Personal information(such as NRIC/Passport number) is required when it is necessary to establish or verify an individual’s identity to a high degree of accuracy. Income information (CPF contribution, payslip and NOA) allows our Financing Partners to gauge your repayment ability.
When applying for a Business Loan, they are required to allow the lenders to know if you, as an officer of the company, have any bad credit or pending litigation and so on.
Depending on the loan type, different information is required. And just like why you need to do regular medical tests to have an up-to-date understanding of your health, lenders would require your latest documents as well.
Some lenders or brokers may have a simple enquiry form on their websites, opting to call and ask for the documents later which can delay the process. Different lenders may also require slightly different documents for their credit analysing process. As FindTheLoan.com allows you to connect to dozens of lenders at once, our forms for some loan types or borrowing profiles might be slightly longer than a single lender's.