Taking loan from the banks is such a complicated and long procedure, due to which people always try to stay away from this option, even in the severe times of need. Although everyone comes along a situation, at least once in life that taking loan becomes a necessary option, but due to complexities of the process, people always fear of having much more problems. Besides most of the times these formalities take so much time that the need is passed away and there is no meaning left about that money. Myloan has come up as a right solution to such problems for the residents of Singapore.
The procedure for applying loan through website is very simple due to its user friendly interface. When a client first visits the website he can gather all information through different tabs and nothing has been hidden from them. On home page a very simple tool has been given through which you can choose and set amount required for loan and repayment period. The loan amount may be as low as one thousand dollars ($1,000) and as high as a hundred thousand dollar ($100,000) which can be paid according to the client’s choice. Repayment period may vary from 1 to 7 years according to choice and suitability of the client.
Once you set the tool on the required amount and loan period, you have to click “get results” button. As a result you will be asked to enter your details. Once you have provided your details, you will be contacted within minutes. Surprisingly the approval process takes place within one hour which is the fastest speed by any financial institution. Besides it does not waste any time in investigations and documentation procedures. It is evidence that only this kind of loan is a true response towards emergency needs.
As already discussed that the loan amount ranges from $1,000 to $100,000, it may also increase depending on the consent of the lender. If these terms are agreed between lender and borrower, it may also be possible. However these limits are not pre-defined and may vary from case to case. In these events, the impact of emergency drastically changes and the customer immediately comes out of their problem situation. However there is a strong connection between amount and term which must be considered before planning a loan. If the amount is larger the period also must be longer to keep the installment within the range of payment capability. It means longer will be the period, lesser will be the installment, and shorter loan term will result into higher amount as installment. In this situation, one must be aware of the ultimate installment with a clear budget check to answer the question, “Would it be possible for me to take out this amount after my routine expenses”. If the answer is in “No” one should never go for a very high amount or try the best to keep the installment at minimum level. By this carefulness, one can stay away from trouble.