Easy Funding With Monthly Instalment Loans in Singapore

Personal crises which require urgent funding can catch us off-guard from time to time, whether it’s a medical emergency or sudden house repairs. This is where a monthly loan lends you a big hand, providing the funds you need with low interest rates and a predictable monthly instalment!

With a monthly loan in Singapore, you can resolve any sudden financial emergencies you’re facing. Alternatively, you can use your instalment loan to take advantage of any timely investment or business opportunities. However, for the latter, you might want to consider our business loans in Singapore instead, which allow you to obtain larger amounts.

If your monthly loan repayments are late, you’ll incur late interest charges and late repayment fees. The exact penalties for repaying your monthly instalments late depends on the loan contract you sign, but here are the general limits for these penalties:

Late Interest Rate: Up to 4% for every month that an instalment is repaid late

Late Repayment Fee: Up to S$60 for every month that an instalment is repaid late

Think about whether the monthly repayment loan is truly necessary for the financial emergency you’re facing. Do you own any insurance policy which covers the crisis at hand, such as motor insurance if your vehicle breaks down? Also, if you have sufficient savings to pay for the emergency without seriously impacting your budget, a monthly loan might not be necessary.

Yes, you can! Licensed monthly loan money lenders largely approve or decline your application based on how stable your income is. With that said, a good credit score naturally boosts the chance of you getting a loan approval. That’s because both of these serve as proof that you’re capable of repaying your monthly instalments on time.

• Ensure There Aren’t Any Gaps in Your Application

This advice applies to every licensed monthly loan money lender in Singapore. The details in your monthly loan’s application form should not contain any errors. Additionally, submit every supporting document listed below to thoroughly prove your income, identity, and residential address in Singapore.

• Choose the Right Loan Amount

Each annual income bracket has a different borrowing limit for licensed monthly loan money lenders. When you’re applying for monthly loans in Singapore, make sure you don’t exceed the limit tied to your annual income. If you do need a larger loan, opt to turn your instalment loan into a secured one by pledging collateral.

• Have a Good Credit Score

Although licensed monthly money lenders in Singapore mainly consider how stable your monthly income is when approving loans, your credit score comes in handy, too. A good or excellent score showcases your ability to repay loans punctually. This lends the monthly money lender greater confidence in your application.

• Maintain a Steady Income Stream

Unfortunately, this must be done before you actually apply for a monthly loan. Nonetheless, whether you’re a business owner, freelancer, or full-time employee, keep every invoice and payslip you’ve acquired. These documents act as proof that your income is stable, and therefore, your ability to service the loan you seek.

Kickstart your monthly loan application in no time at all on our website. However, if you still have reservations regarding monthly instalments, interest rates, or anything else, feel free to contact us. We’ll get back to you as soon as we can with comprehensive answers to your queries.