Monthly Installment Loans Singapore
Financing options you can tailor to your needs
There are different loan types. Some may be daily, weekly, or monthly. Considering the challenges attached to making daily or weekly repayment, especially for monthly income earners, the monthly repayment loan is another way such individuals can take advantage of the services of Raffles Credit to take care of their finances.
If you receive monthly income and you have some finances to take care of, contact us and we are poised to help you with the financial assistance you need. Why should you take a monthly repayment loan?
Benefits of Monthly Installment Loan
When considering taking a loan, you should include monthly repayment loan among your options. As a matter of fact, we will encourage you to give this loan option a second thought.
Some of the reasons why you should do that are:
- Ease of payment: With this loan, you won’t bother yourself about making weekly repayment. Since you already know when you will receive your pay, you can easily plan your repayment to coincide with when you will receive your pay since you have a fixed monthly repayment amount. That will spare you the stress of worrying excessively where the money for the next payment will come from.
- No collateral: This is one of the few loan options where collateral is not required. This is a huge benefit especially if you don’t have enough collateral to offer for a loan.
- Application is easy: It is quite easy to apply for this loan. If you need it for whatever purpose, you can kindly contact us and we will make sure that your application is promptly considered. However, before you submit your application, check yourself whether you meet the requirements listed below.
Monthly Instalment Loan Qualification Criteria
- You must be at least 18 years old.
- For Singaporean / PR : You must have a regular employment or source of income with an annual income that is $18,000 and above.
- For Foreigner : You must have a regular employment or source of income with an annual income that is $24,000 and above.
- If your annual income is below this amount, your chances of getting the loan are reduced.
The following documents are required in applying for the Payday Loan:
For Singaporean / Permanent Residents (Minimum Income > S$1500)
- Identity Card / NRIC
- Proof of Residence such as Recent Bill or Letter addressed to you (applicable if you do not own the place of residence)
- Tenancy Agreement (applicable if you are renting a flat)
- Employment letter and recent 3 months pay slip if your current employment is less than 6 months
- Know your SingPass (password to log into CPF, HDB, IRAS website)
For Foreigner (Minimum Income > S$2000)
- A valid work permit / S Pass / Employment Pass
- Passport
- Proof of Employment (staff pass, company pass, recent 3 month Pay slips & employment letter)
- Proof of Residence (Tenancy Agreement & recent bill or letter addressed to you)
- Latest bank statement of account to which salary is credited
- Singpass (To Download IRAS NOA)
Get preliminary approval in 30 minutes by applying here