Apply for a Personal Loan with Lendela

- Quick application
- Borrow up to $200,000
- Apply once and receive multiple personalised loan offers
- Requirements to apply: 18-70 years old, Minimum monthly income of $1,200, Salaried Singaporean / PR / EP holder
Every rejected personal loan application is listed on your credit file, so it’s really important to take the time to give your loan application a better chance of approval. Learn some helpful tips to avoid your personal loan being rejected.
Which steps should you take to increase your chances of getting your application into the “approved” pile? Here are our 7 favourite tips:
If you’re unsure about credit requirements, ask the lender before applying. The majority of lenders have online chat services – as a minimum – that can offer assistance. If you don’t meet the credit requirements, your application may be rejected immediately.
Each lender will have a different minimum income requirement, and this minimum may differ depending on the loan product you’re considering. Always apply to a lender who is willing to grant loans that meet your income threshold. This not only increases your chances of being approved for a loan but also means that you’re more financially able to make repayments.
Check with the lender to see if your loan purpose is permitted. For instance, some providers state that their loans may only be used for short-term credit crunches; not luxuries like wedding-related expenditure or vacation expenses.
Is your application filled out completely? Have you provided any incorrect information? Either of these can lead to rejected applications. In more serious cases, filling out key information incorrectly may be deemed as dishonesty by your loan provider.
Do you need to have been in your role for a certain amount of time? Do you need to be receiving a regular income into your bank account? See what the lender requires regarding your employment status and know which key documents you need to back up your employment details.
You could look at consolidating your loans or paying some of them back before applying for any new ones. Holding multiple loans both increases your chances of defaulting and could also affect your credit score in the long term.
If you’re applying for a secured loan, check what your lender requires regarding collateral and check that the asset you plan to use meets their requirements. When in doubt, get in touch with the lender before applying.
Now that you know what to look for to avoid getting rejected for a personal loan, compare a range of loans to apply for below.
Related reading: How much should you borrow for your car loan?
There’s no way to completely guarantee that your personal loan application will be approved. Even if you meet all the eligibility criteria listed by a lender, the lender can still reject your application at its discretion.
However, you can avoid common mistakes that lead to personal loan application rejection and follow the tips we’ve discussed to improve your chances of approval. You can also compare your personal loan options to find more lenders you may be eligible for.
Receive multiple personalised offers with Lendela, a consolidated personal loan platform with over 30 partners.
Discover the different loan options available to help you meet the cost of your big day.
Find out what affects the turnaround time of a personal loan and get tips on how to speed up the process.
Find out the main types of assets that can be used as collateral for personal loans, car loans and business loans.
Repay your personal loan over a period of up to five years with DBS.
Find out the options you have to help meet the cost of your higher education.
Compare loans you could qualify for as a foreigner and learn how to apply without hassle.
Finder surveyed 1,008 Singaporeans aged 16 and above and found that nearly 1 in 3 have taken out a loan in the past 12 months.