Do you get stuck in an emergency situation and require an urgent cash loan to cover all the unforeseen expenses? But you don’t have enough money to handle it.
Sadly, this usually happens to everyone!
Indeed, emergency contingencies can knock on your door at any time. And there are instances where you need an urgent cash loan today to manage all your unpaid bills, such as medical bills, car repairs, or a financial misstep.
The current economic situation also highlights the significance of holding emergency cash. Due to coronavirus, many workers have lost their jobs. In such states, getting an emergency fund will work for handling your urgent financial requirements.
With the availability of various licensed moneylenders in Singapore, you can obtain a fast cash loan to carry your cost of living and not miss any date of paying your monthly bills.
Life in Singapore is a little expensive and sometimes it isn’t that easy to control all the monthly expenses. This is where a licensed moneylender can assist you and take you out of those unwelcomed financial needs. They will approve the loan within an hour, thus providing a much-needed solution to your financial problems.
So, how can you apply for a fast loan in Singapore, and how much can you borrow?
Let’s discover!
What is a Fast Cash Loan?
A fast cash loan is also referred to as a personal loan. The overall purpose or intention of this loan is to provide funds immediately during financial contingencies. It could be used for business capital, marriage, medical expenses, or trips.
Singapore fast cash loan is an unsecured credit provided by financial institutions and private money lenders on the basis of – employment history, repayment capacity, income level, profession, and credit history. A licensed money lender of Singapore will provide access to cash obtained from a fast cash loan within an hour after approving your application form.
How does a Fast Cash Loan work in Singapore?
A fast cash loan or an urgent requirement for a loan in Singapore exactly works like a personal loan. Once your application is obtained approval from a licensed lender, the money will directly deposit into your bank account. Yes, you can also choose a reliable option to collect the cash.
With a fast cash loan, you’ll get full freedom to decide what you want to do with the money; whether you want to use it for traveling, medical bills, or other emergency occurrences. In addition to this, these loans are unsecured, which means that you don’t have to put your house, car, or anything as collateral for the loan.
What Benefits Are Associated With Fast Cash Loan?
Let’s have a look at the following advantages of adopting fash cash loan.
Quick and Fast Approval
Some types of loans require several documents for the approval process. But, a required person can get a fash cash loan or the lowest personal loan in Singapore within a limited time period (like an hour) with the requirements of minimum documents.
Faster Processing of Cash Disbursement
With the availability of various money lenders offering personal loan online services, the cash of the loan is disbursed within a few hours, depending on your repayment capacity.
Flexible Loan Tenure
One of the most significant advantages of a fast cash loan is that a borrower can choose the loan tenure according to their flexibility. Usually, the duration of a personal loan ranges from 1 to 5 years. So, a borrower can choose the loan tenure based on his/her repayment capacity. It’s recommended that you always go for a short tenure to save on the interest payment and repay the amount faster.
No Collateral
A personal loan doesn’t require the borrower to provide collateral and so it is an unsecured loan. It means you don’t have to put your property or any other assets at the risk. You can freely borrow the money and can get the required amount within a limited period of time.
How Much Can You Get From A Fast Cash Loan?
Now, maybe you’re wondering with the question – how much amount can you borrow for an instant cash loan? Are fast cash loans cheaper than credit cards? Is there any limitation?
Generally, the fast can loan or personal loan rates depend on two things: Annual Income and Credit Score.
Annual Income
Indeed, you may receive a bigger amount if you have a good and prosperous annual income. This is because the lenders will evaluate your income to check your ability to repay your loan. It means, the higher your annual income, the faster will be the probability of making repayment over a loan.
However, if your annual income isn’t good enough, the chances will lessen of getting approval for a fast cash loan. Both banks and licensed moneylenders in Singapore are reliable in evaluating your annual income to check how much you can obtain.
Credit Score
Credit score plays a vital role in getting approval for a loan. When you have a higher credit score, you’ll more likely get the higher amount. If you make late payments, it’ll affect your credit score, which further also affects the approval of getting a fast cash loan.
Things to Consider Before Applying For Fast Cash Loan
Having proper knowledge of instant cash loans or personal loans before applying will increase the chances of getting approval for them and also protect you from future risks.
Therefore, when applying for a lowest interest personal loan, there are few things you need to take into account, such as credit score, the interest rate, repayment duration, fees & charges related to it, and so on. Considering all these factors ensures your application for a fast cash loan will get approval at the lowest interest rate.
Here are some things that you need to keep in mind before applying:
Determine Your Interest Rate
As discussed above, fash cash loans are unsecured and don’t require any collateral. And thus, it charges a high-interest rate if you choose a longer repayment tenure. Having a proper idea of your EMI, you can estimate it by yourself. This further helps in deciding whether to have a personal loan of that much amount or not. This will help in preparing your budget and finances accordingly.
Do Not Borrow More Than You Need
It’s suggested that you borrow the amount that you need at that time. It’s very tempting to borrow the amount, but obtaining multiple loans can generate issues when it comes to repayments of those. The more you borrow, the higher amount you have to pay.
Check Your Credit Score
While applying for a loan, every bank and money lender considers the credit score to determine your previous history regarding repayment of a loan. Having a poor credit score leads to the rejection of your loan application. Therefore, it’s essential to check credit history before applying. Following this will give an idea of whether your loan form will be accepted or not.
Consider Only During an emergency Times
Fast cash loans should be an option only when you resort to emergency funds. It must be used during times of necessity so you don’t get failed to repay it. Otherwise, it can impact your credit score.
Eligibility and Requirements For A Fast Cash Loan
For approving your fast cash loan with low-interest rates, your documentation must match with the following requirements:
- To fit for fast cash loans in Singapore, you need to be a citizen, a permanent resident, or be a legal foreigner employed in the country.
- For Singaporeans and PR, the minimum age should be 18 years old and have a needed monthly income.
- For foreigners, age should also be 18 years and have had a needed monthly income.
- Work permit/S-Pass/Employment Pass (for foreigners)
- Passport (for foreigners)
- Current bank statements of previous months
- Certificate of employment with license number
- Identity Card or NRIC
- Recent bills, a letter addressed to their residence, and other proof of residence
- Tenancy agreement (for renters)
- Employment letter
- Recent 3 months of your payslips
- Singpass
Wrapping Up!
A fast cash loan in Singapore can cover up all your financial emergencies. Therefore, it’s always worth choosing reliable and licensed money lenders when it comes to getting quick approval on the application, low-interest rates or flexible repayment capability, and so on.
Contact our licensed money lender in Jurong East for easy and quick services for a fast cash loan. We ensure a smooth and safe process.
Thanks for being here!
