Go to different banks, and you will receive very many scenarios as a consumer. Banks charge various rates of interest, offer different terms and conditions and the same applies for loans for expats in Singapore. If you are interested in learning more about the possibilities of loans for expats in Singapore, let 96 Credit help you.
Before you sign up for a loan as an expats in Singapore, carefully consider the amount of money that you really need. You should borrow only the amount of money that will be needed in the short term, and that you will be able to pay back at the end of the term of the loan.
When determining which type of loans is right for you, you should know that the amount most loans will let you borrow is not too much. Typically, the most money you can get from a loan is about $1,000. It could be even lower if your income is not too high.
If you have applied for a personal loan and have not heard back from them yet with an approval, do not wait for an answer. A delay in approval in the Internet age usually indicates that they will not. This means you need to be on the hunt for another solution to your temporary financial emergency.
A better alternative to a loan is to start your own emergency savings account. Put in a little money from each month until you have a good amount, such as $500.00 or so. Instead of building up the high-interest fees that a loan can incur, you can have your own loan right at your bank. If you need to use the money, begin saving again right away in case you need emergency funds in the future.
Look for different loan programs that might work better for your personal situation. Because cash advance loans are becoming more popular, loan companies are stating to offer a little more flexibility in their loan programs. Some companies offer 30-day repayments rather than one to two weeks, and you may qualify for a staggered repayment plan that can make the loan easier to pay back.
Expect the licensed moneylender to call you. Each company has to verify the information they receive from each applicant, and that means that they need to contact you. They need to speak to you in person before they make arrangement to visit their office. Therefore, don’t give them a number that you never use, or apply while you’re at work. The longer it takes for them to speak with you, the longer you have to wait for the money.
Just like anything else as a consumer, you need to do your homework and shop around for the best opportunities in loan application. Make sure you know all the details surrounding the loan, and that you are getting the best rates, terms and other conditions for your particular financial situation.