Application for loans in Singapore has never been simpler especially with the advent of online platforms and cloud services. That which was once considered to be troublesome and very tedious has become a lot easier today.

Loan applications now a mouse click away

Banks today are offering various types of loans that can be applied via their official websites. Besides that, there are also the licensed money lenders that offer these services via their respective platforms too.

Why should you apply for loans online?

While it makes a lot more sense to speak to someone who could understand your need for a loan, online applications are provided for several reasons. A customer will apply for a loan online mostly because of convenience. Internet banking has become very common after all.

Another reason why a customer would want to carry out this process online is because of confidentiality. Without needing to speak to anyone in person, the entire process can be completed seamlessly.

Criteria for online loan applications

Banks will always require the relevant documents during any loan application whether it is online or otherwise. In an online application process, you will be required to prepare several documents beforehand. This is a mandatory step that will determine the status of your application. The basic requirements include:

  • Being aware of your eligibility – For personal loans, there is a minimum salary that you are earning per year.
  • Type of loan applied – Certain loans are provided for a specific group of people. In other words, you need to check if you are in a certain category before applying like Expat Home Loans, etc.
  • Financial documents – You must have your digital documents at hand like your payslips, income statements, bank statements, ID and others.

Steps in the online application

To apply for a loan online you need to first decide what loan you need. It can be a personal loan, for debt consolidation, home renovation, vacation, wedding or a quick payday loan. Whatever option you choose, ensure that you have entered the right information especially your contact information (email and mobile number). After that, submit your documents through the upload function or via email. The verification process will take about a day and then you will be informed about the outcome of your application. This is usually done either via email or direct to your mobile phone.