A personal loan is a type of installment debt that allows you to obtain a lump sum of money that you can use to cover a number of personal expenses. Sometimes unplanned expenses tend to just pop up and money will be required to pay off all those expenses- this is where personal loans come in handy. If you are in urgent need of money you can easily secure it by applying for a personal loan. However, in order to qualify for a personal loan, you have to meet certain requirements which l am going to outline in this article.
Types of personal loans on offer
There are different types of personal loans that are offered by money lenders that cater to a variety of purposes. Whether you want money to consolidate debt, pay for home renovations, or plan a dream wedding, you can easily secure a personal loan to cover all those expenses. It offers wedding loans, medical loans, bridging loans, renovation loans, grab/Gojek loans and study loans, etc.
There is no need for collateral security to secure a personal loan. However, if you need personal loans with immediate approval, you have to meet certain requirements to qualify.
Here’s how to know if you prequalify for a personal loan
Applying for a personal loan is easy but in order to be endorsed, you have to meet several prerequisites. Here is a list of some of the prerequisites that are required if you want to successfully apply for a loan;
- Age – to qualify for a personal loan you have to be 21 years and above.
- Income – to qualify for a personal loan you have to meet a certain minimum income criterion.
- Employment – employment is another prerequisite, you have to be employed full-time to successfully acquire a personal loan. However, some lenient money lenders make an exception for jobless candidates and part-time workers.
- Residency – you don’t necessarily have to be a permanent resident to secure a personal loan as some personal loans are offered to foreigners. Being permanent, however, gives you credibility plus increases the chances of you securing the loan.
- Credit profile – You need a good credit profile to qualify for a personal loan. A poor credit score and history of poor repayments may reduce your chances of securing a loan.
Documents required to apply for a personal loan
If you are keen on applying for a personal loan. Here is a list of some of the documents that are required during the application procedure.
- ID – you will need some form of identification. You can either use your ID, work pass, or visa.
- Proof of address – You are also required to provide proof of residence. To provide proof of address you can use your bank statements of bills that incorporate your residential address and complete name.
- Proof of salary – When applying for a loan, you also have to provide your proof of salary. You will have to provide your last 3 months’ payslip, your most recent Income Tax Notice of Assessment, or a compensation slip of your most recent month of employment.
In a nutshell, you can easily borrow money from a money lender to pay off some expenses. Applying for a personal loan is easy especially if you meet the above-mentioned requirements you will be good to go. Therefore, if you need an immediate solution to your cash flow issues, consider UK Credit Singapore. It is considered as one of the best legal private licensed money lenders that offers personal loans with easy repayment terms and low-interest rates.