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November 05 2013

personalloansingapore1
personalloansingapore1
personalloansingapore1
personalloansingapore1

Things to Remember When Applying for Personal Loans (Singapore)

When it comes to taking a personal loan in Singapore, many people can get irritated and confused by the lengthy process. But did you know that if you want to get a good deal on your personal loan, the process usually begins even before you step foot into a lender's office? That's right; you need to put in a lot of work prior to applying for your loan if you want the best deal. Here is a list of a few things you can do to help ensure you get a great deal on your personal loan:

1. Credit history- It is very important that you have a good credit history before applying for a personal loan. Having a bad credit score may result in you not getting a personal loan at all, but having a low credit score may result in higher interest rates and lower repayment tenures. You should make the necessary improvements to your credit score and get it as high as possible before applying for a personal loan if you want to get a good deal.

2. Interest rates- You should also check interest rates being offered by various lenders before choosing a personal loan. Not all lenders will offer you a loan at the same interest rate and if you don't check with at least 4 or 5 of them you will not even know if you're getting a low rate or not. Interest rates are also based on your credit history. This is just another reason why you should improve your credit score before applying for a personal loan.

3. Terms and conditions- Negotiating interest rates isn't the only thing you need to do when it comes to taking a personal loan Singapore-based. There are various other things like the repayment term which you can negotiate as well. You will obviously get a lot more leeway if you have a high credit score, but a low score doesn't mean you can't negotiate at all. You should also check on the various terms and conditions of a loan before signing on the dotted line. Check for prepayment penalties and other such clauses which may hurt you in the future. Just because you don't have enough money to repay the entire loan right now doesn't mean you will never have enough money

4. Repayment- If you thought taking a personal loan was difficult just wait till you have to repay it. Some people jump at the thought of taking personal loans without actually calculating how they are going to repay the loan. This often gets them in trouble as they lack the monthly income to successfully repay the loan on time and in full. This usually leads to massive penalties and fees. If you can't afford to repay a loan, it's best not to take it in the first place. Even if you have regular income from which you plan to repay the loan, it's best that you have a backup plan as well just in case your primary plan doesn't work out.

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