Need a quick answer to a common question?
Borrowing from a licensed money lender in Singapore is not as daunting as it seems. The following frequently asked questions (FAQ) will be able to answer most of your burning questions if you are planning to take up a legal loan with us for the first time.
Please note that we are extremely upfront with our answers (no sugarcoating) as we are strongly committed to our philosophy of not capitalising on borrowers’ situation and concentrate on helping them to solve their temporary financial difficulties.
- What are the legal loan packages available?
- What are the basic requirements to apply for a legal loan?
Firstly, you must be either a Singaporean, Singapore Permanent Resident (PR) or work permit holder. Next you must fulfill the minimum criteria of S$20,000 gross salary per annum.
- What are the documents required during my loan application?
– Original NRIC (police report is not accepted)
– Proof of income e.g. most recent pay slip for the past 3 months, business card, employment contract, notice of tax assessment and/or CPF statement
– Letters of correspondence to verify your residential address e.g. bills or bank statements
– Outstanding loan contract/s
– Any other documents that may help speed up our loan assessment
- What if I cannot meet the basic requirements or I do not have the necessary documents?
If you are unable to meet the above requirements or lack of the required documents, you can always bring along an eligible person as your surety for the loan.
- How do I go about to apply for a money loan?
- What are the consequences of non-payment of loan?
We do not encourage borrowers to take up any cash loan unless they have understood their financial situation and fully aware of the repayment schedule. There are tough consequences for non-payment of the loan and they are as follows:
– Heavy penalty of late payment fees
– High interest for late payment
– Unnecessary stress to the borrower and his/her family and friends
– Legal action with cost to be claimed against borrower
– Bad credit profile of borrower will affect his/her housing loans and credit card application and even job stability
Question not found?
If your questions could not be found, please feel free to contact us and we will respond to you promptly.