Being unemployed means you are having some tighter control over your expenses and money in hand. This hand to mouth situation is undoubtedly very frustrating and even people refuse to lend any money until you have a fine job to pay off the debt. In a country like Singapore, it is very difficult to obtain any loan, but certainly, it is not impossible if you are fulfilling all the obligations. As a Philippino living in Singapore, it is indeed a tough task to apply for a loan when you are searching for the job or when you do not have a regular job option.
The decision of getting a personal loan might sound scary to many of the people out there, but at times it is life-saving too, and if you are fulfilling all the requirements, then you can avail the loan pretty easily. An unemployed person can obtain loans up to $25000 starting from $1500. The interest rate imposed for unemployed individuals is also low as compared to the regular ones that could be as low as 7%. Furthermore, some of the money lending organizations do not even charge for the processing fees.
Acquiring a personal loan as an unemployed Philipino
However, the rules to apply for the unemployment loan in Singapore vary from institution to institution, but there are also a few points that you can take care of. Such as:
When you get unemployed, it is necessary that you look for any sort of work so that the way of income will remain open in some way. This gives a surety to the bank that the person can pay off or holds the way of paying back the loan. Also, as a Philippino worker in Singapore, it is necessary that you hold some jobs to avoid being jobless in a foreign land. Having some freelance work can also be very helpful in this case so that the money would continue to be in your pocket.
Another thing that most of the Philippino workers do not know that lenders in Singapore check it closely that whether you have been paying all your bills on time or not. It also affects your credit rating and if not maintained, then there are chances that you may not get the loan.
You must also be careful while choosing the lender. It is advised that a little research in this regard will be beneficial. Choose the one that matches up with your loan needs and asks for the minimum requirements.
How to get your personal loan approved?
As a Philippino resides in Singapore, there are few factors that are important to keep in mind so that you could get the approval as soon as possible. For instance, your existing income figure has its impact on how much the lender considers to loan you. This is crucial because this way they have to analyze whether the borrower can pay back or not. Likewise, every person has its own credit file that the lender will check to know about their credit history, your credit utilization ratio or what has been your credit score. Apart from all that, knowing your debt to income ratio is also very important for the loan provider as this way they assess that, will you be able to pay off your loan sum monthly or not.