Sengkang is the most populous region in Singapore. It used to be a fishing village. But because of the Housing Development Board, it became a housing estate.
It was divided into seven subzones. Some notable places in SengKang are the two rivers. These are the Sungei Punggol and Sungei Serangoon.
Sengkang is far from the city central area. But people can visit the town through public transportations. The government encourages people to maximize the use of public transport. They are aiming to reduce pollution.
There are four major building complexes in Sengkang Town Center. They serve as public transportation facilities and shopping centers.
Some famous amenities in the town are the Sengkang Sports Center. It is a world-class venue for hockey. It also has a two-sheltered pool.
Sengkang houses twelve primary schools and six secondary schools. The town is still working on having a junior college.
There are fire stations and medical centers in Sengkang.
The town is still in its phase of progress. Alongside the progress are licensed moneylenders in Sengkang. They are ready to help their residents with their financial needs.
Reasons Why Loans are Rejected by Licensed Moneylenders in Sengkang
One thing you don't want to happen on your loan application is about getting rejected.
Do you know why loan applications are getting rejected by the licensed moneylenders?
In Sengkang, here are some reasons for getting rejection:
Bad Credit History
Licensed moneylenders in Sengkang look at your credit history when you apply for a loan. Your credit rating helps them determine if you are a good borrower.
But if your credit rating is low, they might reject your application.
Another thing they look into is your source of income. This is where they base the amount of loan that they can lend to you.
If they see that your income is not enough for your repayments, they might reject you.
Unstable Employment History
Licensed moneylenders in SengKang look for security. They want to make sure that you are financially capable of paying them back. They usually reject borrowers who do not have a stable source of income.
If you are working but on probationary status, they might reject you as well. Before applying for a loan, make sure that you can assure them.
Inconsistencies in Your Details
When you are applying for a loan, they will need you to fill out an application form.
Make sure that you provide them all the necessary details. They use the details to assess your eligibility as a borrower.
If you have provided them with inconsistent details, they may reject you. To build their trust put only the details that are true about yourself.
Licensed Moneylender in Sengkang
Unclear Loan Purpose
There are types of loans that licensed moneylenders in SengKang offer. The type of loan should be able to address your financial needs.
If your needs do not coincide with the type of loan you are applying for, they may reject your loan application.
How to Avoid Getting Rejected by Licensed Moneylenders in Sengkang
Now that we know the reasons for getting rejected by moneylenders, here are ways to avoid it.
You can also apply these tips to ensure the approval of your loan application.
Every licensed moneylender in Sengkang has standards for credit ratings.
Look for your prospect moneylender’s required credit rating. And compare it to your credit ratings.
Check if you meet their standards.
You can see the standing of your credit rating from the Credit Bureau Singapore.
But if you are unsure about the moneylender’s credit requirement, you can ask them about it.
Each licensed moneylender in Seng Kang has a required minimum income. Each lender’s requirement for the minimum income differs so choose the one that is suitable for you. Their requirement also differs according to the type of loan you are applying for.
Check if you meet their employment requirements. Having a stable job is a requirement for most licensed moneylenders in Sengkang. Some of them do not approve if you are on probationary status.
Some other moneylenders accept your application even if you are on probation. But you have to have at least three months of payslip. Some others require a six months payslip, especially for the casual employees.
Your identity is important for moneylenders, provide them with reliable details. They usually verify every detail that you put on your application form. Do not falsify any information on your application form to get a loan.
Are you having struggles with knowing your loan purpose? You need to know the best type of loan that will suit your financial needs first. Then check with your moneylender if they permit your loan purpose.
Remember that you are going for a secured personal loan, there might be some restrictions. Some other types of loans have limitations as well.