Introduction
One of the main reasons why people face financial emergencies in Singapore is that they are victims of fraud and other crimes. They may become victims of pick pocketing, robbery, or burglary, and the robber may steal all the savings related documents. Hence the crime victim will find it difficult to access the funds which they require for an emergency like medical problems, accident, house repairs. Getting a loan from a bank is also difficult if the documents are stolen. Hence in these cases, it is advisable to use the service of a legal personal loan moneylender Singapore like Aerocredit.sg to get the loan required.
Legal moneylender
The government in Singapore realizes that people borrow money from moneylenders mainly because they have no other source of funding and require the money urgently. These borrowers are likely to be exploited by unscrupulous people, hence it is mandatory to register a money lending business in Singapore. This ensures that the moneylender conforms to the guidelines specified by the government for money lending like the maximum monthly interest rate, maximum penalties for delay in repaying the loan, and the procedure for approval of the loan. It is possible to verify whether the moneylender is legal, checking the Singapore government list of licensed moneylenders
Eligibility
Legal moneylenders like Aerocredit will only give loans if the loan applicant meets certain criteria which are that the applicant should
– be at least 21 years old
– be a Singapore permanent resident, citizen or having any kind of valid work permit
– not be bankrupt and should have a reasonable credit score
– be able to provide all the documents which are required like address proof, salary slip for employees, citizenship, residence, or work permit.
The loan amount which the applicant is eligible for depends to a large extent on the income of the loan applicant, with the maximum loan amount limited to $5000 for those whose annual income is $20,000 or less. For foreigners, the limit is even lower. Loan applicants with an annual income of more than $20000 can get a loan corresponding to six times their monthly salary
Loan procedure
Aerocredit conforms to the procedure specified by the Singapore government for money lenders. All the loan applicants will have to be personally present at the office for submitting the documents which are specified and the loan application with the loan amount. The staff of the moneylender will clearly specify the terms and conditions for the personal loan, like the interest rate, when repayment is due, and the amount which has to be repaid. The borrower will get a signed copy of the borrower’s terms and conditions for reference.
Conclusion
Many people face financial problems because of the greed, crime, and carelessness of others. Aerocredit understands this and has greatly simplified the procedure for getting a loan quickly and conveniently at reasonable rates. Their staff can be easily contacted using Whats app, on phone or using the contact form which is being provided on their website. Their well trained and professional staff will provide the loan related information at the earliest.
