Whether you need cash to travel, pay off debts, take care of car maintenance bills, or have medical issues you need money for, borrowing money is the perfect option. This can seem difficult if you are working in a foreign country, especially since the process there is equally as foreign to you. Thankfully, whether you have lived in Singapore your whole life, or you are there as an ex-pat on a working visa, there are different loan options out there that you can take into consideration.
- Ask Your Employer for Advance Payment
Sometimes, the best lending choice you have is your employer. If you have an option to request advance payment from your employer, you will not have to go through any kind of lengthy approval process, since your employer can guarantee that you will definitely be paying them back from your next paycheck. This is a great alternative to applying for a loan through a bank if you do not want more money than your actual pay. Asking your employer for advance payment ensures that you do not end up getting a loan that you will need to pay over more than a couple of months.
- Avoid Applying in Multiple Places
When a person is looking for a loan, they will most likely apply for different options out there without considering the effect this has on their chances of acceptance. When a lender checks up on you for a potential loan, they have access to information including how many other lenders have checked on your credit report. The more checks you have on your credit score, the more likely you will be rejected since each check from a potential lender lowers the score considerably. This means that even if you started off with a great score, over time it will get affected negatively which is not something you will want if you want a good loan with low interest.
- Apply for Online Loans
If you do not have the best employer, or you do not have the luxury of asking for advance payment, another option is applying for loans online. There are hundreds of lenders that you can reach out to. The best thing is that any procedure of borrowing money online is much easier and faster than going through a bank. In no time, you can have hundreds of loans that you can choose from with varying interest rates and payment plans that fit your needs. Online loans require some research to ensure that you choose the best lender. You can get a loan of up to one hundred thousand dollars with minimal documents and effort.
- Maintain a Good Credit Score
One of the main ways to guarantee that you get approved for any loan quickly is by maintaining a good credit score. Your credit score shows potential lenders that you are trustworthy and consistent in your payments. It is one of the only ways to ensure that you are going to be paying the required installments without delay. You can maintain your credit score by paying any bills on time, staying below your credit limit even with new loans, and constantly checking your credit reports for any errors that may affect your overall credit rating.
- Borrow from Your Friends or Family
If you have friends or family around, then you might ask them for a personal loan. Depending on how close you are to the person you are asking, you can settle on a very low-interest rate and have some leeway when it comes to the amount of time it takes to pay them back. This may be the best alternative to borrowing money without having to worry about documents, long processes, or your credit score.
- Get the Necessary Documentation
Documentation is everything when it comes to finances. If you are in Singapore for work, then you have to provide a copy of your contract to give your potential lender a guarantee that you will be around to actually pay off your loan entirely. You will also need to provide a copy of your passport or visa to ensure that you came to the country through legal means.
Having a broad idea of how loan processes work in Singapore is the first step toward finding the right loan for your needs. With minimal effort, you can find the perfect lender without going through bureaucratic hell. Now all you have to do is properly research the different lenders available and settle on the loan you want.