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Why you should know how to apply for a loan even if you don’t need one today

Adulting in Singapore is not easy, and it comes with its own unique set of experiences known only to people who live on our little island. Knowing how to file your taxes, or when to “BTO”, or thinking about the retirement funds in your CPF account are all part of that experience. Another aspect of that experience is knowing how to apply for a loan. 

 

While you may not foresee yourself needing to borrow money at the current point in your life, there are many stages of adulting in Singapore where you might find yourself needing or wanting to borrow money or take an instant cash loan. And not to mention, unforeseen events like the global Covid-19 pandemic have made many feel like their rainy days have lasted a lifetime. 

 

Not sure if you’ll ever need a loan? Learn about some situations when you might need a licensed moneylender here. 


If you need to take a loan, you mustn’t waste time figuring out how to apply for one. Here’s why.

You Might Need Emergency Money

Sudden emergencies might see you needing to take an instant cash loan. Emergencies might come in the form of large bills you didn’t anticipate, or expenses that you simply didn’t see coming. Other times, there might also be parts of your life that need immediate attention. 

 

In these cases, taking a loan can help you alleviate a lot of stress that can make your life feel less enjoyable. A loan can also prevent you from putting off things that require immediate attention. This is important especially if you’re holding off on health related matters out of fear for their expense. 

 

And at the end of the process, the interest that you might have to pay on your loan may be worth the worry and strain that the loan saved you during a time of emergency. 

You Can Chase an Entrepreneurial Dream

As your life progresses, you might feel like you want to front a business endeavour that you’re passionate about. Oftentimes, the overhead and set-up costs may feel daunting and put you off the idea entirely. 

 

If you’re looking to chase a business dream, especially while holding a day job, you can consider taking a loan to seed it. Upfront capital can also be really helpful if you’re looking to get your business started with prototypes or a physical space. For example, if you’re looking to become a private hire driver, a Grab/Gojek Driver loan could help you afford a car to get business started!

 

In these cases where your expenses may be small, a personal loan might be ideal for you to borrow money. You could also look for an instant cash loan in Singapore. 

You Can Reach New Milestones by Buying Big-Ticket Items

Purchases like a new home in Singapore or a car can be very expensive in Singapore’s markets. It’s quite the norm for people to take loans to afford these big purchases, and pay them off in the years to come. That way, you can avoid having to reach into savings for copious amounts of money, or feeling like you may never be able to afford a major life upgrade. 

 

A loan can bring you closer to these larger purchases that are linked to your life’s goals, like starting a family, or owning a dream bungalow home. The best loans for you should offer competitive interest rates, while being of a reasonable amount that you can afford to pay for. 

You Can Increase Your Quality of Life

As you live your life, you shouldn’t need to cut too many corners. When you’re unable to afford certain purchases or needs, you end up sacrificing on how much better your life could potentially be. Worse, you might end up holding off on important expenses such as healthcare expenses that might have consequences much later in your life. 

 

Occasionally, taking a loan might also be able to afford you little nuggets of self love, such as travelling. In fact, the best loans might end up being cheaper for you than putting an expensive vacation on a credit card. As always, just make sure you’re borrowing within your means. 

You Won’t Always Need a Loan. But You Should Always Know How to Apply for a Loan.

When you’ve got the knowledge of how to apply for a loan, it’ll always remain in your mind that you’ve got options available if you’re in need of money. If you need to borrow money urgently, you can always rely on an instant cash loan in Singapore. And while you’re at it, make sure you’re borrowing safely, within your means, and legally. 

 

Cash Direct Pte Ltd is a licensed moneylender in Singapore that wants to help you through any of your financial strains. We offer a broad range of loans, including payday loans, medical loans, wedding loans, and study loans. If you need help applying for a loan, we’d be happy to walk you through the process. 

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