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Planning To Get A Loan? Here Are 5 Tips To Increase The Chances Of Your Loan Being Approved

Planning To Get A Loan? Here Are 5 Tips To Increase The Chances Of Your Loan Being Approved

As we go through different stages in our life, there may be times when we may require additional financial help. It may be to finance the cost of your new home, medical emergencies or for higher education.

While borrowing from close relatives and friends might be the first option that comes to mind, you might run the risk of ruining precious relationships. This is where you might then seek the help of traditional financial institutions such as banks, credit cards or licensed money lenders. However, banks often require lots of additional paperwork and take a longer time to process your loan. To circumvent this, Lending Bee has expedited the loan process by allowing our customers to conveniently fill up an online loan application form. 

Wish To Increase Your Loan Approval Chances? Here’s How

1. Early Preparation Of All Documents Required

When a borrower applies for a loan, financial institutions usually ask for an array of documents. Some of these documents include tax certificates, proof of income, CPF contribution slips or employment contracts. Applicants will likely be rejected if they do not have all the documents ready. The borrower should first inquire about the documents required for the particular loan that he or she is applying for. He or she should then endeavour to source for all the documents required beforehand so as to submit them together with the application. They can simply drop a call or fill up the online loan application form on the money lender’s website to expedite the loan process.

2. Restructure Existing Debts

This is relevant for the applicants who have a bad credit history. Some money lenders may reject applications suggested by borrowers with bad credit rating. However, this definitely does not mean that all licensed money lenders will reject them. What borrowers can do is to check with all their current lenders and work out an agreement or find out the remaining loan amount. Next, he or she can approach the licensed money lender to apply for a debt consolidation plan. Debt consolidation plans help to combine all of the borrower’s loans into one, making it just one simple repayment every month.

3. Correct And Reliable Information

Eyebrows furrow when they fail to get their loans approved. Getting a loan in Singapore is not that complicated as long as clients provide correct and reliable information to the money lenders. The key to getting an unsecured loan is to be honest with their personal information and financial health. Providing the correct information raises the chances of getting an unsecured loan in Singapore by a huge margin as it shows the reliability and sincerity of the clients.

4. Keep A Good Payment Record 

Many people fail to get their loan approved. This may be due to their poor payment records bearing from late repayments and loan defaults. Licensed money lenders and financial institutions will check the clients’ payment record or credit score before approving the loan. The trick is to have a good payment record. Make timely repayments and do not default on your loans. You can discuss with our financial consultants at Lending Bee for the best repayment plan with the most comfortable loan tenure for yourself.

5. Diversify Options

There is a wide range of financial institutions in Singapore. Some are banks and others are licensed money lenders. The applicant should not be limited to banks when looking for a loan. This is because banks are known to have a long list of stringent requirements before they approve any loan application. Loan approvals take a long time. Financial institutions that are not banks tend to have a wide variety of loans with more flexible terms and conditions. These money lenders are legal and licensed with the Ministry of Law and are not as rigid as banks. The applicant should consider these alternative lenders because there is a better chance that he or she will qualify for one of the loan options offered.

With all these points in mind, you not only increase your chances for loan approval, but also work towards attaining a loan in the shortest possible time.