Life in Singapore comes with its own unique set of experiences known only to people who live on this little island. As you get older there are certain responsibilities that you need to take on. Knowing how to file your taxes, when to “BTO”, or thinking about your retirement funds in your CPF account are all part of that journey. Another crossroad of that journey is knowing how to apply for a loan.
While you may not foresee yourself needing to borrow money at this point in your life, there may come a time when you will need an instant cash loan to support a medical emergency, or a big purchase like a car or a home for which you do not want to borrow money from your family, but finance it through a loan. If there is one thing that the Covid-19 pandemic has taught us, it is that we live in an uncertain world, and being response-ready for any eventuality is a good personal strategy.
Knowing about loans and how to apply for one is also useful to understand financial tools that can help you plan your future better and invest in long-term goals. Also, apart from banks that follow more stringent rules for eligibility of loans, licensed moneylenders are a viable option to consider for loan requirements. It is good to learn the difference between borrowing from these different financial institutions straight away and saving yourself an extra step to consider while looking for a loan.
Here’s a look at some circumstances that can be addressed with the appropriate loan to alleviate the problem or avoid stress.
Emergencies that need instant cash
We all try to keep aside some money in case of emergencies. However, it is hard to plan life so completely. A medical emergency can take place at any time, making it imperative to act fast and this is when you will wish you knew exactly where to go and how to get the required funds as soon as possible.
In such a situation, an instant cash loan with a licensed moneylender will be best suited to your needs. Having personal documents like proof of identity, bank statements, and proof of employment saves precious time in such an instance. This helps a licensed moneylender approve your application and disburse funds very quickly.
A loan can also prevent you from putting off things that require your attention, such as health-related matters, out of fear of expense. Here, a loan can help avoid an emergency and give you the services you need in a manner that you can afford. A medical loan or a personal loan with an affordable interest rate can spread the burden of the bill across several months.
Chase an entrepreneurial dream
Have you been dreaming of being your own boss? Have you wanted to start a business endeavour that you’re passionate about? Often, 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. Being a Grab/ Gojek Driver allows you to create a new stream of income for yourself and a Grab/Gojek Driver loan could help you borrow money to afford a car and get started!
You could even apply for personal loans that can help fund your business idea in the first stage of starting up. For this, it would be useful to understand different options for personal loans that are available so you can gauge the feasibility of pursuing your business dream.
Make those big life goals a reality
A wedding is an expensive affair in Singapore and is sometimes the reason for young people delaying their nuptials. Walk down the aisle with confidence with the support of a wedding loan that can take the stress away from the perfect wedding.
You could also be considering further studies but do not know how you can afford them. Take the time to learn more about study loans and how you can apply for the loan and place yourself better in life.
Purchases like a new home or a car can be very expensive in Singapore. It is normal for people to take loans to afford these big purchases, and pay them off in the years to come. Banks offer home loans that can be paid off over 10 years and this even becomes a great asset that is beneficial for the future. You do not need to reach into savings or feel like you may never be able to afford a life upgrade. The best loans should offer competitive interest rates with a flexible loan term that you can afford to pay for.
Freedom with responsibility
At the end of the day, the aim of working hard, earning money, and saving, is to build a life of happiness. You do not need to sacrifice your quality of life because your savings do not match rising prices. The earlier you reach your personal goals, the better your life becomes. Loans are financial tools that help you do just that.
The best loans are those that enable your dreams, amplify your efforts, and help you remain stress-free. This is possible when you learn about loans and how to apply for them early enough so you can make the best choice when the time arrives.
Remember, when you apply for a loan, you are taking charge of your financial aspirations. But taking a loan is a big responsibility that must not be taken lightly. By learning about loans and how to apply for them, you also understand how you need to take up financial responsibility with discipline.
Repayment and budgeting are important considerations you need to make before you apply for a loan. You have to make sure you are borrowing within your means.
When you’ve got the knowledge of how to apply for a loan, the information on the kinds of options available will always remain in your mind when you need 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 is a licensed moneylender in Singapore that can help you through your financial requirements and goals. Cash Direct offers a broad range of loans, including payday loans, medical loans, wedding loans, and study loans. If you need help applying for a loan, or simply want to talk to a financial expert to understand the process better, contact Cash Direct.
About the Author
 A legal, reputable licensed lender providing a wide range of loans for personal and business use since 2010, Cash Direct goes the extra mile to provide tip-top customer service and loan guidance.
