6 Common Problems with Singapore Personal Loan Applications

Problem #1 Approval Process Is Too Long

With some lenders, you may have to wait several days only to find out they want more information. If you need money now, this is not acceptable.

Solution

Choose a trusted lender that offers fast pre-approval. You’ll know within minutes if you qualify and you may be able to set up an appointment, get approved, and receive money on the same day.

Problem #2 Loan Rejection

If your credit isn’t perfect, a bank or financial institution may reject your application. This is very frustrating but it can be avoided.

Solution

Go to a lender that doesn’t check credit references. These companies are there to help young people and those with past credit issues. You don’t need collateral and it’s very easy for most people to qualify. You don’t even have to be a Singapore citizen and they offer fast approval.

Problem #3 Confusing Interest Rates

Some people apply for personal loans in Singapore and because it’s for a short-term, they don’t understand why the interest rates seem so high.

Solution

If you pay a loan off in a month or so, you don’t pay annual interest rates, so it’s not that expensive. Talk to a personal loan specialist and he or she can explain how the process works.

Problem #4 Loan Amount Is Not Sufficient

In some cases, you might not qualify for the full amount of the loan you want. If you need the money to pay an auto repair bill or emergency expense you need the entire amount.

Solution

Choose a lender that specializes in personal loans. You can receive as much as three or four times your monthly income. The best personal lenders do not have minimum income requirements, so you can qualify for the most amount of money.

Problem #5 Hidden Fees

Nothing is more frustrating than taking out a loan and then finding out it’s going to cost you more than you expected. This happens with surcharges and processing fees that the lender fails to mention.

Solution

It’s important to choose a personal lender in Singapore that gives you all the charges upfront. These companies are honest and they don’t charge you loan application fees.

Problem #6 Complicated Loan Process

Some lenders make you go through all kinds of trouble just to finalize your loan application. They want many documents and this can delay your approval by several days or even weeks.

Solution

Use a personal lender that has simple and easy requirements. You know ahead of time what you need and how long the process will take.