A low-interest rate is the last piece of the loan application puzzle. Of course, it sounds appealing, especially when you need cash urgently. Personal loans are outstanding for sorting your financial issues without offering collateral. Now, the trick comes with finding a suitable lender with low-interest rates!
With many money lending companies in Singapore offering loans, finding the right one with low-interest charges can be challenging. You want anexcellent money lender who not only gives you a personal loan at a low-interest rate but also offers flexible payment, terms, and expert guidance on loans.
If you are in a financial crisis and are looking for a lender with the lowest personal loan rates in Singapore, worry no more! Our article directs you on how to go about it! Read on!
Want the Lowest Personal Loan Rates? Follow These Tips!
You may ask yourself, “What is a personal loan?” and “What are its interest rates?” Well, a personal loan is an unsecured loan that is credited to an individual for personal reasons. This means you do not have to secure the loan with collateral such as a house or car if you cannot repay the loan.
Once the loan is approved and deposited to your account, you can repay it in instalments or ransom. Of course, like any other loan, there are interest rates tied to the loan. They vary from one lender to another and are also based on the longevity of the loan.
How Do the Personal Interest Rates Work?
When applying for a personal loan, you will encounter two types of interest rates; personal loan interest rate and annual personal interest rate (APR). A personal interest rate is calculated in percentage and applied to the loan principal only. On the other hand, the annual personal interest rate is the combination of the advertised interest rate and any other charges associated with the loan.
Some loans may offer low interest but have you paying a high-interest amount in the long run. To prevent this, visit the moneylender’s offices and learn more about their APR and PIR. Also, for a better understanding of the charges and rates incurred on your loan, you can calculate them on a personal loan calculator online.
Your eligibility to get credited with a personal loan in Singapore depends on your annual income and citizenship. Once your loan has been approved, you will have to undergo a face-to-face verification and later have the money credited to your account. So, how do you get the lowest personal loan rates in Singapore?
1. Determine the Amount of Money You Want to Borrow
The first thing you have to decide on is the amount of money you want to borrow. This involves calculating the money you need and the purpose it will serve. You should also consider the potential legal charges and instalment payments that are convenient for you.
2. Maintain a High Credit Score
Credit scores tend to determine your loan eligibility and offered amount. You can get them on a credit report obtained at the Moneylenders Credit Bureau (MLB) or Credit Bureau of Singapore (CBS).
A high credit score positively impacts your chances of getting a low-interest rate. If you have a bad credit score, try improving it by paying your bills on time and accounting for your credit card and bank account expenses.
Additionally, you should avoid applying for multiple loans from different money lenders. Your debt threshold will significantly increase, and you might have a hard time repaying all the amounts.
3. Apply for Loans from Licensed Moneylenders with the Lowest Interest
There are many money-lending organizations in Singapore, and you want to deal with only the best. What separates them, however, is their interest rates, both personal and annual interest rates.
Moneylenders in major towns have a higher interest rate to meet their high cost of operation. Luckily, online moneylenders have a lower interest rate because of online transactions, hence low operation costs.
4. Compare Interest Rates and Terms
To get the best deal, you should go through multiple money-lending companies and choose the one that is best for you. You can check out these moneylenders from their website and pamphlets or visit their offices. Doing so, you review their interest rates and terms and compare them before deciding.
Of course, banks tend to charge higher interest rates even for personal loans. They should be your last consideration for this!
5. Have a Good Employment Record
If you are an employee, having a good history in your previous employment boosts your chances of getting a lower interest rate and loan eligibility. Most moneylenders require proof of at least two years of work, including the one with the current employer.
Individuals who work in reputable public, private, or government organizations are credited with the lowest personal loan rates. This is because they are believed to have a stable source of income and are capable of paying the loan quickly and faster.
Most licensed money lenders in Singapore will make sure that they check their terms and conditions before advancing the loan to you. They will look at aspects such as loan tenure, payment method, and interest rates.
The loan contacts typically state all the terms and conditions required by law. Unlike banks, your loan is approved instantly, and you get your funds will reach you within no time,
Top lending companies like Oasis Credit Services are suitable for everyone. They have a very low-interest rate on every personal loan you want. You can do your wedding or go on that vacation with the loan money they offer, and you won’t have to stress about the hefty charges associated with borrowing from them. Moreover, they do not have hidden fees or charges to any loan, saving you from extra repayment costs.
Talk to experts at Oasis Credit services today and get your funds without hassling as much. Contact us and get the lowest personal loan rates in Singapore to cater to your personal needs!