Well, we all know who moneylenders are. In short, those who lend you monetary funds in the cash format can be termed as the moneylender. A whole sector of loaning facility is created which helps those who are looking for instant cash.
But do you know how does a moneylender will approve your loan demand?
- Financial status
The very first thing a lender will notice about you is financial status. Yes, they will look at the condition in which you are leaving and verify your standard of living. Most of the lenders in the cities of Singapore will only provide loaning facilities to a higher standard of people or sometimes even to the average ones.
In short, they give money to those who are capable of paying them back even if the interest rates are high.
- Income proofs
The second most important criteria a money provider can talk about is income proofs. Imagine if you are helping someone with your hard-earned money, will you give them just for fun sake? The answer is no. An average income person will never lend money to those who are not going to pay them back.
But how you will decide that the person is capable of paying you in return? The lenders of Singapore have found out the way. They ask for proof which says to them that you are earning money on a daily or monthly basis.
Some of the strict lenders also check the legality of the income source. If the person is earning money from an illegal source, then there is a possibility that the demand for loans will be dropped out.
- Legal documents
Almost every lender who has years of experience in their field will be going to ask for legal identification documents. What does that mean?
A legal identification document is paperwork that determines your identity is real and not fake. Before the time when the mortgage providers never look for this document, many people use to generate a fake identity. This includes a forged copy of personal documents like birth certificate, financial documents, property records and medical records.
Anyone who knows the technique for creating a fake copy of such important papers can fool the moneylenders. Perhaps, the lenders started checking for such details crucial by reading every single word written on the file.
- Eligibility Criteria
Last but not least, they also consider your eligibility criteria such as age, medical condition and also your financial records. If you manage to pass on each of these above-mentioned conditions, then a loaner can easily fulfil your demand without any further delay.
There is a certain exception in case if you are looking for a person for paying out educational charges. In such instinct, the minimum legal age required is +17, yet in someplace in Singapore, the number goes down to +16.
Although, if you are one of those unlucky ones who fail to show up in even one of the conditions, then you might not get fast cash on an urgent basis.
- Bad credits
First, let us understand what does bad credit means. Bad credit refers to any individual who has a history of falling behind in paying their loans, credit card bills. They can do it intentionally and/or unintentionally.
Some people take up the loan amount and never return them because for many reasons. One such reason is due to unemployment.
Yes, there are many cases where people take a huge amount from a moneylender at the time of their job, but sometime after, when they have all the amount from the lenders, they lose their only source of income—eventually forcing them to not pay dues on time.
Many a time, most people get confused between bad credit and pay back loans. A payback loan is the amount of money that a loaned person has to pay at the time of repayment. At the same time, bad credit can be defined as the performance of a person at the time of paying out any type of dues or loan.
Not following and respecting the dues date can directly affect your debt records. If you are one of those who can’t pay bills on time and have bad debt, then don’t think that you will never get loans again.
Many bad debtors have been approved their demand for loans.
How can you take personal loans if you are a bad creditor?
When was the last time when you allowed yourself to dream about what you want? How about a new house, celebrating the best ceremony, paying out medical bills or living a luxurious life? But you can’t imagine such a thing because you got bad credit, or can you?
At some times, don’t you get tired because people telling you to want you can and what you can’t? It’s no difference when it comes to your credit.
One can use the technique of Co-sign while reaching out to a moneylender Singapore. Co-sign in loans means that a person with bad credits is collaborating with a person who has good credits while the time they are asking for loans.
In co-signing, the average of both the loan seekers is calculated. As per the results, if the mean is above the eligibility rate, then the lenders does not even care about your type of debts. They will simply be going to lend you and your collaborator the demanded money without any further delays.
Of course, they both have to pay an equal amount of loans, but the mortgage will consider the history of a good creditor.
Moreover, many schemes help you to pay your loans at very low interest rates. Now you don’t have to check the personal loan rates. After all, your partner is going to pay half of your loan.
One should consider co-signing with their friends and/or relatives for better coordination and mutual understanding.