Frequently asked questions. We answer all your doubts

Here are some tips to help you identify the best lenders in the market and also understand yourself better before clicking the apply button

General Questions

Do all your lending partners have licenses?

PersonalLoanLowIncome does not compromise about licensing for moneylenders that we work with. The lender to whom we connect you must have a current and valid license, therefore you can be sure they are bound by the code of conduct controlled by Ministry of Law in Singapore and the KPKT in Malaysia.

So what do you do, exactly?

We work closely with licensed lenders to help borrowers find helpful personal loan low income packages when they have less-than-ideal borrowing circumstances, such as variable income, low income and poor credit scores.

What can I use the money for?

The advantage of unsecured personal legal loan for low income is that you can do anything you want with it; the lender doesn’t tell you how to spend it, and won’t follow up provided you make your repayments on time. You can use your money to settle outstanding bills, pay school fees and expenses, renovate your home or car or deal with medical emergencies among others. Foreigners and expatriates with money problems can also use these loan facilities to get fast cash when in a fix.

How do I know they best lender for myself?

Choose a money lender that patiently and clearly explains the application, approval and repayment processes. Be careful about lenders that seem impatient or keep pushing you to sign without explaining ambiguous terms. You can start with their website. Are details about the loan and terms clearly stated? Are their customer service representatives polite, helpful and easily reachable? Do not sign any contracts with gaps, or terms that aren’t clear.

How should I interpret the contract?

Read every word in the contract before signing, and ensure that everything is clear the way you discussed it. Do not be afraid to ask as many questions as you want before signing. Look out for hidden charges, such as application fees and late interest payments. When you start repaying, the lender should send you a statement of accounts detailing your loan status. Confirm repayment dates so that you don’t attract late fees.

Loan Questions

How much interest will I pay?

The exact amount of interest depends on the loan package, but the government has provided guidelines for lending interest caps for secured and unsecured loans. Using services like ours at Personal Loan Low Income will help you get the best rates and terms. Remember that if you have a higher debt burden, you may get higher interests.

How can I improve my chances for approval?

Lenders are more likely to approve your application if you can show you’re trustworthy. This means that you shouldn’t give any false information on your application, especially physical address. Also, it helps to prepare all your documents in advance so that you can hand them in when asked. These include your latest payment slips, employment letter, tax returns and bank statement. Different lenders ask for different documents, but if you give all documents when asked, it will show you’re confident in yourself and they will be confident.

I am convinced and ready to obtain a loan now. What should I do?

Great to hear that. Please kindly fill up our loan application form here and within a few hours, our hand-picked licensed lender will contact you directly. Once your loan is approved, you will find the money waiting in your bank account.