Need a loan but your income is not qualified?
There are some Singaporeans who are anxious to even apply for a loan. They don’t think they can get approved considering their low income. The truth is that most moneylenders have required a minimum income to be assured that they can get paid.
The question is where can the low-income earners get a financial lifeline? Of course, nobody wants to get involve with loan sharks. This dilemma has been understood by a handful of licensed moneylenders who have created flexi loans.
Flexi loans are short term loans especially created for low-income earners.
Here are 5 benefits you can get from flexi loan.
- Flexi loan eases the stress during financial dilemma
Even experience lying in bed at night thinking how you are going to survive the next day with an empty wallet and a few days to go before your next salary?
Financial gap creates stress and people get anxious especially if there is a sudden medical need for kids. Flexi loan gives you hope to bridge this gap. Ease the stress by paying the medical bills not covered by the insurance.
Let’s say that you may have an insurance, but the policy needs you to pay the bills first and then it can be reimbursed. Then you can use the flexi loan to pay the bill.
- Flexi loans are safe
Borrow from registered moneylenders to make sure your information is safe from fraudulent activities. There are loan sharks who seem to be angels sent from above to help during your dark financial times. They will even push cash to your hands and then they will make sure to squish out every cent you have no matter what it takes.
When you apply for a flexi loan, do not forget to secure your future. Get a flexi loan only from licensed moneylenders.
- Flexi loans helps you rebuild your credit score
Getting a flexi loan can help out with your “no credit history.” Of course, no matter what you are earning now, it is best to keep your credit score in good shape. Credit score is crucial for loan applications if moneylenders see that you have outstanding credit history, you can easily get approved and you can even get a higher loan amount.
Remember that you only apply for the amount you are confident that you can pay off. Consistently meet the repayments and maintain good relationship with your moneylender.
- Best option of credit
There are other options you may have to get cash. You can pawn your belongings such as pieces of jewelry. Failure to pay means losing what you have pawned.
What if you do not have anything to pawn? Maybe you can borrow from family and friends. You are lucky if someone lends you at a short notice. However, you are risking the relationship you have because it is hard to face the person whose face reminds you of your loan.
What if you have nobody to turn to? Then you can apply for a flexi loan. Flexi loan is accessible, fast and convenient, especially if it can be done online.
- Flexi loan can be used for any purpose
Flexi loans are multi-purpose loans. This means you can use it in any way you want. You can pay bills, purchase needed apparels, and buy groceries. It may help you reach rare opportunities such as on investing.
If you want to learn new skills to upscale your career or get another job, you can use the flexi loan to enroll on some training lessons. You can also start a small home business as a sideline. Being a low-income earner does not mean you have no right to get any opportunities. Use a flexi loan as a tool to have a better income.
Common Misconception about Flexi Loan
- It is only for those who are short on money or savings.
As said above, you can use the flexi loan to learn new skills or build a new home based business. You may not need it for an emergency, but you can use it to make a better financial status.
- It is a way for further debt
Flexi loan may have interest charges, and that is understandable. If you get a flexi loan from a licensed moneylender, you can get a flexi loan which fits your current finances. A responsible lender will not lend money which is impossible to get paid by the borrower.
Furthermore, you can avoid possible penalties if you consistently meet the repayments.
- You must borrow more than you need to have extra cash at hand
What other people think is that they must borrow more to get approved. What moneylenders really consider is your ability to pay. Borrow what is within your means. The higher amount you borrow, the higher interest you need to repay.
Where to get a flexi loan?
Cash Mart offers flexi loans to Singapore Citizen or Permanent Resident earning below S$20,000. This amount fits low-income earners who can’t get a loan from banks and most money lenders.
Need a flexi-loan? Get it from Cash Mart today.
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