Licensed Money Lender Personal Loan Ang Mo Kio
Introduction to Ang Mo Kio
Ang Mo Kio is the third most populated planning area within the north-east region of Singapore. The place has a total population of 163,950 as of 2019.
Common Uses of Personal Loan in Singapore
1. Combine and pay back high-interest loans
A high-interest loan will eat into your income, so settling them with another loan is a good idea. As such, consolidating high-interest loans is a good use for a personal loan.
Usually, the rate of interest on a personal loan is less expensive as opposed to the monthly interest of a credit card, and loans from loan sharks.
Through the use of the money from a low-interest personal loan, you will be able to repay your high-interest loan. Another benefit is simplifying the payment of multiple loans and combining them in a single, easier to pay loan.
You will no longer have to handle the payments of multiple loans at a time with the help of debt consolidation.
2. Renovate your home
Making improvements or renovations to your house could be a great investment decision since it conserves and increases the value of your house, in addition to the benefit of increasing your convenience of living within your home.
Home improvements in many cases are costly and paying them in cash without taking a loan can be hard if you are not that rich. You can take a home equity loan, however, that option is only available to you if your house does not have sufficient equity. If you don’t qualify for such a loan, a personal loan is your friend.
3. Cover your healthcare bills
If you are in a crunch and need emergency money to cover a healthcare bill for you or for a family member, a personal loan is a good choice.
A personal loan will allow you to access a considerable amount to cover healthcare that is cheaper when compared to using a credit card.
4. Use the loan for a big purchase
Sometimes, saving money for a big purchase is just impossible. This is especially true if it will take a long time to be able to save enough money.
With a personal loan, you can skip the waiting part and immediately purchase whatever item you are planning to buy.
How to apply for a Personal Loan?
When applying for a personal loan, you’ll need to fulfill certain eligibility criteria:
- Be above 18 years old
- A local or foreign worker who earns a minimum of $1,500 a month (for locals) or $2,000 (for foreign workers)
After you have met the following criteria, you must prepare the following documents.
If you are a local resident;
- Identity Card/NRIC
- Proof of Residence such as a recent bill or letter addressed to you or a tenancy agreement
- An employment letter and recent 3 month’s payslip if your current employment is less than 6 months
- Know your SingPass ( to log into CPF, HDB, IRAS website)
If you are a foreign worker:
- Work Permit/S-Pass/Employment Pass
- Proof of employment (staff pass, company pass)
- Recent 3 month’s payslip & employment letter
- Proof of residence (Tenancy agreement & recent bill addressed to you)
- Latest bank statement which your salary is credited to
- SingPass (to download IRAS NOA)
Once you have produced all the necessary documents, the loan application will proceed smoothly. Our friendly loan officers will then be able to walk you through the terms and conditions of your loan before signing off on the loan.
Why take a loan from 365 Credit Solutions?
Are you searching for a Licensed Money Lender Ang Mo Kio but have no luck in finding one? We have just the one for you. 365 Credit Solutions is a reputable money lender, having mostly positive reviews from Loan Advisor.
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