Licensed Moneylenders Upper Serangoon

Upper Serangoon

In the North-East Region of Singapore lies Serangoon. It is a planning area and a residential town.

The Upper Serangoon Road links nearby districts, Hougang district included. Residents travel faster and with comfort. 

Licensed moneylenders in Upper Serangoon offer flexible financial products. Citizens apply for instant cash loans as long as they are qualified borrowers.

Criteria to Become a Qualified Borrower at Licensed Moneylenders in Upper Serangoon

Why does it need to qualify before getting approved?

Not all individuals have the same financial status. Some can afford to pay, some don’t.

They are also mandated to verify the ability of the borrowers to pay. This way, borrowers will not get too much debt and end up going bankrupt.

Thus, licensed moneylenders follow rules in approving applications. 

Here are some criteria on how to qualify for loan approval.

Age

Licensed moneylenders qualify a person depending on age. 

What ages does the licensed moneylender prefer? You might ask this one.

The moneylenders prefer to accept ages 21 to 65. Because at this stage, you are at the peak of your career. 

More or less, they are financially stable to repay the loan on time.

Ages 21 and below and 65 above are considered as high-risk borrowers.

Why? 

21 years and below are still new in the employment world. They had just begun their career. 

They don’t have enough credit score yet. Also, they don’t develop a sense of responsibility yet.

For ages 65 and above, they are already in the retirement stage. 

Once retired, it means you stopped working. And when you stop working, you stop earning. Where will they get money to pay for the debt? 

This is why they are all considered high-risk borrowers.

Citizenship

Singapore Citizens and Permanent Residents in Singapore have privileges to bank loans.

Licensed moneylenders in Upper Serangoon offer flexible personal loans too. But they offer foreigner loans as well.

But there are more qualifications they’ll need.

If you need instant loan cash, show your residency ID card to your chosen lender. You will also have to key in your SingPass.

Income

The source of income has a big role in getting a loan. 

Try to think about it.

Where will the borrower get money to pay the loan with interest if he/she doesn’t have any source of income? 

We need to earn money to provide our daily necessities. And this is the reality. 

This is why the lack of a job gets declined.

Licensed moneylenders in Upper Serangoon need a minimum income. 

If you earn less than $10,000 a year, take out a personal loan. The loan amount depends on how much you make every month.

The higher your income, the higher the approved loan amount would be. 

Credit Score

The credit score is the reflection of your creditworthiness.

As mentioned earlier, the lack of a job will usually result in a declined application.

It doesn’t matter how much salary you earn monthly. 

All legal moneylenders connect with the Credit Bureau.

The Credit Bureau gets all the views of your credit score. 

They post all your repayment history. It may be your previous loan or your current loan.

Through them, licensed moneylenders can track down how you repay your financial obligations.

If they found out that you are an irresponsible borrower, that will give them a negative view. 

Keeping a good score means you have a good payment habit. And with a great credit score, you can easily get approval.