All About Loan In Singapore
Random header image... Refresh for more!

Most Important Criteria For Lenders – Stable Personal Income

While banks seem to love lending out money, they do have some requirements. In most cases, a bank is looking for a stable personal income. The requirements vary from bank to bank, however at least one year in the same job, tends to be the rule of thumb for lenders. The bank does not always require you to be working a solid forty hours a week; however they do want you to be bringing in at least $1,000 a month after taxes. You’ll need to prove that you have steady employment by providing a pay stub or in some cases, showing your last tax file.

There is a good chance that the bank may even try to follow up by contacting your place of employment. Due to the work situation, you may have two jobs which is fine. You could be working a day shift for thirty hours a week and then have a weekend job where you pick up around sixteen hours. As long as the work has been steady the banks will be fine with that.

The customer service representative at the bank, needs to show that they followed up on your loan application and confirmed your employment status. Should you fail to repay the loan or become frequently late in making payments on time, the customer service representative’s manager will be checking the details.

There is the chance of getting a low interest personal loan if you meet all the criteria and you definitely want to get the lowest interest rate possible. The bank will be more inclined to lend you the money if first of all…you have done business with them for a number of years or your family has. Secondly they will want to see that you have had a stable income for a number of years and that you do not frequently switch jobs. The only way that job switching is going to be in your favor, is if everytime you switched, it was for more pay and a better position. However a lot of people switch jobs for the wrong reasons, like not enjoying the work or hating their boss. The bank will not understand that type of reasoning.

You will need to have a good credit rating as well, so it is important to do several things. First of all, always repay the loans you have out, on time and then check your credit history. Frequently mistakes are made at the credit bureau, so if you have been at your place of employment for ten years, and your file says that it has been five…you need to get that fixed. Your bank is always going to consult the credit bureau file to see if you are being truthfully on your application.