Some unforeseen circumstances such as a major medical bill, an unexpected car or home repair may require you to pay cash up front. While ‘rainy day funds’ are best to cover these costs, some Singaporeans may not be fortunate to have the extra cash on hand – or even enough to cover the emergency. This is where some may turn to urgent loans in Singapore.
Be it through banks or authorised moneylenders, this article details the documents you need to provide in order to get your instant loan approval in Singapore.
Personal Identification
Most importantly, you will need to prove to lenders that you are who you say you are when applying for an urgent loan in Singapore. Singapore loan application fraud is rather common, which is why lenders need to verify your identity.
- A copy of your passport or NRIC, or Employment Pass (both front and back)
Providing your proof of identity will also verify that you meet the basic age requirement for Singapore loan eligibility such as: you must be at least 21 years old and not older than 65 years.
Proof of Address
To be eligible for a fast loan in Singapore, lenders will also want to verify if you have a valid address. There are times when they will need to send you information such as bills, payment notices or even customised products that you might be interested in. Without an address in Singapore, lenders might not be comfortable lending you money. These documents can be used to verify your home address:
- A copy of your latest utility bill
- Lease or rental agreement
Proof of Income
Licensed moneylenders are more likely to approve an instant loan in Singapore to borrowers with a steady income. This assures that you will be able to make your monthly repayments timely. Additionally, depending on the lenders, an urgent loan in Singapore may require your annual salary to be at least $20,000- $30,000 to be eligible.
- For salaried employees, you can provide any of the following: latest income tax charge notice, latest payslip, or your history of CPF contributions the past 6 months.
- Self-employed Singaporeans can provide copies of the most recent income tax notice or bank statements with your income deposits. Include the documentation of any extra income you earn on the side (e.g. Freelance jobs etc.) – it could bring your income up to the required minimum amount.
This lets the bank or moneylenders know that you have been earning for at least two years before getting instant loan approval in Singapore.
Recurring Monthly Expenditures
Aside from having a steady monthly income, lenders offering fast loans in Singapore want to be assured that you can afford your loan repayments. Hence, you will need to provide documents detailing your current expenditures such as:
- Mortgage or rent
- Utility bills
- Credit card and insurance payments
- Car loan payments
If you are diligent in settling your monthly payments, lenders are more likely to grant you approval for instant loan in Singapore.
Credit Rating
Lenders will want to review your credit score for your urgent loan application. Credit Bureau Singapore collects and aggregates information to provide borrowers’ total credit risk profile financial institutions (i.e. licensed moneylenders). Lenders will refer to this report to determine if they would grant the loan to you, and at which price.
You can obtain your credit report at the following offices. A transactional fee of $6.42 applies.
- Credit Bureau (Singapore) Office
2 Shenton Way, #20-02 SGX Centre 1, Singapore 068804 Tel: +65 6565 6363
- SingPost Branches Islandwide
- CrimsonLogic Service Bureau
133 New Bridge Road, #19-01/02 Chinatown Point, Singapore 059413 Tel: +65 6538 9507
Borrowing money to pay off unexpected expenses is never easy, but emergency loans are a less expensive choice compared to other loans such as payday loans and credit card advances. Urgent loan in Singapore standards vary by lender and are dealt with on a case-by-case basis. When weighing your options, consider how much you can borrow, fees, minimum credit scores, income requirements and loan repayments.
Soon Seng offers personal loans with the lowest interest rates in the market with flexible repayment terms. Application for your urgent loan is easy and quick, subjected to approval. Foreigners can apply for urgent loans in Singapore too. Just ensure that you get all your documents in order prior to applying for the loans for a fast and smooth process in getting your loan.
