How To Get A Personal Loan In Singapore?

Applying for a personal loan in Singapore can often feel like navigating a labyrinth, especially given the plethora of options available, ranging from traditional banks to moneylenders. Compounding this complexity is the unfortunate stigma associated with moneylenders, which can deter individuals from seeking financial assistance altogether. 

However, securing a personal loan doesn’t have to be an intimidating ordeal, particularly with the assistance of FundRego. Our primary objective is to streamline the loan application process, alleviating the associated stress and ensuring that borrowers secure the most favorable loan terms based on their unique circumstances.

In Singapore, obtaining a personal loan typically requires the submission of at least three essential documents for a thorough financial evaluation:

  1. Latest Notice of Assessment (NOA): The NOA provides crucial insights into an individual’s total income over the past year, offering lenders an overview of the applicant’s repayment capacity. In some instances, additional documents such as the past three months’ salary slips and 15 months of CPF contributions may also be necessary to supplement the NOA.

  2. Credit Bureau Report (CBS): A credit report from the Credit Bureau Singapore (CBS) facilitates expedited and objective lending decisions by furnishing credit providers with comprehensive financial data. By analyzing this report, lenders can assess an applicant’s creditworthiness more efficiently, thereby expediting the loan approval process. The cost of obtaining a credit report is $8.00, inclusive of prevailing GST.

  3. Credit Report from the Moneylenders Credit Bureau (MLCB): The MLCB serves as a repository for all loan applications and repayment records pertaining to licensed moneylenders in Singapore. Accessible exclusively to borrowers, licensed moneylenders, and regulatory authorities, the MLCB aids in assessing an applicant’s creditworthiness. Acquiring a copy of one’s credit report from the MLCB incurs a fee of $0.50, inclusive of GST.

Despite the availability of these essential documents, navigating the myriad options presented by banks and moneylenders can prove daunting for many individuals. This is where FundRego emerges as a valuable ally, simplifying the selection process by matching borrowers with the most suitable lenders – whether traditional banks or licensed moneylenders. 

As a trusted loan matchmaker, FundRego has assisted numerous borrowers in securing favorable loan terms while addressing their inquiries and concerns promptly and comprehensively. We work with reputable banks and licensed moneylenders, so you can trust that you’re borrowing from trustworthy sources, not sketchy lenders. Our support doesn’t stop once you apply – our loan representative will guide you through the entire borrowing process in person.

With FundRego’s assistance, obtaining a personal loan in Singapore becomes a more straightforward and stress-free endeavor. Still thinking of getting that loan? Hit us up below and we will answer all your questions!

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