Having a fast money loan Singapore is one of the most significant advantages both Singaporeans and foreigners have.
Nowadays, every money lender Singapore has is legitimate, and the Ministry of Law and Registry of Moneylenders oversees all their activities. A fast money loan gives you the best leverage against problematic, unplanned situations requiring you to quickly have an enormous sum.
Fortunately, it’s easy to find numerous money lenders in Singapore who can help you with fast cash. Additionally, their requirements are minimal, allowing you to receive your much-needed cash the same day if you brought all of them during your day of application. This fast service makes them beneficial in case of any emergency.
What is a Fast Money Loan?
As its name implies, a fast money loan in Singapore provides you with a quick sum of cash, usually six times your regular salary, upon submitting their requirements. Banks cannot provide fast money loan services because they need to go through hundreds of thousands of applications and collateral investigations.
A fast money loan is a service that only a Singapore money lender can provide. Truthfully, a moneylender in Singapore does not require any collateral for a fast money loan. While it has a high-interest rate, your regular repayments ensure you’ll need to pay zero penalty fees.
Types Available in Singapore
This is the typical money lender Singapore service for borrowers. A licensed money lender can provide you immediate financing six times your financing once you submit all your requirements. Truthfully, virtually every money lender in Singapore has similar terms for personal loan services.
Additionally, all licensed money lenders can reduce the total personal loan you can receive. However, they will inform you of this reduction before signing any commitment with the money lender in Singapore. All licensed lenders cannot change their terms and conditions once both parties have signed.
A licensed money lender in Singapore is more lenient with their loan services for foreigners if you compare its service against banks. Foreigner loans function similar to a personal loan from a moneylender in Singapore. However, it has different guidelines. For example, foreigners must meet a higher income threshold than Singaporeans to borrow money.
Additionally, they’ll need to provide additional requirements and much more bank details, such as three months of a foreign worker’s payslip or recent bank slips. However, foreign workers can loan up to six months of their regular salary, as a Singaporean can with their personal loan.
It’s no surprise some employers might delay your salaries due to unforeseen circumstances. Payday loans are beneficial for numerous Singaporean freelancers who often have pay delays. However, any employee who has their pay delayed can use payday loans to tide them over.
Payday loans have numerous advantages, including avoiding enormous interest rate on pending loans, piling utility bills, and other financial commitments with increasing amounts until they’re fully paid. Because it has a slightly higher likelihood of approval than personal loans and lower borrowable amounts, payday loans can function as emergency loans too.
Why Should You Consider Having a Fast Money Loan?
• Quick Approval
If you’ve got all the requirements, you won’t have to wait for more than a day to get your personal loan approved. In many cases, a licensed money lender disapproves of a borrower’s application for a personal or payday loan because they lack the requirements or cannot prove their eligibility.
However, if you are eligible and comply with all the licensed money lender’s requirements, you don’t even have to wait for an entire day to get loan approval and have your cash released. Quick loan approval within a single hour is possible with personal, foreign, and payday loans.
• Relatively Low Requirements
Banks will ask you for an interview. Additionally, they’ll run a comprehensive investigation of your previous credit performance and your financial activities’ overall results. Bank loans require collateral for individuals with poor or troubled credit scores, which takes extra time due to added collateral qualification investigations.
With moneylenders, you only need to be eligible and have all their required documents. Once you submit everything, you can expect to get your cash by an hour. You can submit all your requirements with banks, attend the interview, and still wait up to a month or more to get your loan application results.
• Useful for Anything You Need
In most cases, personal loan borrowers use their money for medical emergencies or ballooning financial commitments. For example, Singaporeans with increasing utility bills can minimize the high penalties with a high-interest personal loan due to higher penalties. If they work within the loan amount’s interest rate, they can pay less than the higher penalty sum the utility provider imposes.
Alternatively, you can use a personal loan on things that you want to own. If you’re a few months’ incomes short of a car’s down payment, you can have your car just in time before your work starts with a personal loan. Additionally, paying your personal loan on time always guarantees you’ll never pay high-interest rates or penalties.
• Flexible Payment Terms
Banks can bend and lower their personal loan interest rates. However, unlike a licensed moneylender, they cannot give you better leeway with their already-high minimum loan amounts. You can only loan up to six months of your salary with a personal loan. Then, the licensed moneylender makes sure you have every possible adjustment available to keep your payment for personal loans smooth sailing as possible.
However, don’t expect licensed moneylenders to always bend their policies for you. While they will ensure you have a hassle-free experience using their services, they can refuse your loan application if your credit history reflects poor credit practices. Truthfully, credit scores have minimal bearing on fast money loan applications, but a wise licensed money lender always reads between the credit report’s data.
Lastly, you won’t need to worry about using any collateral to lower your loan’s interest rate. Your loan application receives immediate approval because you won’t need to wait for collateral investigation results. Consequently, you can get your cash in an hour with the absence of collateral.
