We all desire to live normal, healthy and happy lives with our families. Ironically, life isn’t always normal and sweet. A child’s hospital bills may need being paid urgently. We may fall into sudden financial debts as well. Due to these facts and the high cost of living in Singapore, people with an estimated annual gross salary of less than $30,000 have had to find succour from banks and money lenders in low income loans in Singapore to overcome their financial challenges.
However, low income loan seekers should be careful of fraudulent and incapable money lenders who are only out to dupe unsuspecting Singaporeans. Fortunately, there are still many credible banks and credit agencies in Singapore like CreditHubCapital with good reputation in money lending and highly competitive interest rates.
Conditions Necessary For Granting A Low Income Loan Request in Singapore
In order to sanitise the industry and adhere strictly to best global banking practises, there are some minimum conditions a low income loan application must meet before it can be granted. These conditions include:
- The loan applicant must be a Singaporean or a permanent resident
- The applicant’s annual gross salary mustn’t exceed $30,000
- The person must be at least 21 years old
These stated conditions are considered standard in Singapore but banks and money lenders may require additional conditions to be fulfilled before granting individual low income loan applications.
A low income loan applicant needs to take some steps on his/her own part. The first of such steps is to shop around for reputable banks and money lenders to approach for loan. Some of these credit agencies even have websites through which enquiries can be easily made about their credit operations.
The loan applicant should seek an overview of the categories of loan available and the different rates. Compare banks and money lenders before making an informed decision. Doing some online research will definitely help save time and efforts in searching for a credible creditor.
It’s up to the applicant to decide which creditor suits his/her interest. Never forget that the decision is yours to make. Once the decision has been made, prepare the necessary documents that may be required. These may include a credit report which is necessary especially if the loan seeker already has existing debts.
In conclusion, reputable money lenders don’t stress loan applicants too much before approving their low income loan Singapore applications or rejecting them.
In CreditHubCapital, for example, only three easy steps are needed to be taken before a loan application is approved or not.
- The first step involves the submission of loan application online with the required details filled.
- The next step is to wait for contact from a financial consultant from the firm to make arrangement for an office appointment.
- The last step is simply to visit the office and sign the loan contract.
The loan payment can even be made within an hour after. What a simple process. To cap it all, CreditHubCapital also guarantee low interest fees and charges on low income loans in Singapore.