Things to consider before applying for a loan

What are the things to consider before applying for a loan?

  • You must be Singaporean or Singapore Permanent Resident
  • Between 21 and 60 years of age
  • Earning at least SGD 1,700 per month
  • A guarantor may be required in some circumstances

With this, you are one step away from making the application.

Before you proceed with the next step, do note of the following points:

  1. What is the purpose of the loan? Is it a short term or long term?
  2. Will the amount for repayment be burden?
  3. Can you make the repayment on time if it is a long term?
  4. How will it affect your expenses?

Getting a loan requires a full analysis of the action. Think wisely.