Categories Business

How To Apply For Apply For Small Personal Loan Online? 

Being an adult is extremely hard as you have to get a job, make sure all your bills are paid in time, and also, you have to remain debt-free. There are also major events in your life like a marriage, having a baby, or going forward with the house renovation project, all of which require saving. Also, in your life, you can face an unexpected situation like an accident or a medical emergency. All of these situations can knock on your door suddenly, even if you do not have money saved up in your bank.

These kinds of situations can be extremely stressful, and you can solve this need for urgent cash if you apply for a small personal loan onlineWhile most people’s first instinct is to go to the bank for personal loans, it is the smart ones who built on to the license moneylenders of Singapore to get their loans.

Why should you pick the licensed moneylenders of Singapore? 

There is a reason why you should go to the licensed moneylenders of Singapore rather than the banks, and it is because you have better chances of securing a loan with them. The moneylender act has made it easier for licensed money lenders of Singapore to provide loans to individuals who are facing a financial crisis in their lives.

The application process with the licensed money lender of Singapore is also faster than what you will face in banks. The whole verification process and the application submission can be made online on the websites of the license moneylenders of Singapore. No more do you have to wait in long lines with all your documents in the banks in fear of rejection. The money lenders act has also made special provisions to secure the clients’ interests by fixing the maximum interest rate that a company can charge for personal loans. These reasons make it much better for you to go to an unlicensed moneylender for a personal loan rather than a Bank.

Process of applying for a personal loan from a licensed money lender

If you are wondering how you can apply for a personal loan from a licensed moneylender, then let us inform you that the process is really simple. You just need to log in to the money lending company’s official website and click on the online application option. The online application process is simple. It has been purposely made so that when people face a difficult situation in life, they do not need the added pressure of the difficult application process made by banks. People can just fall back on the easy process for money lending provided by the licensed money lenders in situations from their homes’ comforts.

As soon as you click the application form provided on the official website, you will see that clear instructions are given out regarding the information you need to put in the application. You need to properly fill in all the details demanded by the company. The most common details that you have to provide to the licensed money lending companies are as follows:

  • Your full name
  • Your date of birth
  • Your nationality as well as your permanent address
  • You would also have to provide your identification number provided by the Singapore government
  • Your contact information which includes your email address as well as your phone number.
  • Finally, you would also have to mention the amount of loan you are seeking to take out. Ensure that the amount you are seeking is under the highest amount of money you can take out, which will depend upon your income and credit score.
  • If you are applying for an unsecured personal loan, that is no question of collateral; therefore, you can leave that portion blank. However, when it comes to secured loans, you would have to provide details for the surety.
  • You may also have to provide details of other official documents like your utility bills, your proof of income, and income tax statements for some time specified by the company.
  • If you are a foreigner working in Singapore, you can apply for a personal loan. You would also have to go through the process given above. Along with the information that has been specified already, you would have to provide additional documents like proof of your work, your residential proof, your visa, and other documents that will be specified by the license for money lending company with regards to the protocols set by the government.

Always make sure that you are borrowing money from a licensed company

You will be providing the money lending company your personal information; therefore, you have to be extremely careful, but you are not falling prey to unscrupulous organizations. There are many unlicensed moneylenders as well as fake organizations that cheat individuals. If you are borrowing money from such companies, they can trap you into signing documents with a lot of loopholes. In such cases, you will find yourself paying out of your pocket for yours, trying to get yourself out of the clutches of such companies.

If you are wondering how to check money lender license to make sure that you never fall into the trap of such companies, you need to visit the official website of the Ministry of Law. The Singaporean government has made it extremely easy for people to borrow money by having a complete list of all the license money lenders. You should always verify the credentials of the company by checking their name on this list.


You can now understand that taking out personal loans from licensed money lenders of Singapore is actually very easy. You just need to have a good credit history, as most personal loans are unsecured ones. The application process is also quite straightforward, and you can take the assistance of any representative of the company who will be able to guide you without any hassle.