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Licensed Moneylenders Sengkang
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Eligibility and Documents Needed
Loan applicant must be aged 21 years and above
Singapore Citizen or Permanent Resident
In employment
Eligibility and Documents Needed
- Identification Card (NRIC)
- Singpass Login
- Proof of billing ( Any latest bill indicating residential address)
- Latest 3 month original payslip (Only applicable if there is no cpf contribution)
- Letter of employment (Only applicable for new employment)
For Self Employed
- Identification Card (NRIC)
- Singpass Login
- Notice of assessment (NOA indicating trade income)
- ACRA (Accounting/Corporate Regulatory Authority)
- Proof of billing ( Any latest bill indicating residential address
For Taxi Drivers
- Identification Card (NRIC)
- Vocational license
- Taxi pass
- Min 7 days job summary
- Proof of billing ( Any latest bill indicating residential address)
Sengkang
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 central city area. But people can visit the town through public transportations.
The government encourages people to maximise 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 centres.
One of the famous amenities located in the town is the Sengkang Sports Center. It’s a two-sheltered pool area and is usually considered a world-class venue for hockey.
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 centres 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 Licensed Moneylenders reject loans in Sengkang
One thing you don’t want to happen on your loan application is getting rejected.
Do you know why loan applications are getting rejected by the licensed moneylenders?
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.
Insufficient Income
Another thing they look into is your source of income. Knowing the source of income lets the moneylenders identify how much loan they can lend to you.
Loan analysts or officers also use it to see if you’re capable of paying off a specific loan amount. If they think you earn insufficient income, you will probably get declined.
The purpose of this is not to let debts burden borrowers who earn inadequate income.
Unstable Employment History
Licensed moneylenders in SengKang look for security. They want to make sure that you can settle your debts on time.
They usually reject borrowers who do not have a stable source of income. Employees who are in probationary status might get rejection as well.
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 with all the necessary details. They use the information 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 points that are true about yourself.
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.
To name a few, the types of instant cash loans you can get from Sengkang money lenders are the following:
- Low-interest personal loans
- Payday Loans
- Business Loans
- Foreigner/Ex-pat Loans
- Renovation Loans
- Wedding Loans
- Jewellery Loans
If your needs do not coincide with the type of loan you are applying for, they may reject your loan application.
Be sure to identify what kind of loan you need before you get a loan. By doing that, you’ll save time and effort.
Licensed Moneylenders Sengkang
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.
Credit Requirements
Every licensed moneylender in Sengkang has standards for credit ratings. It would be best if you were looking for your prospect moneylender’s required credit rating. Afterwards, 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. If you are unsure about the moneylender’s credit rule, you can ask them about it.
Employment Requirements
Check if you meet their employment requirements. Having a stable job is a need 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.
But other moneylenders need a six-month payslip. It usually happens for casual employees.
Minimum Income
What moneylenders Sengkang do is set a required least income.
Not all money lending companies have the same set of rules on this matter. With that said, you should choose the one that best suits you.
Bear in mind, too, that the required income differs according to the type of loan you are applying for.
Incorrect Details
Your identity is essential 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.
Remember that all licensed money lending institutions abide by the law known as the Moneylenders Act. That law is not only protecting borrowers but also all licensed moneylenders.
Loan Purpose
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.
Related Article: Yummy Food Guide: Top What to Eat in Sengkang
