Bank loans have been slipping down to 2.2 % compared to last year’s figures as the number of Singaporeans applying for personal loans to private money lenders have been increasing. We have to face the truth that 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 need a faster solution which is luckily offered by private money lenders. If a financial crisis crept in without any warning, do not fret yet as you have a handy solution you can use anytime: Fast Cash Loan.
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Who can avail the Fast Cash Loan?
The Fast Cash Loans are short term unsecured loans which aim to give Singaporeans the ability to solve their money needs as soon as possible. Singaporeans and Permanent Residents can apply for Fast Cash Loans as long as they 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. If you run short of cash and payday is still around the corner, you’ll begin to panic will your unpaid bills, list if groceries to buy, and utility bills to settle. Since Fast Cash Loans are flexible, you can use it in any way you want including an emergency medical bill not covered by your insurance, sudden accommodation need, a luxury bag on limited sale, and you can even send it to your kid studying abroad.
Why get a Fast Cash Loan?
Private money lenders offer fast cash loans
- Quick loan process
Since banks are prominent financial institutions which are known of their strict regulations, it is not surprising that they require a lot of documents from loan applicants. We all know lending is a risky business and to play it safe banks are taking their sweet time to check your credibility, information consistency and of course your credit history. Foreigners have a thin line of hope when applying for a loan in a bank as their credit history in their homeland has very little significance. Since the money lenders require minimum documents, it makes the validation and loan process faster making the cash disbursement 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. Each financial institution which provides lending services has its own discretion on how they will rate a credit report. If yours have been deemed as bad credit, then your loan application will be rejected. This simply means that if you have no credit history or if you have been a bad payer in the past, you have a very slim hope to get your loan application approved. On the other hand, there are a lot of money lenders who lend to bad credit clients.
- No required asset
Fast cash loans are unsecured short term loans. This means that you do not need any asset to have collateral where your loan amount will mostly depend on. This is good news for Singaporeans who do not have an asset qualified to be used as collateral.
- Can fix your credit score
Make sure you are borrowing from a licensed money lender to be sure that your payment will be reported to the Credit Bureau Singapore. You can use a fast cash loan to build up your credit score, just make sure you will always pay on time. It will take months to years to fix a credit report, yet with a money lender, you can get a loan right away. An excellent credit score is one of the main keys to get a bigger loan.
- Interest rate capped at 4%
The Ministry of Law implements strict rules and regulations on moneylenders. Started on 1 October 2015, the interest rates on any loan are capped to 4% regardless of the borrower’s income and which type of loan has been approved.
Things to Check Before Starting your Application
You must know that every loan application in both banks and licensed money lenders is recorded in your credit history. If you keep on applying to every lender you’ll see, it might ruin your credit score. Instead of passing your application and wait 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. Find out the money lender’s reliability and reputation by reading reviews, asking your friends and family, and checking its website.
Requirements you are expected to pass
Though we have said that licensed money lenders ask for fewer requirements than banks’, 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 to log in your SingPass details. Nobody should know your SingPass details as it is very personal.
Beware of loan sharks. These are lenders who take advantage of those in financial crisis. While a legitimate money lender will provide a loan to help you solve your temporary financial crisis, a loan shark will enthusiastically provide a loan with very high interest to suck all your money and keep you in financial peril.
MOL mandates licensed money lenders to only advertise through their company websites and in their own office space. Advertisement aside from websites are from loan sharks pretending to give the best loan solutions. Licensed moneylenders only advertise in their own websites where you can get their address, phone number and license number.
If you need a Fast Cash Loan, get it from Cash Mart, Singapore’s reliable money lender with years of experience and a long list of satisfied clientele.
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