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November 28 2013


Requirements for online personal loans

Even though this isn't something entirely new, applying for personal loans online has become a lot more popular in recent years. Whether it is the traditional lending companies that have started giving out loans online or entirely new lending companies, getting a personal loan online is a lot easier now than it every was in the past.


But there is one thing which you should keep in mind about getting personal loans in Singapore. Just because you are applying for your loan online doesn't mean you won't have to provide any of your documents. You will still have to email, fax or mail your documents to the lending company. But you don't have to worry about your eligibility as you would already be approved for a loan online. This saves you lots of time and energy. You could say that convenience and speed are the main advantages of applying for personal loans online. But there are a couple of other advantages as well:-


1. There are quite a few lenders on the internet willing to lend you money. It is a lot easier for you to compare quotes received from various lenders online. This ensures that you can shop around and get the best personal loan currently available. In fact, there are even multiple websites which let you compare loans from different lenders on a single page. Irrespective of whether you prefer taking loans online or the traditional way, comparing your options can't do much harm can it?


2. When applying for personal loans online, you will get a response a lot faster than when you apply using traditional methods. If you are applying for a small loan, you might even get a response within a few hours. The amount of time it takes to get a response will vary depending on various factors but in most cases, it will be shorter than the amount of time it would have taken with traditional lending options.


You can further speed up this process by having all your documents ready. Of course you will need to be a permanent resident of Singapore and at least twenty one years old. You'll need to provide some form of government identification card to prove your age as well as your residence. There are a few borrowers that may accept telephone bills as proof of residence although you can't expect all of them to. Lastly, you will need to have a certain amount of annual income in order to be eligible for a personal loan. Your income source must be easily verifiable irrespective of whether it is self-employment or full-time employment. You'll need to provide tax records to prove your income. If you can keep all of these documents on hand and provide them the moment they are requested for, you can significantly reduce the amount of time taken for your personal loan to be approved.
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