How to Obtain Quick and Fast Cash Loan in Singapore?

How to Obtain Quick and Fast Cash Loan in Singapore?

Loans are important at times of emergencies and financial crises. In cases when we do not have enough cash to pay for medical and other expenses, we resort to loans and credits. But one problem with loan applications is that they tend to be tedious and slow.

Most of the time, banks and other major financial institutions take days or even weeks before approving our loans.

This restriction of traditional loans brought the birth of the so-called fast cash loan. Here, a borrower gets to apply for a loan in a short period of time and even in the convenience of their home. Get to know more about this type of loan in this article.

Why are Fast Cash Loans Important?

If you have filed for a loan application to a bank, you must know how difficult the application process can be. Aside from the tiresome work of preparing documents, you have to take the burden of proving that you are capable of paying back your loan. You have to show to the loan company that you have a good credit score. Without it, you are unlikely to get a loan.

While the process of banks and other lending companies is understandable, they are not helpful to people who are badly in need of money. People who have an unexpected or emergency financial obligation need cash immediately. Banks’ time frame is simply not suitable for people who have payables like looming utility bills and expensive hospital bills.

With this, it is important to have a fast cash loan option. Here, borrowers get to apply for a loan without the need to wait for days or weeks. The lenders have less restrictive rules when it comes to approving loans. In many cases, these licensed moneylenders lend money even to those who do not have a bad credit history.

Types of Fast Cash Loans

Fast cash loans are typically provided by licensed moneylenders. These private lenders have more relaxed rules than banks and other traditional financial organizations because of the way their business is designed. While these lenders offer various types of loans, the term ‘fast cash loan’ is used to refer to any type of loan that can be granted and disbursed immediately. Here are some types of fast cash loan.

  1. Payday Loan

A payday loan refers to a short-term loan that you have to pay until you get your next paycheck. Usually, it takes two weeks upon borrowing or the next payday for you to pay back your loan. The approval of a payday loan is fast, as the payback is immediate as well. But, you have to expect a high interest rate for this type of loan.

  1. Personal Loan

A personal loan in Singapore is an unsecured loan taken by individuals meant for various needs including but not limited to personal purchase and paying bills.

Personal loans Singapore have a lower interest rate compared to a credit card. Because of this, a Singapore personal loan is used to consolidate loans, which means that they borrow money to settle off credits that have been costing them too much. By doing so, they are actually saving money by taking this type of credit.

Personal loans in Singapore are also used for personal reasons. If you have a big purchase and do not have enough money, you can apply for a personal loan. Check how much loan amount a licensed moneylender can give you to make sure that your personal loan Singapore is enough.

  1. Foreigner Loan

Take note that when it comes to loan applications in Singapore, there are three significant status in the eyes of the lenders, namely Singapore citizen, permanent resident, and foreigner. A foreigner loan refers to a type of fast cash loan dedicated solely to foreigners. Foreigners are required to submit documents proving they have a high income. A foreign fast cash loan is meant to make this seemingly difficult process easier and faster.

What are the Advantages of Fast Cash Loan?

  1. Fast and Easy

The biggest advantage of a fast cash loan is that it has a  fast and easy loan application processed. It may only take several days or even hours for you to get your credit approved.

Compared to banks, licensed moneylenders have a less formal process. As a borrower, you do not get intimidated by the formality of the representative of the business.

Note that there are licensed moneylenders who promise a faster process for a fast cash loan. For example, some lending companies promise less than an hour of the application process. This does not mean, though, that such companies are better than others. You still have to consider other factors like interest rate, loan tenure, loan deals, and many more.

  1. Convenient

Licensed moneylenders in Singapore have made it extremely convenient for borrowers to apply for a fast cash loan. Aside from lessening the time needed to check a borrower’s requirements, they have also allowed online loan applications.

This meant that borrowers need not leave their homes to apply for a fast cash loan. Also, this means that within just a few minutes, a borrower can have their credit approved.

Moreover, licensed moneylenders in Singapore are mostly focused on giving out loans. This is in contrast to banks and other financial institutions that offer other types of financial services.

