With all of the established and startup companies that are raising higher employment standards, it’s getting even more challenging for the fresh grads to find a job. This is why there are now some corporations that offer the best loan for unemployed in Singapore.
These loan options provide an accessible way for the unemployed to have a certain budget for transportation, completing document requirements and many more. As we all know, job hunting is not cheap – you have to go out of your way, travel back and forth for several interviews and submission of requirements.
Hence, in terms of finding the best loan for unemployed in Singapore, there are some things that you should know first. Getting involved with an unreliable loan provider can only leave you with a higher amount to pay, so let’s review a few factors to consider here first.
Things to Keep in Mind Before You Apply for a Loan
The first thing that you need to look for is the valid license of the lender. It’s very important for these service companies to register their business and follow the codes of conduct.
Make sure to check their license status before negotiating with them. Aside from doing personal visits, you can also rely on customer reviews to check their validity, for those will give you an idea of how their process works.
Interest rate is one of the many things that we sometimes overlook when submitting loan applications. You must be aware that the rates differ based on the type of loan and the provider’s given rate at the moment.
So, be sure that the loan amount and interest rate is within your means. In this way, you can pay the total cost on time, avoiding penalty fees or a higher interest rate.
Before you agree on the loan terms, read the payment deadlines very carefully. Especially if you have an unstable financial status, you need to thoroughly check for a flexible payment schedule.
There are a lot of lenders who provide customised terms in case you’re not able to give the full payment on the said date. So, consider every possible option that you have before deciding.
In every agreement, there should be certified and authorized documentation of the transaction. Make sure that it’s detailed and don’t be afraid to ask for clarification.
The responsibilities of the lender and yours must be indicated on the document. Both of you must also have certain copies so, in case of further issues, you can just go back to what’s stated on the document.
Last but not least, you need a responsive lender – especially if you’re applying for an urgent loan. Particularly, for medical emergency reasons, you should see if they’re fast enough to address all of your concerns and come up with a good solution.
Ask them how long you must wait before the approval as well as the time when you can receive the loan. If it’ll take much longer, then you should look for other providers.
The Best Loan for Unemployed in Singapore
To further guide you as you search for possible loan options that you can apply for even without a job, here’s our list of the best loan for unemployed in Singapore.
1. Raffles Credit
Raffles Credit offers a broad range of loans and this includes their best loan for unemployed in Singapore. With this type of personal loan, you must be 18 years old and above and you must also have an active bank account.
You can apply online for a convenient option. Pretty easy, right? click You just need to repay the loan on time so you can avoid higher interest rates.