Applying for an online loan should be an easy and fast process for everyone and should come with minimum hassle. Now, with the ease of online applications the entire process has become simpler and in fact, more competitive as now you can have the option of comparing the loan options available to you by the click of one button.
If you too are looking at applying for a hassle-free online loan, here’s a brief guide on how to do that with ease.
Study the market
The good news is that you don’t need to go anywhere to study the market before proceeding with your online loan application process. You can do all the research you need online and compare the best possible loan options for you including knowing about the eligibility criterion and the best interest rates available through an online moneylender. This information will help you make an informed decision on the loan that may work best for you.
Fast and quick
If you need a loan that requires immediate action then an online loan is just the option you need. The fast payday loans online process is quite quick and often the loans can be processed within the same business day. Yes, that’s right.
In fact, some of the most well-known banks in Singapore and online money lenders even promise loan approval in less than an hour.
You may also read: Cash Loan in Singapore: Is it a Good Type of Credit?
Easy to keep a track
As is true for most online financial transactions these days, an online loan process allows you to keep a tab on the status of your application. With your tracking number, getting an update on the stage your loan application is in becomes easy and convenient.
How to compare the best online loan
The other very important question that arises when one is considering fast payday loans online is what are the factors that one must keep in mind while comparing various loan options. Contrary to popular opinion, only the lowest interest rate may not be the only thing to consider.
There are other crucial considerations such as which online moneylender is providing you the lowest processing fees. The late payment fee rate and missed payment default charges may eventually escalate your entire cost. So, it may be best to compare these options for fast payday loans online. In fact, did you know an online moneylender can also provide the flexibility of allowing you to make an early repayment so it may work in your favor in the long run?
As is important to consider with any money lending service, you need to be sure of its authenticity. In the case of online loans, reading the reviews and checking if the online moneylender is licensed by the Ministry of Law in Singapore is just a click away.
How safe it is
The number one concern that most borrowers express while applying for an online loan is if the process is safe and risk-free. It may be reassuring to know that online loans are one of the fastest-growing segments in Singapore.
Most reputable banks and money lenders now offer the ease of online banking. The easiest way to check the reliability of an online money lender is to look out for the moneylenders’ license online.
All licensed moneylenders display their licenses prominently on their websites. If you find any hidden charges or fees beware of the moneylender. Also, a reputed online moneylender would have positive reviews online.
The online loan application process
The loan application for an online loan is a fairly easy process and does not involve any extra steps. Primarily all lenders will ask the borrower for preliminary information such as name, employment details, financial credentials.
You may have to furnish details of your assets and any debts. This will be followed by the next step of submitting documents such as bank statements, employers’ payslips, etc.
Are you eligible for the loan?
Like it is applicable in any loan process, the borrower must always do a personal check on their eligibility for a particular loan before approaching an online moneylender.
Remember eligibility criteria may differ slightly depending upon the type of loan you are applying for but broadly speaking for loans such as personal loans or for a vehicle the individual needs to be 21 years of age, must be employed with a steady income of not less than S $ 20,000 per annum.
For other short-term loans, some online money lenders may also provide borrowers with an option of a loan even though their income may be lesser.