessible loan.
This is where online loans come into play since they are accessible at any time and from anywhere.
Instead of waiting for the banks or credit unions to review your loan application, the online lending network can process your loan in a matter of minutes.
What is an Online Loan?
It is a type of personal loan that you can apply online from a licensed financial institution such as banks and moneylenders.
Features of Online Loans
Unsecured – These loans are not backed by any collateral. It is only a matter of filling out the loan application form and within no time you get your account credited.
Accessible online – The loans are applied online. You do not have to visit any credit company in Singapore to access the loan. You just apply it in the comfort of your home either using your phone or laptop.
Online application forms – The loan application forms are available online and are filled and submitted online. There is no point where you dealing with physical forms.
Loan limits – Most online loans come with a credit limit. The limit is dependent on your credit rating or your previous borrowing history with the company you are borrowing from.
High-interest rates – Most online loans attract high-interest rates. This is because they are unsecured and they are riskier than secured loans.
Short term – Most online loans are short-term due to their risky nature. Mostly, they are meant for emergencies.
Singapore Online Loan Eligibility
You must be a Singapore Citizens, PR, or a Foreigners
Be 18 years of age and above
Must be living and working in Singapore
Required Documents for:
Singaporeans / Permanent Residents
- Personal identification documents such as NRIC or Passport
- 3 months’ Payslips
- Proof of income such as bank statement for self-employed
- Access to SingPass account
Foreigners
- Employment Pass
- Passports
- Proof of home address such as utility bill, rental agreement
- 3 latest Payslips
Procedure for Obtaining Online Loan
- Fill out an application form online with your selected credit company in Singapore and provide your personal data, phone number, and desired loan amount.
- Upon receipt of the application form, the loan manager calls you to conclude the agreement
- Upload all the required documents
- Loan approval and Disbursement
Benefits of Online Lending
Time-saving since you do not have to travel to the bank
Quick loan processing since no processing of security is required.
Ability to independently use an online loan calculator
Transparent loan conditions
Convenient loan repayment schedules