Common Reasons for Rejection of Personal Loan Applications in Singapore It is much easier to get personal loans compared to traditional bank loans in Singapore. It is however important that you note that not all personal loan application goes through in Singapore. It is important that you know the common reasons for rejection as this will help you ensure your application is not rejected. Your loan application will be rejected if you do not fall within the stipulated age bracket. With most Singapore money lenders, only persons aged between 21 and 65 years of age qualify. Personal loans are given to salaried and self-employed individuals. This is because money lenders deduct repayments from your salary or regular income. Different money lenders have different minimum amounts which loan applicants need to earn each year if they are to get a loan. This amount is usually higher for the self-employed given the higher risk the money lender has to take. You will not get a personal loan (or you will get less than you asked for) if you ask for more than you qualify for. You should discuss with the money lender what you qualify for before filling the application form. You should ask for what you are able to comfortably repay. Some people also make the mistake of failing to factor in fees and charges when borrowing personal loans. You expect to pay such fees and charges as professing fees, early repayment fees, and amendment fees. Most personal loan money lenders allow for online loan application. You should, however, ensure that you give all the required information to prevent the rejection of your application. It is particularly important that you provide proof of your identity, your contact details, your employment details, and your employer details as most money lenders will not give you a cent without this information. Although credit history does not come into play when a lender is determining the interest rates payable, you should note that you are likely to miss out on a loan if you have a history of refusing to pay back the money you borrow. You should work towards being a low risk borrower to increase your chances of getting a loan. If you are a foreigner, you should first ensure you have an employment pass that has a validity of at least a year to qualify for a loan. It sometimes requires that
Common Reasons for Rejection of Personal Loan Applications in SingaporePersonal loan
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