We choose a personal loan when we have emergencies. But the problem lies in the process of getting a fast loan approval Singapore. Below, we will tell you what you need to do to get fast approval of your personal loan.
Things to look out for getting a fast approval of a personal loan
Some of the few things that you will need to look out for in order to get a fast approval process of your personal loan application are as follows.
- Do not apply to several banks
When you make a personal loan application to a bank, it will go through your credit reports. In case you make an application from your credit card, you will get fast approval. If you apply to more than one or two banks, your credit will have several inquiries. Sooner or later, the banks will discover the multiple inquiries, and it will extend the time of your personal loan approval in Singapore. Thus, it is always better to apply to one bank for fast approval of your personal loan.
- Find the lead time of cash disbursement
If you need a loan quickly, the speed of your personal loan approval process is not the only thing that you need to consider. In case you want fast cash, you need to ensure that your lender disburses the cash within a short time period. Thus, you need to check the lead time of cash disbursement along with the requirements of the deposit account. This way, you will get your loan amount from your personal loan money lender within or after one day of the approval of your loan.
- Good credit score
If you possess a good credit score, your personal loan approval process will not take much time. The bank will therefore approve your loan quickly. Therefore, in case you want a good credit score, you need to avoid late payments, see the number of accounts you have, check your recent credit, your credit history, and the credit that you use.
- Credit card limit
To get fast approval of your personal loan, you have to check whether you have any unused credit. It is because the money lender or the bank approves how much money they are going to lend you, so you do not go through any more processing or documents and approval. If you have a deposit account in your bank, you can instantly convert the credit that is unused and transfer it as cash into your deposit account. While doing this, keep an eye on the terms of repayment.
- Affordability
See how your repayments will affect your budget each month. Will you be in a position to afford the repayments? Most banks will check the limit of your personal loan depending on your income each month, but that may not be the amount that you require. For this, you need to check how much money you spend from your monthly income, will the remaining amount suffice your essential needs and the monthly instalments for your personal loan. Once you know these things, you will get fast approval for your personal loan in Singapore.
How can you fasten the process of your personal loan approval in Singapore?
In order to fasten the process of your personal loan approval in Singapore, you need to do the following things.
- Eligibility criteria
After you go through the list of licensed moneylender in Singapore, see the eligibility criteria that your chosen money lender requires for the fast approval of your personal loan in Singapore. Do not go about applying for a loan to several money lenders as it can indicate that you are in debt and are facing financial difficulties. It can also enhance the exposure of your credit, which will further have a negative impact on your credit score.
- Ask questions
In case you have some questions regarding which documents you must take for your personal loan approval in Singapore, you can first contact your moneylender. This way, you will save yourself some time by not keeping your queries for later. And your personal loan in Singapore will have a fast approval.
- Get ready with your documents
Once you go through the eligibility criteria, you must collect all the documents that your moneylender requires, such as the NRIC, payslips, CPF, and Income Tax Notice of Assessment or the (NOA). If you know what your annual income is, it will speed up your personal loan approval process in Singapore.