This means then that these licensed moneylenders are more focused on the type of financial service you need. They do not need to satisfy the requests and needs of other customers who require other types of financial services.

  1. Fewer Requirements

Also, licensed money lenders do not ask for a lot of requirements compared to other lenders. For example, even those with a bad credit score can still apply for a loan from a licensed money lender.

Some banks would sometimes require an original copy of the necessary documents. These tedious processes and requirements are avoided if not completely removed in the application for a fast cash loan.

Who can avail of a fast cash loan?

If you wish to avail of a fast cash loan, you must be at least 18 years old, but note that some companies require borrowers to be at least 21 years old.

In terms of the required salary, Singapore locals and permanent residents must have a minimum salary of SGD1,500, while foreigners must have a minimum salary of SGD2,000. If you do not qualify in these two requirements, a fast cash loan is not for you. You might need to look for other ways to get the cash you need.

Aside from passing the basic requirements, you also have to submit additional documents. For Singaporean locals and PRs, here are the additional submissions you have to give. Note that locals and PRs are often given more leeway not only in getting a fast cash credit but also in other types of credit applications.

  • Identity Card/NRIC
  • Proof of residence (e.g., utility bill or tenancy agreement)
  • Proof of employment (e.g., certificate of employment)
  • Payslip (in the last 3 months)
  • SingPass

Meanwhile, if you are a foreigner staying or living in Singapore, here are the additional documents you have to submit. Note that your status as a foreign plays an important role in your application. It is best that you include it in your application form.

  • Passport
  • Employment pass, S-pass, or Work permit
  • Proof of residence (e.g., utility bill or tenancy agreement)
  • Proof of employment (e.g., certificate of employment)
  • Proof of income (bank or account statement)
  • Payslip (in the last 3 months)
  • SingPass

Things to remember when taking out a Fast Cash Loan

When planning to apply for a fast cash loan, here are three of the most important things you have to remember. Try to do them, so you make the process of applying for a loan in your part and in the part of the lender.

  1. Always choose a Licensed Money Lender

A fast cash loan is given by licensed moneylenders instead of banks. As mentioned above, banks have a different loan process altogether. If you want your loan to be approved quickly, choose a licensed moneylender instead. For a full list of moneylenders near your area, check this out.

Licensed moneylenders are experts when it comes to giving out this type of credit. Chances are, they have given out these loans multiple times before. As a borrower, you would have an easier time if you choose to apply to a licensed moneylender. They have trained staff who are always willing to give a helping hand.

  1. Verify your Eligibility and Requirements

It is best that you prepare before applying for a loan. In doing so, you will make the process even faster. Make sure that you fulfill the basic requirements stated above. Also, gather all the documents necessary even before going to a licensed moneylender.

You can also call the moneylender to make sure which specific documents you need to submit. Note that lenders have varying requirements. It is best that you narrow down your choice of lenders and then ask your choices about their eligibility and requirements.

Singapore has specific requirements when it comes to moneylending. You can read frequently asked questions (FAQs) here to understand the process better. You can also find much detailed eligibility and requirements on this page. Take .time to read the information here, so you know your rights as a borrower.

  1. Check Interest Rates and Loan Tenure

Remember that not all licensed moneylenders are the same. They have their own interest rates, loan tenure, and loan amount. Do not regard them as all the same and similar. To be certain on the loan terms and deals, it is best if you can talk with a representative from the moneylender’s office. They can provide you the necessary answers and clarifications you need about the loan you are applying for.

Also, remember that you can negotiate with licensed moneylenders to lower the interest rate or to make better loan deals. Ask the lender if you can get friendlier loan terms. This shows how it is crucial that we build a good relationship with banks and licensed moneylenders.

In Conclusion

If you wish to get more information about a fast cash loan and other financial topics, visit the Loan Advisor’s website. Loan Advisor is a loan comparison site that compares different licensed moneylenders in Singapore. We have materials and resources, taking a general look into the moneylending industry. We can help and guide you to better understand the financial industry of Singapore.

Also, get the latest financial trends and updates in Singapore in Loan Advisor’s blog. Here we explain in detail different types of a fast cash loan, including payday, personal, foreigner, and other types of credit.

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