Guy with bag and book

In today’s world, it is either you work for a company or you yourself provide job opportunities for other people. However, for some, things do not work out in both of these ways. Some people are still trying to figure things out and being jobless surely is one of the biggest concerns of all because not only you are unemployed, this all means that you have no sources and means for income and wealth accumulation. Hence, below today we lay down the utmost needed information on how the unemployed in Singapore can apply for a personal loan.

What is a Personal Loan?

income and wealth

First and foremost, it is vital that we get to know together what a personal loan is. It is a type of loan that is for the sole sake of personal usage. In Singapore particularly, it is commonly known to be the helping hand for an emergency personal necessity. Not only the working-class can apply for a personal loan, as we have been told earlier on repeatedly, those who are of higher income resources are also eligible.

None of us is able to foresee the obstacle that we might be facing on the day of tomorrow – it might happen to you, your family members and friends or your other loved ones. With the economic crisis that is happening globally now and being unpredictable by the day, it is almost impossible for people in need to get access to personal loan lenders. Especially, if you have a bad credit score, banks will certainly not entertain your application. With this issue adding up to the job-seeking dilemma, it stresses us out and makes it harder on daily life expenses as well.

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Furthermore, this type of loan can either be secured or unsecured. Such a number ranging from $10,000 up to $100,000, any collateral is not required for applicants in order to receive the money. Nonetheless, any amount above the mentioned, most probably you will need to place your assets, such as your car or your house to secure the loans you are applying for. Also, applicants will need to understand that the money you are borrowing is not to be used for investing.

Make a Wise Choice of Your Lender

Shake Hands

Moreover, getting a personal loan Singapore is not rare, thus, you have a plethora of choices to choose from. Not only from banks, but different kinds of moneylenders too. To be sure, make an extensive research on every moneylender you are targeting – their interest rate (a concern of many), repayment options and other terms and conditions. Most importantly, this move is not just about applying and receiving the money and using it however you wish. Phases even before getting the loan secured is critical.

Be very certain that the moneylender you want to make your transactions with are registered and licensed. Moneylenders in Singapore offer their potential clients great services as well as informative consultations. These experts provide useful financial advice on how many exactly will suit your need and what could be the best type of loan you are qualified to inquire after.

Recheck your credit score

personal loan as an unemployed

If you used to have a job, unemployment may have caused severe inconvenience. Not only that, you probably record a below par credit score. In turn, this will make it even harder for you to fit in getting a loan from Singaporean bank. In contrast, if you were to apply for it from a licensed moneylender, the money is usable to recoup your credit score. It may sound complicated, but not to worry, financial advisors that they hire are skillful and will give helpful guidance in helping you get the most out of what you applied for.

Equally important to keep in mind, this might also be the good news to some – corporations that let people borrow money lend you an amount of cash ranging between $1500 to $25000, even for the unemployed. Thereupon, the interest rates may soar as high as 18% and above. Even so, this differs from one company to another, thus, a research is needed. According to the usual practice, they give you from 3 to 25 years of repayment period for the unemployed. The longer the payment period, the more interest rate you would have to endure.

More Useful tips…

personal loan useful tips

Below are simple yet important details you should always keep in mind to apply for a personal loan as an unemployed:

  • You are qualified for a personal loan application if you are older than 18 years old. Also, you must own an active bank account for the money to be transferred.
  • You may apply online. Simply fill up the form that you can download from the lenders’ website and submit directly.
  • Repay your loans on time. As noted formerly, the longer your repayment period, the higher interest rate you pay. Be as disciplined as you can.

All in all, one of the best qualities of a personal loan is that it aids you even in resolving personal emergencies. It is available and accessible when you need to pay your debt, when you need to open up a business and even for your day-to-day expenses.

With that said, if you have decided to get your personal loan from a licensed moneylender, look nowhere else – Raffles Credit is ready at your service. You may visit their office building, call them up for further inquiries.