A fast cash loan Singapore lenders offer is a great benefit for everyone who needs enormous cash for any emergency. Truthfully, Singapore is a country with excellent qualities, which come with enormous prices.
With a fast cash personal loan in Singapore, you can address any financial difficulty you currently have. For example, you need immediate cash to pay for a cut-off pending utility bill. Your quick-approved personal loan Singapore ensures the utility provider does not cut you off because you failed to pay. In this short guide, you’ll learn the best places to apply for a fast cash loan in Singapore.
What is a Fast Cash Loan?
As its name implies, fast cash loan services ensure you get your money on the same day. However, that comes with a few caveats. Borrowers can only receive their fast cash loan amount once they’ve successfully proven their eligibility and submitted all requirements.
In doing so, dependable lenders, such as GM Creditz, can approve the unsecured loan, provide a stable interest rate, and release the amount on the same day. Licensed moneylenders can do this because fast cash is unsecured, small-value loans.
Types of Fast Cash Offers
If you shop around or use a single search engine query, you can find different licensed moneylenders available in Singapore. Most of them will offer the following products.
1. Personal Loan
These are loans that require no additional borrower’s purpose explanations. Once the lender approves or adjusts your stated amount, you can receive it immediately once you’ve submitted all eligibility proof and requirements.
Personal loans are binding financial contracts. All personal loans from banks, financial institutions, and licensed moneylenders follow the rules and regulations. Therefore, any party in violation or breach of contract will suffer penalties or consequences.
2. Foreigner Loan
Singapore has an enormous foreign workforce. Unfortunately, because they can leave the country any time, banks consider them a high-risk borrower. On the other hand, banks still have specific foreigner-oriented loans requiring a specific set of requirements.
Like personal loans, a foreigner can receive financing quickly after they submit all their requirements. While they have more requirements to fulfill, they receive the same benefits as Singaporeans.
3. Payday Loan
A particular financing product available to both Singaporeans and foreigners. Unlike personal loans, Singapore, payday loans allow borrowers to receive the same salary they regularly receive. Its purpose is to provide borrowers the pay earlier than the pay cut schedule because they need emergency cash or their employer has missed their payment schedule.
However, payday loans share the same traits of a personal loan. It has the same interest rate and terms and conditions most of the time. On the other hand, borrowers must pay their loans by the end of the month.
Why Should You Use a Fast-Cash Loan?
Fast cash loan products make it easy for borrowers to receive enough to pay for their necessities. Truthfully, if you’ve found a money-saving opportunity and need extra cash, a fast cash loan will be useful for you.
Banks and financial institutions offer their personal loan products. While they have higher amounts than licensed moneylender offers, their products have the country’s highest interest rates.
However, if you work with a licensed moneylender, such as GM Creditz, you get the following benefits.
1. Fastest Approval Time
If you’ve brought all the required documents with you, you won’t need a week to wait. After an hour of deliberation, a licensed moneylender representative will talk you through your rights and responsibilities as a lender.
Next, they’ll ask you to sign some forms, which validates your loan approval acknowledgment and release form. This is extremely fast if you compare it to the 2-3 months you’ll wait for bank loan applications.
2. Only Basic Requirements
Licensed moneylenders won’t ask you for a comprehensive credit score and report. Instead, they’ll ask you to bring employment and income proof. Your documents, such as payslips, employment letters, and contracts, will suffice. They may ask for additional identity proofs aside from your NRIC too.
Some Singaporeans have low credit scores. Licensed moneylenders make it possible for them to use financial services. In doing so, borrowers with low scores can redeem themselves effectively.
3. You Can Use it for Personal Reasons
Although you can use the loan for any personal purpose, lenders are legally obliged to ask about the loan application’s purpose to avoid money laundering and terrorism.
4. Flexible Payment Terms
Licensed moneylenders have the freedom to adjust their interest rates (from 1 to 4% only), loan tenor, and payment amounts. If they deem that you have acceptable financial management practices or an extremely low-risk borrower, you can receive lower interest rates or long-term payment periods.
Alternatively, those with bad credit scores can receive an adjusted amount they can borrow once they show proof of income and employment. All licensed moneylenders are willing to work with their borrowers for a smooth borrowing and repayment experience.
All personal, foreigner and payday loans are unsecured financing. For many, “unsecured” sounds like a dirty term. However, with the low personal loan amounts, you can borrow, the high interest rate accompanying unsecured loans is fair for both lenders and borrowers.
The Ministry of Law does not allow licensed moneylenders to go over the indicated 4% interest rate ceiling. Additionally, they cannot charge higher than S $60 for repayments. We’ll talk more about these details later.
Everything You Need to Know About Fast Cash Loan Applications
Now that you’re convinced about using fast cash loans, here are a few details that will play an essential role if you’d still want to push through with your loan application process. A fast cash personal loan application form will indicate each item’s specific information once your lender has finalized your fast cash loan’s details.
1. Total Loan Amount
Truthfully, you’ll have less available borrowable amounts with licensed moneylenders. However, up to six months of your regular income is enough to help anyone through a medical emergency or a surprising and substantial financial commitment.
According to the Ministry of Law, if your income is within S $20,000 and above yearly, you can loan up to six times your monthly salary from any licensed moneylender.
2. Repayment Period
Loan repayment periods with fast cash loan services, such as GM Creditz, can go from 6-12 months, subject to the terms and conditions of the agreement. However, your licensed moneylender will have the final say on your loan tenor. Most individuals with poor credit but stable employment can avail the same time length for repaying their personal loan.
A small room for loan tenor negotiation is possible if you can establish a stable and substantial income to supplement the long-term payments and per annum interests.
3. Fees, Charges and Interest Rates
Licensed moneylenders can only charge and do the following
- Charge up to 4% monthly interest rate
- Up to $ 60 for each month of late repayment.
- Within 10% of loan principal for loan release charges
If licensed moneylenders win a court case claiming money from late-paying borrowers, the latter will shoulder the licensed moneylender’s legal costs too.
4. Lender Reviews
Lastly, look at your prospective moneylender’s reputation with former customers. High-ranking, trusted licensed moneylenders often report helpful customer service. Additionally, they highlight the staff’s genuine concern about their borrower’s predicaments.
You can consult loan review and comparison websites, such as Loan Advisor and Instant Loan for guidance too.
Are You Eligible for Fast Cash Loans?
Before you begin the application process, it’s best to know if you’re eligible to borrow from moneylenders. All borrowers must currently reside in the country and actively working or employed. Here are the documents most licensed moneylenders need.
- Billing statements and other proof of residence
- Employment certificate and Letter of Offer
- Singpass details
- Work permit/S-Pass/E-Pass (for foreign borrowers)
- Passport (for foreigners)
- Bank account statement (for foreigners)
Where Can You Apply For Fast Cash Loans?
Instant Loan and Loan Advisor are some of the most helpful loan comparison and money lending service websites that allow you to size up financing rates quickly.
GM Creditz is one example of excellent loan service. In 2020, it has received Loan Advisor’s Top 10 Licensed Moneylenders, thanks to its dependability and high level of customer trust.
Personal loan products in the country are a convenient way to get funding during sticky situations. However, we highly advise using it for essential financial responsibilities to avoid getting in deep debt.