Loans are easily available these days due to the increase in competition among money lenders, banks, and financial institutions. Although it is easy to get loans, it is not really easy to get approvals. You can apply for a loan, but you will only get the money if your application is approved.
In some loans, it is very easy to get quick approval, but the approval takes a lot of time in other loans. Apart from that, not all loans get approved. The chances of rejection are quite high in some types of loans.
Example: If you apply for a business loan, you will get easy approval. The approval time will be quite less. But if you apply for a fast business loan, the approval time will be more. Also, the chances of your application getting the approval are quite low.
The approval depends on various factors. The bank or money lender will check your application form, documents, eligibility, loan amount, and other things to determine if it should be approved. If everything is correct as per the requirements, you can get easy and quick approval.
Ten Tips For faster Loan Approval in Singapore:
Singapore is a developed country where there are many financial institutions, banks, and money lenders. It is a business hub, so there are lots of loan options available. You can get various types of loans here. If you want to qualify for fast loans Singapore, you need to use various tips to get faster approval. You can use various tips to get easy and fast approval while applying for a loan in Singapore.
- Online Application:
If you are looking for a fast loan, you need to apply online. There are many banks and private money lenders who use online platforms for loan applications. You can go to their website, check all the details, and apply terms and conditions for the loan. Gone are the days when you have to personally visit the bank and fill out the form on a paper to submit it to the application process. When you use an online application, it creates a good impression on the lender. Online loans are instant loans. The processing and approval take less time.
- High Credit Score:
A credit score is very important when you take a loan. The approval mostly depends on your credibility. If you have a poor credit score, the chances of rejection are quite high. You need to know your credit score and keep it high so that you can get instant approval. You can check your credit score and try to increase it. You need to keep your credit score above 700 to get faster loan approval.
- Apply With a Single Lender:
You need to apply only with one lender at a time. Just because you can easily apply for a loan, don’t go on applying with multiple lenders at once. Know what you are looking for, check all the factors, and compare all the factors to choose one lender. If you apply with multiple lenders, they will be able to check it. It will create a bad impression and show that you are very desperate to get the loan. It can also hinder the approval time. To get faster approval it is wise to go with one lender.
- Bank Balance:
You need to maintain a good bank balance to get faster approval. It creates a positive image when you apply for a loan. It shows that you are very much capable of paying back the loan. So when you apply for a loan, always keep your bank balance high to show your creditworthiness. It will help you get faster approval for the loan.
- Income Sources:
To get a loan, you have to show your source of income to the lender. You have to submit your proof of income as a document. If you have a good income, you will get faster approval. If your income is poor, it will take time. You can show your income from different sources to show your repayment capability. It will help you get faster approval for the loan. It is wise to show your income from different sources.
- Low Debt to Income Ratio:
This ratio plays a very important role in getting approvals. It is the ration between your EMI and Monthly income. If the ratio is low, it is god for you. If the ratio is high, it is bad for you. It shows that how much percent of your income does the EMI takes. It should be 45% or less than that. If it is more than 45%, it shows that more than 45% of your income goes into paying EMI.
When you fill the loan application form, you have to submit various documents as per the type of loan. You have to show that you are a citizen. You have to show your income proof and other proofs. If you fall short of documents, the approval will take more time. When you submit more documents than needed, you will get faster approval.
- Good Relations:
To get faster approval for your loan, you need to maintain good relations with the lender. Stick with a particular lender so that you will get easy approval next time.
- Personal Bank:
If you want to apply for a loan, it is advisable to take it from the bank where you already have an account. Because you are with them for a long period of time, they will easily approve your loan in less time.
Make sure you have collateral security with you. When you present security for a loan, the approval process becomes easier. It shows that you are trustworthy. This way, you can get approval a lot faster than normal time. You need to show the proof of the security while applying for the loan.
These are the ten tips you can follow to get faster loan approval in Singapore. Follow all these tips when you go for a loan.