What Is Personal Loan?
Whether you plan to finance your education or cover the costs of your dream home renovation, a personal loan can accelerate your progress.
A personal loan is a sum of money borrowed for personal purposes, like settling credit card debt, home renovations, travel, or handling emergencies. Unlike secured loans, personal loans are not backed by collateral.
To apply for a personal loan, financial institutions assess your eligibility and determine interest rates based on your credit score. A higher credit score generally results in lower interest charges. Lenders also evaluate your ability to repay the loan before approval. Repayment involves settling the principal amount along with interest over an agreed-upon period.
Personal loans serve as a viable option for individuals facing financial challenges that require prompt resolution, such as debt consolidation or loan refinancing. They provide the flexibility for significant purchases and allow repayments at a comfortable pace
Documents Required
- Latest Notice of Assessment (NOA)
- NRIC
- Credit Bureau Report
Why Lendy
How can we help you?
We recognize that everyone's situation is different, and we customize financial solutions for unique individuals or businesses.
Is it complicated?
Absolutely not! Our job is to simplify your loan process. Let us do the hard work for you
Application steps required?
Apply for a loan on our website, let us reach out to you for more information, and secure your funds!
What is our philosophy?
Our philosophy revolves around providing customized financial solutions to meet your needs, and we are committed to going above and beyond to assist you in obtaining what you require.
How Does It Work?
Get the funds you need in 3 simple steps.
Register Your Interest
Share with us about your funding needs over here in less than a minute.
Collect Docs
Our professional loan adviser will reach out to you to gather the necessary documents.
Approved
Receive your funds to support your needs!
Personal Loans FAQ
The final approval of a loan depends on the internal regulations, procedures, and eligibility standards of each loan source. Therefore, determining eligibility for a specific loan prior to using our application form is challenging. We enhance your chances of loan approval by collaborating with multiple banks and financial institutions. Even if one bank rejects your application, you still have a strong chance of approval from others.
However, to apply for a personal loan with LENDY, you must meet these minimum requirements:
- You must be between the ages of 18 and 70.
- You must have a monthly salary of at least $1,200.
- You must be a Singaporean with a salary, a PR, or an EP holder.
There is a possibility with property assets collateral, and LENDY will assist you with this.
The amount you can borrow is based on your yearly income. In Singapore, banks allow you to borrow up to eight times your monthly income, and licensed money lenders allow up to six times your monthly wage.
For personal loans, non-bank lenders can process applications in a shorter timeframe, often within 12 hours. In contrast, bank applications may take longer due to an extended assessment period.
Absolutely. Your application carries no obligation, and you are free to reject any and all offers made to you.
The loan conditions, including interest rate, duration, processing charges, etc., are determined by the particulars of your application. Predicting the interest rate before filing your application is challenging. Keep in mind that interest rates may vary based on the loan amount, duration, and across different banks and financial organizations. Before selecting an offer, be sure to evaluate all offers presented to you.
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Unlock Your Financial Potential!
Are you prepared to move closer to your financial objectives? Delve into our tailored loan solutions to secure your future effortlessly.