Financing a home improvement project while living in Singapore can become an overwhelming task. Whether you want to make a few simple upgrades or construct a pricey new addition to kitchen, remodeling your home in Singapore can drain up your savings pretty easily. So you must look for a loan depending on your monthly income and the scale of your project. However, going to a Singaporean financial institute can take a long time to get your loan approved. Banks analyze your credit worthiness before offering you a loan and your loan might also get rejected due to your low credit score, low income and employment history. Seeking a personal loan from a licensed moneylender in Singapore can be the best option when you are in financial crisis and need to finance your home remodeling project. Here’s how a licensed money lender can fund your home improvement project the easy way.
Licensed moneylenders in Singapore offer various types of loans such as personal loan, payday loan and even debt consolidation loan with flexible repayment tenure. The best part is that these money lenders are authorized by the government of Singapore and the whole money lending industry is guided by the laws and regulations framed by the country’s government.
•Easy application and documentation: A licensed money lender in Singapore knows the urgent financial needs of people like you. They have easy loan application process. In fact, some money lenders accept online applications through their secured website. They also have minimal document requirements and may ask you to submit income and address proof, National Registration Identity Card and tenancy agreement.
•No credit check or income limitation: A licensed moneylender will not check your credit score before approving your loan. Whatever is your income level and what type of loan you want to take for home renovation, you can easily get a loan from a lender.
•Fast Approval: Seeing the high cost of living in Singapore, it is essential to get your home improvement project completed quickly. When you apply for a personal loan from a licensed moneylender in Singapore, it might get approved within a few hours, which will help you to get your project done quickly.
To qualify for a personal loan from a licensed money lender in Singapore, here are the eligibility criteria:
•You must be a Singapore permanent resident over 21 years of age, or an expat with a valid work permit (S Pass)
•Give a photocopy of your National Registration Identity Card (NRIC)
•Provide legal proof of income such as bank statement, payslips for the last 3 months or income tax returns. If you are self-employed, you must give your income tax statements or legal proof of income.
•Expats or foreigners are required to provide tenancy agreement
•Proof of address (PUB bill or handphone bill)
No need to mortgage your house, use your credit card or look for a home loan from a bank for financing your next home improvement project. Taking a personal loan from a licensed moneylender in Singapore is best for your current home improvement project needs.