If you wonder what is the quickest way to get a personal loan in Singapore, you have come to the right place. A quick personal loan will help you meet your emergency monetary needs – be it in the form of car repairs or medical bills. For your convenience, we have listed some tips that will enable you to get a personal loan in Singapore quickly.

Tips To Get A Quick Personal Loan In Singapore

• Tap on the credit card limit.

The easiest and fastest way to get a personal loan in Singapore is to convert your unused credit limit to a credit card. The lender will already approve how much they want to lend you when you sign up for the card. It will eliminate any need for another approval or document processing.

You can convert your unused credit into cash for a personal loan almost instantly if you possess a deposit account in the bank. If not, it may take some days for the transfer to occur. Ensure first that the repayment terms are acceptable to you.

• Check the lead time of your cash disbursement.

For your loan, the approval speed is not the only thing that matters. If you require cash quickly, see if your provider promises to disburse cash within a short-term period. You can check the requirements of the deposit account and cash disbursement lead time. In case you have a deposit account with the same provider, you will get your cash within a day or on the same day within a day of the loan approval.

• Focus on pre-existing loans.

Pre-existing loans will affect the chances of your getting a personal loan. The Total Debt Servicing Ratio or TDSR is sixty percent in Singapore. This means the totality of the loan instalments cannot amount to more than sixty percent of the gross monthly income.

• The Reputation of your loan provider.

The first thing that you need to check is the customer reviews. You have to borrow money from a source that is transparent. For this, consider this question- how do I check if a lender is licensed in Singapore. Check whether they offer personalised packages, customer support, and do not lose your bills and other paperwork.

You can steer clear of too good to be true offers. In addition, you can read the reviews online. Then, inquire about the loan provider from other sources. Once you decide upon the loan provider, you will get your personal loan quickly.

• Consider the maximum amount of loan.

You have to consider the maximum amount that you can apply for a personal loan. For this, you will have to think about certain factors. These include the following.

1. Your relationship with the credit provider
2. Your monthly income
3. Your credit score
4. Your citizenship

Few banks in Singapore will ask for a minimum yearly income requirement of S$20,000 to S$30,000. This is the maximum amount for the approval of loans, but they can also lend you ten times this amount of the monthly earnings. But, most banks offer six times the monthly income you have in Singapore.

Things you need to check before applying for a personal loan amount are as follows.

1. To protect the credit score

In case you apply for a more significant loan amount, the licensed moneylenders and banks will reject the application. Multiple rejected applications within a short time period will decrease your rating.

2. To solve problems efficiently

Knowing the loan amount that you need to borrow will give you an idea about the budget that you need to work with to solve your problems. So, you have to know how much amount you can get rather than asking for an amount that will be beyond your reach.

• Prioritising credit score.

Your credit score is important for your loan. For this reason, money lenders and banks in Singapore prioritise your credit score. You can turn your credit score to an advantage by working on it.

First, take care of your bills and the closing lines of credit that you are not using. But, do not think that it will improve the credit score overnight, but you can show your top licensed moneylender that you are willing to become a reliable customer.

• Think about instalments.

Before you take a personal loan, you need to know whether you can pay instalments. The legal maximum TDSR is sixty percent. If you do not want an expensive instalment, you can opt for smaller loans. In case you require a higher amount of loan, check your monthly expenses to see if you will be able to afford it.

Conclusion

A licensed money lender can guide you to get a quick personal loan in Singapore. Maintain a good credit score to avail yourself of personal loans during emergencies.