Advantages Of Getting An Instant Cash Loan In Singapore

Getting fast cash to take care of emergencies is getting harder every day. Borrowing money from family and friends isn’t much of an option when they have their own financial problems to deal with. While you try to settle the tuition bills, your mortgage comes up. As you turn your attention to that, a medical problem arises. You get desperate for some fast cash, but you don’t know where to turn. The quickest thing you can do is to obtain an instant cash loan from legit sources.

Many Singaporeans do not like the word ‘loan’. It brings to mind long hours of signing documents and showing proof of employment and repayment ability. This is not far from the truth.

Acquiring loans from banks is not a fast process. There are lots of hours filling forms and rigorous background checks. The waiting period before your loan is approved is also long. By the time your loan is approved, several more financial problems have added to the one you wanted to solve. The banks don’t know how immediate your need is, and they probably don’t care.

That is why you can apply for an instant cash loan and get instant cash approval. This is possible because of the growing number of licensed money lenders in Singapore now. You don’t even have to visit them in person. Access their websites and apply for an instant loan.

Fast cash loan requests are all above board and very handy. Licensed money lenders in Singapore have websites with their phone numbers on them. Calling the number will instantly connect you to a loan officer. The loan officer will explain to you what is required, and you can send in your application. In an hour, you will get your instant cash loan.

With instant loan approval, you can take care of your financial problems as they crop up. No long queues and no stringent background checks. You don’t even need collateral for a fast cash loan.

What About My Credit Status?

Before you can get a bank loan, your credit report is checked. Credit Bureau Singapore keeps the credit information on everyone and provides it to the banks on request. If your credit report is bad, your loan application will be denied.

With licensed money lenders, your credit status isn’t a problem. You can get fast cash from licensed Singapore money lenders without a background check. Even if you have poor credit, some lenders are willing to structure a repayment plan just for you. You can repay the fast cash loan without stress, and at a pace that suits you. So, good credit or bad credit, you can get an instant cash loan from licensed money lenders.

What About Payday Loans?

A payday loan is a loan that you borrow and repay at the next payday. All loans attract interest, so you have to repay your loan with some interest attached. The good thing about an instant loan is that the interest rate is very low. While the typical loan could attract you an interest of up to 20%, an instant cash loan gets you a maximum of 4% interest. Not only do you get instant loan approval, you also get low-interest rates.

What Are The Requirements For Instant Loan Approval?

Every licensed money lender in Singapore has requirements you must meet before your instant loan approval. All of their requirements have similarities. You can visit money lending websites and see what they require for you to get an instant cash loan. Some of the requirements include:

  • Age – you must be 18 years and older
  • A valid ID
  • A minimum of S$1500 for residents and S$2000 for foreigners
  • Proof of employment not older than three months

These are just a few of them. With so many licensed money lenders in Singapore, you can look at a couple of them. Check out what they are offering, and make your choice.

Are Money Lenders In Singapore Legal?

It is perfectly legal to get instant loans from licensed money lenders in Singapore. Licensed by the Registrar of Moneylenders in Singapore, money lenders can give loans to people who need them. The Ministry of Law set down some rules and guidelines to regulate money lending activities in Singapore. To start with, they need a license to operate as a money lending company.

To get a license, money lenders must undergo training and a test. This shows that they have met the government’s requirements to work as a lending institution.

The government regulates the activities of licensed money lenders. Laws include:

  • Licensed money lenders cannot exceed a certain lending amount
  • Licensed money lenders are not to charge interests more than 4% per month
  • Licensed money lenders cannot charge you any fees, apart from an administrative fee and a S$60 for late repayments. The administrative fee is 10% of the principal loan amount, and it is a one-time payment.

Singapore Licensed Money Lenders

Licensed money lenders are your best bet for instant loan approval. Their activities are regulated by the government, and most of them operate 7 days a week. If your financial need is pressing, you can call instead of filling the online form. Within an hour of your call, you will get your fast cash.

The biggest advantage of an instant cash loan in Singapore is that it is instantaneous, no need to jump hoops and loops for an approval letter. Whatever the situation is, you can get your fast cash loan when you need it. There is no need to apply for a bank loan and never get so desperate to approach illegal loan sharks for a high-interest loan. Apply to a licensed money lender online and get your fast cash.

If you are not sure of how to get a licensed money lender, you do any of the following:

  • Ask friends and colleagues for word-of-mouth referrals
  • Read money lender reviews online
  • Look up licensed money lenders at the Registrar of Moneylenders
  • Check online for money lender websites

Make sure you shortlist a few and then contact them. Make comparisons, and approach the one you are most comfortable with. In no time, your loan will be approved.

 

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