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A personal loan is money you borrow from a bank, credit union, or online lender that you have to pay back in fixed monthly instalments or payments. The monthly instalment is flexible, typically ranging from 12 to 84 months. Keep in mind that there is usually interest on top of your monthly payments.
You can use a personal loan to meet any of your immediate needs, whether it is debt consolidation, home renovation project, emergency expenses, or any other large purchases.
Personal loans can be a good option for any budget-conscious borrowers out there as they can have fixed interest rates, fixed payments, and fixed terms.
If you’ve determined that you want to get a personal loan, make sure you go through the proper steps to apply for one. In order to get the right loan to suit your needs, this guide will support and navigate you through the process.
There are different minimum and maximum loan amounts for personal loan loans. Therefore, it’s essential to know how much you need. Then, pick a lender.
You need to have at least a reasonable credit score to apply for a personal loan. This means that the higher your credit score, the more beneficial the terms of your loan would be.
There are fixed repayment periods on most personal loans, so you pay a certain fee per month to pay off the loan within a specified period of years.
Before you start the application process, it is good to get all the financial paperwork ready. Doing this ensures that you don’t have to stop and waste time finding things that the lender asks for.
Some lenders encourage you to upload your details before finally applying for a loan and getting a personalised rate quote.
11 reviews
From start to finish, Man was absolutely fantastic and professional. He went of his way and was absolutely brilliant. He was very friendly and made everything so simple. I would highly recommend this service to anyone.
The service at this office is absolutely wonderful, my request was runned by Baifern, to who I give credit; the service is quick and efficient, and I would definitely recommend it to anyone looking for a loan.
learn what is a personal loan and where you can get one as a foreigner, I would recommend applying for unsecured personal loans as there will be no risks towards your personal possessions.
Other products like home loans and students loan are also available on the thaiger, I have check out some loans that I’m interested in, hope I will get approved for a loan.
In a couple of days, I was able to get my loan approved and financed. The rates were okay for my debt consolidations.
This was by far the fastest, easiest, and most efficient loan process I’ve ever been involved with, all you will need to do is send an inquire with thethaiger, within a couple of days someone will get back to you regarding the specific terms and conditions.
We offer two main types of personal loans, including Unsecured Personal Loans and Secured Personal Loans. The type of loan that works best for you depends on several factors, such as how much time you need to repay the loan and your credit score. Therefore, make sure to read the details carefully, so you know which type of personal loan is best for you.!
This is the most common type of personal Loan. It is not backed by collateral, such as your car or your property, which makes them less risky for you. However, it is riskier for the lenders, which is why it may come with a slightly higher annual percentage rate and require higher credit scores for approval.
Often referred to as signature loans or personal loans, the terms of unsecured personal loans, including acceptance and receipt, most frequently depend on your credit score. The lender can decide whether or not to approve your Loan based on your creditworthiness.
A secured loan is a collateral-backed loan, meaning some type of collateral is required as a condition of borrowing. The collateral can be your car, property, personal savings, or another asset. The lender will use the collateral as payment if you don’t pay back the loan.
Since secured personal loans are considered less risky for the lender, the rates are typically lower than unsecured loans.
Thank you, The Thaiger, for helping me get my personal loan processed on time. The guide they provided also helps me return my loan timely, The Thaiger also makes it easier to borrow for the second time.
Top tip: Take a Personal Loan only when absolutely necessary, and don’t forget to have all your requirements ready before applying.
Here at the Thaiger, we have a dedicated team to help get a loan in an easy, efficient, and timely process. Whether you need a loan for emergency expenses or remodelling your home, we understand that getting a loan in a foreign country can be a stressful and tiring process. Here, we can guide you through the approval process step by step!
Let the Thaiger help you get any type of loan in Thailand according to your needs. Check out our products below.
A home loan simply means the sum of money you borrow to buy a house from a financial institution or bank. Home loans consist of an interest rate adjustable or fixed and terms of payment
If you don’t have the money to pay for your dream car, a car loan can help you purchase it, whether the car is brand new or used.
Need help financing your business? Our SME Loan might be the answer. Whether you want to make an investment or expand your business, we can help!
Thinking of buying a motorbike to help you get around Thailand quicker and easier? Well, our motorbike loan can help you with the purchase.
One of the major advantages of personal loans is that they are versatile. Unlike specific types of loans like car loans or home loans, you can use the money for anything you want. Personal loans can be beneficial for people who want to consolidate debt or finance a large purchase without putting a home or vehicle as collateral. However, besides its versatility and flexibility, there are other benefits. Below, we have compiled some of the benefits of personal loans.
Some personal loans have daily monthly instalments that you make for a fixed period of time.
Personal credit means that the personal loan balance is entirely paid off after the loan term is over.
Interest rates are typically considerably lower than other financial products.
Personal loans are attractive to consumers who have little collateral or a low credit score.
Funds you receive via personal loan can be used for various purposes like funding a wedding, renovating a house, purchasing an expensive gadget, and many more.
This is especially true in case you have similar types of existing credit. A Personal Loan can prove to be useful in improving your score by adding variety to the types of account you hold.
You might find yourself living pay-cheque to pay-cheque without any funds to save. In such a scenario, rather than waiting for an emergency to occur, it is wiser to get a loan to create an emergency fund.
A home loan, or a mortgage, is an amount of money you borrow from a bank or any other lender to buy a house. It consists of an interest rest and terms of payment, which may be fixed or flexible. The property you are buying is used as collateral before you fully repay the loan.
As a foreigner living in Thailand, there are, of course, many important things to keep in mind when applying for a mortgage. Besides, it may be challenging to decide the type of home loan option that is right for you. Therefore, you must understand the fundamentals of a fixed-rate and adjustable rate. You also need to research the fees linked to your loan. To make it simpler and easier for you, check out our home loan guide.
Two forms of personal loans are available: secured and unsecured. A secured loan means you use the loan as security on an item such as a house or vehicle with a higher or equivalent valuation. An unsecured loan ensures the insurance would not have to be used. Only show evidence of sales and you will quickly be on your way to getting the extra cash you crave
As a foreigner, the conditions for having a loan can be strict. Most credit institutions expect you to have at least a 1-year work permit and a letter from your boss specifying your wage and service period to the Thai firm.
Banks, credit unions, and online lenders are the most common places to get a personal loan in Thailand. However, all lenders, procedures and requirements will vary. Loan numbers, interest rates, maturity dates, and fees will also be different.
When the bank has received all your documents along with the application form, the loan application takes roughly seven working days to be accepted
You would need to engage in finding a guarantor or co-borrower who meets the financial requirements to support you. Co-borrowers must have a direct relationship with you for example your family members or relatives.
Yes, you can, your account will be checked by the auto-debit scheme every day after the due date. It is recommended that you should deposit the money into your account and inform your home branch about postpone.
The maximum amount is usually up to 80-90% of the value that you plan to purchase, however, it will depend on the borrower’s policies.