Suppose you’re worried about high-interest rates due to the financing’s unsecured nature. In that case, the Ministry of Law only permits moneylenders to charge a maximum of 4% interest on all personal, foreigner, and payday loans. In this light, if you see a penalty or interest higher than 4% on your fast cash loan, you can report this action to MinLaw to initiate a moneylender conduct review.
Things to Consider When Applying for a Fast Money Loan
1. Total Amount You Can Borrow
The majority of lenders allow you to borrow up to six times your monthly salary. Singaporeans can access this full amount option if they’re earning at least S $20,000 yearly. On the other hand, foreign borrowers have to earn S $25,000 above to borrow their annual income six times.
You can only receive a loan amount equivalent to your payslip’s indicated average income for payday loans. Singapore’s moneylenders will provide only your net income after taxes and other contributions.
2. Usual Repayment Period
Personal and foreign loans usually have a 12-month loan tenor suitable for the majority of borrowers. However, some moneylenders can provide you a higher cash amount with longer loan tenors, especially if you’re a borrower with good credit and can present viable collateral.
Keep in mind: the longer your loan tenor, the higher your per annum interest increases. These are the annual added percentages to your financing. However, unlike banks, moneylenders can only charge up to 4% ceiling interest (more on this later).
3. Fees You Should Need to Know About
• Interest Rate
A registered moneylender can only increase their interest by up to 4%. Anything above, the MinLaw will consider it a hefty violation and improper conduct of rostered lenders. This law exists because unscrupulous loan sharks have preyed upon borrowers in the past with extremely-high interest.
MinLaw makes sure all lenders have set guidelines, which prevent borrowers from sinking deeper in debt. Additionally, if borrowers fail or refuse to pay, lenders can make legal claims against borrowers (we’ll discuss more this later)
• Penalty Fees
In line with limited interest, moneylenders cannot charge penalty fees higher than S S60 for each month. If borrowers miss their payments, they won’t need to worry about additional expenses because of exorbitant penalty fees.
Once again, MinLaw established this law to combat loan sharks who charge extremely-high penalty fees on borrowers. Because of their unregulated activities, MinLaw cannot aid borrowers who have lost so much to these unscrupulous groups’ problematic and one-sided practices.
• Loan Administration Fees
Lenders can charge a small fee for reviewing and processing your application. However, these administration fees should not go beyond 10% of the total loan amount. In most cases, lenders will max out the loan administration and processing fees.
In the past, ah longs will increase their initial loan administration and processing fees up to 30-50% of the total loan, leaving no financial help to address the borrower’s immediate needs.
• Moneylender Claim Fees
It’s fair for lenders to file a claim against borrowers who had failed or continuously refuse to pay their existing loans. MinLaw protects both lenders and borrowers by implementing their rights and responsibilities. A borrower’s responsibility is to comply with the lender’s terms and conditions, which MinLaw regulates and inspects.
Any borrower who refuses to pay must address both the contested debt amount and all the lender’s legal expenses in filing a complaint. Truthfully, evading your debt is too costly, so make sure you always pay on time and in full.
4. Fast Money Lender Reviews
It’s always a great idea to listen to other borrowers who have found a hassle-free or hassle-full service with a prospective moneylender. Truthfully, you can read some dependable reviews on the borrower’s website itself. But, if you’re looking for arbitrary reviews, heading to Google Reviews is a great idea.
Additionally, loan comparison websites have an excellent section for independent borrower reviews. You can contact reviewers to get their whole opinion and experience too.
5. Eligibility and Requirements
You’ll need to fulfill the following requirements to use personal, foreigner, and payday loans.
- 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)
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Finding The Best Fast Money Loan Providers in Singapore
With dozens of reliable lenders in Singapore to help you with your financial needs, you won’t have any challenges finding the best fast money loan providers. However, if you’re overwhelmed with the great numbers of lenders, you will want to use the following resources to help you find the perfect ones.
Loan Comparison Websites
Loan Advisor is one of the best review websites to find the best lender for all your needs. With an in-depth dive in Singaporean lenders’ services and borrower perception, you’ll easily find the best lender for everything you need.
Additionally, Loan Advisor provides awards for top-ranking, helpful lenders. If one of your prospective lenders has received Loan Advisor awards, you can be sure their services will meet everything you need.
Instant Loan is another loan comparison website that provides many details regarding every lender’s services and activities. If you need a parallel comparison with Loan Advisor, you can use Instant Loans’ data for comprehensive and transparent research on prospective lenders.
If you’re still confused or do not have enough time to perform lender comparison and research, you can be sure you’ll get the best rates and loan amounts from GM Creditz. Loan Advisor recently awarded the Top 10 Licensed Moneylenders of 2020 to GM Creditz for its reliable approach to providing its services.
Fast Money Loans: Your Best Friend in Every Surprise Financial Problem!
Finding top-quality, fast money loans are easy in Singapore. You won’t get in deep debt if you know their limitations, loan amounts, interest rates, penalties, and terms and conditions.
To borrow without any hassle, make sure you’re working with registered lenders, which you can find in the Registry of Moneylenders. In doing so, you can be sure all your lender’s activities are adequately regulated.