A loan can go a long way in addressing financial woes, whether it’s funding a life event, consolidating a debt, or growing a business. Unfortunately, the challenges that come with applying for a loan, whether it be time or eligibility, are often enough to discourage many from even making an attempt. In this guide, we’ll share some tips on how to get easy and fast loan approval.
Understanding your eligibility is the first, and often, the most important part in acquiring a loan. It can help determine whether you qualify for a loan, or if your time is better spent looking for other loan providers.
Banks and other financial institutions will have different requirements. In general, however, especially with licensed moneylenders, you may need to prove that you are a citizen of Singapore and a Permanent Resident. For unsecured loans, you will also need to ensure that the total amount you are borrowing – on both the current loan and all outstanding loans – falls within the limits set by the Ministry of Law.
Different financial institutions will have different application processes for loans. With that said, If you need easy and fast loan approval, licensed moneylenders are usually the best option.
For example, with Friday Finance, you can fill in your loan application online, and also use the Myinfo portal via Singpass for simpler and faster verification and information retrieval. This helps you complete the online application more quickly and easily.
Within an hour or two, you’ll receive an SMS, informing you about the approval, as well as available times for a face-to-face meeting. Once that is done, the contract can then be signed, and the funds will be disbursed to you within that same day.
As a general rule, lenders are more inclined to provide loans to borrowers who can repay a loan. If the information provided is insufficient to demonstrate that you can pay the amount borrowed, then a lender is more likely to reject your application.
It helps to pay careful consideration to how much money is being borrowed before submitting an application. If your financial situation is tenuous, merely proving that you can afford to pay the loan will increase the chances of your loan getting accepted.
At Friday Finance, we understand that things change and unexpected situations can come up. Whenever this happens, we believe in working together with borrowers to iron out a flexible repayment schedule.
Getting an easy and fast loan approval will require good cooperation and coordination from both the borrower and the lender. Having said that, choosing a flexible and reliable moneylender can make a massive difference in how fast and easy the process could be.
Friday Finance is a licensed, experienced and professional moneylender that offers personal loans to individuals. We can help you bridge cash flow gaps with loans for different life stages, startups, and more.
Not sure what kind of personal loan to get? Check out our options. What about the best ways to manage your loan once you’ve got it? Here you go. Want some help with figuring out how much you’ll need in monthly instalments? No problem.
Are you ready to take out a loan with the best possible moneylender? Come talk to us.