Monthly Installment Loan Singapore

Unexpected expenses and emergencies can really turn your life upside down.

Living in Singapore doesn’t make things any easier. Our bills get more and more expensive as the years go by.

For the average hard working employee in Singapore, it can be pretty painful looking at all the utility bills, rent, and necessities that need to be budgeted. Sometimes, you finish budgeting only to see that you are coming up short for all the necessities. Or maybe you want to go for a nice family holiday at the end of the year, but you don’t have enough to pay for all the bills and a vacation.

That’s where applying for a monthly loan comes in handy.

What Is A Monthly Installment Loan? How does it work?
A monthly installment loan works similar to a personal loan. It is a lump sum that you can borrow for a year or longer at a fixed interest rate. Upon disbursement of the loan amount, you can use it for any purpose.

During the tenure of the loan, you have a fixed monthly repayment that consists of principal and interest, where the dollar value of which remain stable.

Generally, you should use monthly installment loans for sudden and/or unavoidable expenditures that are large and hence need to be repaid over a long period of time.

Eligibility and Requirements for Installment Loan in Singapore
If you were to borrow from a financial institution like a bank, you’d typically need a minimum annual income of $30,000 and their application process would entail more stringent credit checks.

With a licensed moneylender in Singapore like QV Credit Pte Ltd, we make the loan process simple and the loan approval fast. Here’s all you need to be eligible:

Singaporean, Permanent Resident or Foreigner with a valid Singapore Employment Pass
Be above 21 years old
Employed with proof of salary/CPF statement/income tax

Documents Required:

  • NRIC or passport
  • Phone bill
  • OR utility bills
  • For salaried individuals:
  • Latest 3 monthly pay slips
  • OR 15 months CPF statement
  • OR Income Tax Statement (taken from IRAS website)
  • For self-employed individuals:
  • Past 2 years Income Tax Statements are required

Why Should I Choose QV Credit’s Installment Loans?

We help make your loan repayments a whole lot easier. You take a loan from us once and repay as per the agreed-upon schedule.

The beauty of our installment plan is that the package entails just a fixed monthly installment. Since it’s fixed, this will help you a great deal in planning your budgeting as you know exactly how much to set aside for the loan repayment.

Here are some other reasons for taking a loan:

  • You can improve your credit score. When your repayments are regularly paid on time, you can build up a stronger credit profile.
  • The interest rates on monthly installment loans are lower than lines of credit and credit cards.
  • Installment loans have fixed interest rates, so there are no surprise surcharges or extra payments.
  • Budgeting for the month becomes a lot easier as the fixed monthly payments remain the same.
  • Installment loans can be used for short-term and long-term, hence helping you cover both major emergencies and long-term projects.

We also offer other types of loans, such as personal loan, payday loan and business loan.

If you need to apply for a monthly installment loan and meet all the requirements, you can apply online by clicking here: https://qvcredit.sg/monthly-installment-loans-singapore/


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