5 Things To Take Note Of When Getting A Personal Loan


While it is true that Singapore is a beautiful place to live in, this diverse country does not come cheap. The cost of living is so high, even for locals. Dual income has become common to meet daily needs, but some people still run out of money to pay bills. If that happens to you, consider getting a personal loan in Singapore. 

Borrowing money from a money lender in Singapore can help ease your financial burden even for a while. If you decide to get one soon, below are the things you should take note of when getting a personal loan.

1. Choose The Right Money Lender

Borrowing money is no easy matter, which is why you should get it from a licensed money lender in Singapore to protect yourself from fraud. A licensed money lender is a financial lending company recognised by the Ministry of Law. Visit their website to see the complete list of licensed money lenders.

2. Gather All The Necessary Documents

While searching for a money lender in Singapore, you should slowly gather all the necessary documents such as NRIC/passport, computerised payslip, household bills, etc. You will need to submit these with your personal loan application.

New employees that have been working for less than six months may need to submit their employment contract as proof that they have a source of income.

3. Determine The Interest Rate

Any loan comes with an interest rate. It is an additional charge you need to settle on top of the borrowed amount you received from your chosen money lender. Knowing the percentage of the interest rate of your online loans can help you assess how much you need to pay monthly.

4. Keep In Mind Of Your Current Liabilities

When borrowing money from others, you need to take into account your current liabilities since you will have to divide your current income to settle all of them, including your soon-to-be debt.

To guarantee you will not fall into debt even further, you better consider changing your lifestyle and cutting down on your monthly expenses.

5. Carefully Read The Personal Loan Agreement Contract

Being meticulous with any contract you will sign your name on can save you from trouble. There might be some fine print you miss reading and understand that can cause you to pay more than what you expect.

Contact Monetium Credit at +65 6777 7775, leave a message on their website or drop by in person if you need to get an urgent cash loan in Singapore. Their experienced money lender consultant will explain everything you need to know.