Monthly Installment Loans Singapore
A monthly loan or a monthly installment loan works similar to a personal loan. It is a lump sum that you can borrow for a year or longer with a fixed monthly repayment at a fixed interest rate. Upon disbursement of the loan amount, you can use it for any purpose!
During the tenure of the monthly loan, you have a fixed monthly repayment loan that comprises of principal and interest, where the dollar value remains stable regardless of inflation and rising interest rates. The monthly term loan is fully repaid once the fixed monthly installment plan is completed.
Generally, you should use monthly installment loans for sudden and/or unavoidable expenditures that are large and hence needs to be repaid over a long period of time. At 118 Credit, we can provide and cater a fixed repayment loan to financially manage your monthly expenses with a monthly installment loan!
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 monthly 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.
Apply for a Monthly Installment Loan with 118 Credit
Get An Instant In-Principle Fast Approval And Collect Your Money On The Spot!
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.
When you get a personal loan from 118 Credit and make monthly repayments, 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 18 years old
- Employed with proof of salary/CPF statement/income tax
- NRIC or passport
- Proof of Residence (phone bill OR utility bills)
- For salaried individuals:
- Latest 3 monthly pay slips
- Singpass (to login CPF, IRAS, HDB)
- 15 months CPF statement
- OR Income Tax Statement (taken from IRAS website)
- Copy of Rental Agreements showing your address
- For self-employed individuals:
- Past 2 years Income Tax Statements are required
Why Should I Choose 118 Credit’s Monthly 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.
The Process of Taking an Installment Loan
Wait for our team to contact you; this will happen within a day of application.
You will set an appointment time for you to come down to our office. Our loan assistant will also tell you what documents you need to prepare.
These are the mandatory documents you will need to bring along for the loan appointment:
- NRIC or Passport
- Phone bill OR Singapore power service bill
- For salaried individuals: Latest 3 monthly pay slips OR 15 months CPF statement OR Income Tax Statement
- For self-employed individuals: Past 2 years Income Tax Statements are required
Come down to our office for your appointment.
You will meet your loan assistant, who will take your documents and ensure they are in order. They will explain all the terms, conditions and fees in the loan. There will be no hidden charges or surprises, everything is laid out in the clear for you. The loan assistant also presents you a monthly repayment loan plan, and if the amount or date for repayment needs tailoring, they will happily advise and change it to suit you.
Once you understand everything that the loan entails, you will sign the loan agreement.
The money will be given to you immediately once the loan agreement has been signed. It is that simple!
Monthly installment loans can be very useful for people who need help in managing their finances. With improved credit ratings and a better structure to budget, installment loans are a win-win for all. Apply for one today with 118 Credit! Drop us a call at +65 6835 7666 for any enquiries! Click here for a fast cash loan in Singapore!
Apply for a Monthly Installment Loan with 118 Credit
Get An Instant In-Principle Approval And Collect Your Money On The Spot!