It is a Sunday afternoon and you are going through your finances, now that end month is a few weeks away. After keen scrutiny, you realize that while you have some savings in your bank, it will take four more years of savings to buy your dream KIA Sportage.
Inaction Due to Limited Information
Well, you are stuck and frustrated because your bank has already declined your personal loan approval twice. What do you do? If you are like most household owners, it is highly likely that you will defer your dream.
Leveraging on the Power of Online Loan Applications
However, this is Singapore, one of the most important business hubs in the world. Getting lowest interest rate personal loan Singapore deals should not be a problem. If you are going through a similar vexing financial problem, it is time to leverage on the power and convenience of the internet to realize your dream.
If you have internet connection at home, you just need to get online and follow these steps:
- Identify main lenders: Once online, a simple search for Singapore loan providers will reveal the major players. However, take your time to read through the companies and their history before getting a shortlist of a few players.
- Visit loan compare pages: Singapore is renowned for its creative financial products, and as such, comparison pages can help you select the most innovative loan package to suit your needs. On these pages, the major players are listed together with a description of their loan deals and features of each package.
- Look at the loan cost: If you are looking for financing then ensure you take time to identify the most affordable loan deal. Look at both the nominal interest rates and also the effective interest rates (EIR) which give you the actual annual cost for your loan. Moreover, check any fees and penalties involved, including processing fees and late penalties. In short, go for a package that fits your budget.
- Lender flexibility: Look for a lender who has a flexible package in terms of repayment of your loan. Some lenders will even offer waivers on early repayments, among other perks.
- Fill out the application form: As you relax at home, you can fill out the loan form and provide your NRIC/Passport no and other details as requested. Most lenders want to know your annual income, loan requested, residential address and personal identification information.
Once your loan has been approved, you will get an email confirmation in order to avail any other documentation required. Shopping for the lowest interest rate personal loan Singapore package has never been easier; sit back, relax and start applying for your loan.