Life is usually unpredictable, and you may need to apply for a loan to get through unforeseen financial challenges. Banks and other financial institutions will consider your income when evaluating whether or not to accept your loan. It enables them to assess your capacity to repay the loan. However, this does not rule out the possibility of obtaining a loan while jobless. Here are five tips to improve your situation for the bank, credit company and financial institutions around Singapore to lend you money.
#1 Sustain a Good Credit Score
Even if you are unemployed, having a decent credit score might help you get the personal or debt consolidation loan you need in Singapore. A credit score is a number used by banks and registered moneylenders to evaluate your loan application. Your credit history, accounts, track record, and payment history dictate your credit score. A strong credit score assures lenders that you will return the loan on time and that you are a responsible borrower.
#2 Find Other Income Sources
It is crucial to understand that you do not have to be employed full-time to qualify for a personal or payday loan in Singapore. It is a source of revenue as long as money is flowing in. They consider and accept part-time, contractual, or freelance work as sources of income. Some of these occupations pay well, which can help you get through challenging times and improve your portfolio.
#3 Think About Getting Secured Loans
Most personal loans given by banks and authorised money lenders are unsecured. It implies that they do not demand collateral and grant loans solely based on your credit score and income. If you are unemployed and do not have enough income to support your loan application, you may want to explore obtaining a secured loan. A secured personal or business loan from reputable Singapore institutions will demand collateral such as a house, car, or jewellery to support your loan application.