4 Ways To Obtain Quick Cash In Singapore

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Life has its ups and downs and there are times when you might require some extra funds. These can be for compensating sudden expenses or even cover some financial emergency. This can be existing credit card bills.

Or medical condition that requires immediate attention. In such challenging times when an individual might be reluctant to look for help from relatives or friends. Legal moneylenders are a fitting solution in helping you clear up your financial situation.

To avoid lengthy approval processes at the bank. You can use the following methods of acquiring quick cash from licensed moneylenders:

Payday Loan

When faced with an unexpected emergency situation. Getting the payday loan will work best for you since it will be approved and availed to you within several hours. This loan is also referred to as cash advance loan. This type of loan is ideal especially when you find yourself in a financial fix. Yet you are required to meet short-term requirements.

Instant Cash Loan

With a flexible repayment schedule and instant approval. The instant cash type of loan is the efficient solution when you need some extra funds for handling an emergency. The rates of interest on both personal loans and instant cash loans are set at 4 percent a month or 48 percent per year as by loan advisor. So there is no difference.

Personal Loan

This is mostly an unsecured type of loan. The personal loans do not demand that you pledge your assets such as your house or car. Due to their low rates, the personal loan is often preferred when making huge purchases. It can also be used for debt consolidation.

Foreigner Loan

Based on the name, this loan type is open for foreigners in Singapore. The foreigner loan will be useful for you to cater for relocation expenses (like utility, rent, medical). This is as you settle in, more so in a country like Singapore that has a high living cost.

Quick cash loan will offer you the financial assistance you need to handle any pressing concern. Therefore, you can consult with your preferred moneylender for advice on the best move to make. Working with a licensed moneylender will offer you an efficient solution which will meet your needs.

Helpful Tips For Getting Fast Cash Loans By Licensed Lenders

Have necessary documents with you before applying

As you make your application for a loan you will need some form of identification. Any type of ID, Singpass, and some other valid documentation that shows who you. Even then make sure it the accepted forms of identification.

Also, check that you present proof of employment such as your work pass card. You need to also submit 3 most recent payslips from past months. With this, your moneylender can proceed to process and offer you the loan. Provided that the lender is able to determine that lending to you involved a low risk.

To top it you need to have a steady income source. The licensed moneylenders can trust that you will repay the debt on time because you have a job.

Sign Only a Complete Contract

If you accept the conditions detailed in the loan agreement. Then make sure to only affix your signature on a complete contract. Also, make sure that your lender gives you a copy of the signed loan contract.

In the money lending conditions, it is important for you to do this. Failing to acquire a copy of the loan contract can only mean one thing. The loan taken out can be considered to be a fraudulent act. As a caution, do not sign any contract that seems to be incomplete. The contract should clearly detail the conditions of the personal loan. The repayment period of your loan should also be included as well as interests that your loan is attracting.

Should it happen that such information is omitted, make sure that you ask for it from the moneylender. Alternatively, you can choose to deal with a different moneylender.

Ask About Requirements For Collateral

Prior to taking on any loan, make a point to ask about the collateral requirements. When a loan requires collateral, it then means that you may borrow the loan. But, if you do not repay the loan, your moneylender can claim the asset/property you had presented as security. This security could be fancy jewelry or your car. You could opt to put up your home depending on the amount you wish to take out.

Know Ways Of Identifying Illegal Moneylenders

This has to be the first thing to do way ahead of applying for a quick cash personal loan. Make sure that you always check if the moneylender you choose holds a valid license. If your lender of choice is not registered, then it is best for you to pick another moneylender. A lender who is not certified is a red flag for a possible scam.

Whenever you are making a personal loan request, confirm that all your documents are given back to you. Also, remember to pick your identification papers from your lender. This is because they have no other reason to keep your private documents. When your lender wants to retain them, be cautious careful, it is likely he is not genuine. Thus it is advisable for you to look for another moneylender.

Avoid Lenders Who Might Try To Threaten

You might come across some moneylenders who will try to frighten you. Some will even treat their borrowers in a harsh way. Always, avoid dealing with moneylender’s who do such things because you merit to be treated fairly and with respect.

Summing Up

The cash loan is best for times when you urgently need to manage some financial challenges for a short period. But, the loan amount should be within your current salary. Meaning you will easily repay your loan in the next month. Always take an amount that you can repay with ease, thus you will avoid the debt spiraling out of control. Some loan options for you to consider for quick cash are payday loans, personal loans, foreigner loans and instant cash loans.

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