What You Need To Know About Singapore Fast Cash Loans

Are you in need of fast cash loans? However, you have no idea how. You need to know if you plan to take out this loan in Singapore.

Bank loans have been slipping down to 2.2% compared to last year’s figures. Meanwhile, the number of Singaporeans applying for personal loans from private money lenders has increased. However, we have to face the truth. Banks ask for a long string of requirements and take a few days before you can get the result of your application.

If you have an immediate need, you prefer a faster solution. Luckily private money lenders offer it for you. 

If a financial crisis crept in without any warning, do not fret. You have a handy solution you can use anytime: cash loans.

Who can Avail of Fast Cash Loans?

Fast cash loans are short term unsecured loans. It aims to give Singaporeans the ability to solve their money needs as soon as possible.

Singaporeans and Permanent Residents can apply for cash loans. But, they need to meet the licensed lender’s eligibility requirements. Most moneylenders prefer their clients to be at least 21 years old with a regular stable income.

What are the Fast Cash Loans Used for?

Fast cash loans are prominently known to bridge over the basic needs of an individual a few days before payday. But, do you ever run short of cash while payday is still around the corner? Then, you begin to panic with your unpaid bills, list of groceries to buy, and utility bills to settle.

Since fast loans are flexible, you can use them in any way you want. For example, it includes an emergency medical bill not covered by your insurance. Also, it covers sudden accommodation needs or a luxury bag on limited sale. Plus, you can even send it to your kid studying abroad.

Why Get Fast Cash Loans?

Quick loan process

Banks are prominent financial institutions with strict regulations. So it is not surprising that they require a lot of documents from loan applicants. We all know lending is a risky business. So banks play safe by taking their sweet time to check your credibility. Also, they review for information consistency. In addition, they look into your credit history.

Foreigners have a thin line of hope when applying for a loan in a bank. Their credit history in their homeland has very little significance. Fortunately, licensed money lenders in Singapore require minimum documents. It makes the validation and loan process faster. Thus, securing the cash disbursement is possible in just a day.

No credit score check

It is no secret that banks greatly depend on the credit score to evaluate a potential client’s creditworthiness. However, each financial institution that provides lending services has its discretion in rating a credit report.

If yours has been deemed poor credit, your loan application will have been rejected. It simply means that if you have no credit history. Or worse, you have been a bad payer in the past. Therefore, you have a very slim hope to get your loan application approved.

On the other hand, there are a lot of money lenders who still lend to bad credit clients.

No required asset

Immediate cash loans are unsecured short term loans. Therefore, you do not need any assets to have collateral, which your loan amount will mostly depend on. It is good news for Singaporeans who do not have an asset qualified for collateral.

Can fix your credit score

Make sure you are borrowing from a licensed money lender to report your payment to the Credit Bureau Singapore. In addition, use a fast cash loan to build up your credit score. Ensure you will always pay on time.

Furthermore, it will take months to years to fix a credit report. But with a legit money lender, you can get a loan right away. An excellent credit score is one of the primary keys to getting a bigger loan.

Interest rate capped at 4%

The Ministry of Law implements strict rules and regulations on moneylenders. Starting on 1 October 2015, the interest rates on any loan are capped at 4%. It is regardless of the borrower’s income and which type of loan has been approved.

Things to Check Before Starting your Loan Application

Know that every loan application in both banks and licensed money lenders is recorded in your credit history. If you keep applying to every lender you’ll see, it might ruin your credit score. Instead of passing your application and waiting for contracts before deciding which one you will accept, it is better to use an online calculator.

Before submitting your application, it is best to check your preferred loan amount using an online loan calculator. You can see the interest rate, loan terms, and repayment amount. Also, find out about the money lender’s reliability and reputation. Finally, start reading reviews, asking your friends and family, and checking its website.

Requirements you are expected to pass.

Licensed money lenders ask for fewer requirements than banks’. However, you are still required to pass your valid ID, payslip, and proof of billing.

While you can quickly apply for a fast cash loan online, you still have to go to the money lender’s business office. You are responsible for logging in your SingPass details. Remember, nobody should know your SingPass information as it is very personal.

Borrowing Tip:

Beware of loan sharks. These are lenders who take advantage of those in a financial crisis. Meanwhile, a legitimate money lender will provide a loan to help you solve your temporary financial problem.

A loan shark will enthusiastically provide a loan with very high interest. As a result, it sucks all your money and keeps you in financial peril.

MOL mandates licensed moneylenders to only advertise through their company websites and in their own office space. Advertisement aside from websites is from loan sharks pretending to give the best loan solutions. Licensed moneylenders only advertise on their websites. Get their address, phone number, and license number.

Get it from Cash Mart, Singapore’s reliable money lender with years of experience and a long list of satisfied clientele if you need a Fast Cash Loan.