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The Online Lending Revolution – Convenience at your fingertips

Singaporeans are spending an ever-larger proportion of each day online. This shift towards digital work, play, and amenities puts almost every convenience just a simple tap away. Among those conveniences is online lending, a feature that has recently seen a massive surge in popularity.

As a leading online money lender in Singapore, Cash Direct is leading the charge to bring digital loan applications to the masses. Here is why we believe it is the way of the future.

Why choose online lending?

Every licensed online money lender in Singapore has embraced the digital pathway for 4 main reasons. They apply to both lenders and borrowers.

No one enjoys waiting for an answer nor the anxiety that comes with the wait. Couple that with the inconvenience of visiting a money lender’s office with no guarantee of approval and it is easy to understand why an online option is the superior option.

An online loan query can be resolved in as little as 10 minutes. The lender simply matches financial information supplied by an applicant against a list of pre-set criteria. After that, it is only a matter of a ‘yes’ or ‘no’. (However, Cash Direct always tries to work out a mutually acceptable loan plan even if an applicant is unsuccessful with their first application)

Successful applicants even receive their cash sooner, which may be a critical factor for some people.

Every online transaction and interaction leaves behind a digital footprint. Forensic audits have now made it possible to trace how and when data is leaked, providing conclusive evidence against the culprits. This makes committing online fraud much riskier than traditional fraud.

All your information is safe with Cash Direct. We place the utmost importance on your privacy and safety. You can see in the address bar of your browser that the URL begins with ‘https’; the ‘s’ signifies that our website is ‘secure’. It is further evidenced by the locked padlock icon to the left of the URL. 

Every licensed lender that offers online loans in Singapore must also operate at a physical office. While this is an effective strategy to counter illegal lenders, it burdens legal lenders with additional operational costs. Lenders that see a large volume of foot traffic have to hire staff to deal with those clients.

An unfortunate consequence of this is a rise in loan fees as the costs are passed on to borrowers. On the other hand, lenders find it much simpler and more economical to assess and reply to online loan queries. This alternative lowers their operating costs, and the savings are then passed on to the borrower in the form of lower fees.

At Cash Direct, our consultants are able to assess your suitability for a loan from an online loan in Singapore in less than 10 minutes. The process takes at least double that when you visit in person. That figure does not include waiting time, which can stretch to over an hour during peak periods.

Another obvious advantage of an online application is that you can make it at your own convenience, night or day. This saves you from making a trip to the lender’s premises until you need to formalise the loan and accept the cash.

There is no substitute for the savings in time and stress when you opt for online lending.

Stay safe

As much as the internet offers amazing convenience, it can also be a quagmire for the unwary. 

If you need an online loan, apply only at a licensed money lender. Here are two criteria that will help you differentiate.

Legal money lenders are limited to placing ads outside their official business address, on their website, and in commercial directories such as the Yellow Pages. Every ad that you receive on WhatsApp or other chatting platforms, and on unrelated websites are from unlicensed lenders. Avoid them. You can find more information here.

Singapore law limits interest on loans from money lenders at 4% per month. If you are a regular client, lenders may offer you special reduced rates. However, these rates will not be significantly less than the 4% upper limit. When you find an online loan, apply for it, and are offered rates that sound too good to be true, you are probably dealing with a loan shark. Beware.

Every licensed online money lender in Singapore has embraced the digital pathway for 4 main reasons. They apply to both lenders and borrowers.

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