Are you facing an emergency that requires a quick cash loan in Singapore? You’re in luck! This is because it’s fairly easy to get an urgent cash loan in Singapore. However, it’s not advisable to dive in blindly. It’s essential to thoroughly research the wide range of urgent cash loans in Singapore today before you take out a cash loan. In case you have been thinking about getting a quick cash loan, here is the ultimate guide for acquiring an urgent cash loan today. Read on to find out more.
What is instant loan cash in Singapore?
Think about instant loan cash as a personal loan. Unlike other loans, you can have the money deposited directly to your bank or you can pick it in cash once it has been processed. A medical loan, for instance, goes directly to the medical facility to settle the bill. In short, it cannot be sent to your bank account or given to you in cash to pay the medical bill. That is not the case with instant cash loans.
Apart from the freedom to use the money for whatever reason, urgent cash loans also live up to their name. The processing time is shorter than other kinds of loans. The traditional banks took days to process your loan meaning you may not receive the money in time for the emergency but quick cash loans have come in to bridge the gap. Within a matter of hours, you will have the loan you applied for in hand or bank! How amazing is that?
An urgent cash loan in Singapore is also unsecured, meaning you don’t need to pledge an asset such as a car, furniture, or home as collateral to receive the loan.
How much can you get for an instant cash loan in Singapore?
What are the limitations, you may ask? The amount you can borrow simply depends on two things; your annual income and credit score. These two factors play a major role, though a moneylender can have other requirements that determine the amount you can borrow.
The more you make annually the more you can borrow. Typically, a moneylender uses your annual income to determine whether you will be able to repay the loan. You can’t make less than s$20000 a year and want to borrow s$50000. How will the lender be sure you will be able to pay back given that instant cash loans in Singapore are unsecured? If you are planning to borrow from a licensed moneylender, you can borrow up to 6 times your monthly income if you make an annual income of at least s$20000.
Your credit score plays a crucial role too as it dictates the likelihood of repaying our debt. If you have a high credit score, every lender will be happy to work with you. Any late repayments and loan defaults will affect your credit score negatively, therefore reducing the chances of getting the best urgent cash loan today. Applying for too many loans also paints a picture of a loan-hungry person, therefore, affecting your credit score.
How to apply for the loan
The application process for an instant cash loan has been made a lot easier than traditional loans. All you need is proof of employment, payslips, and IC. The moneylender will use these documents to assess your ability to pay back the loan.
Who can borrow an instant cash loan in Singapore?
The application typically depends on the type of loan and the licensed moneylender you are using. However, the general requirement is to be at least 21 years old and less than 60/65 years old. Lenders also require you to have at least S$20000 annual income. The bottom line is that licensed moneylenders are more flexible than banks which increases the chances of getting a loan.
Do your due diligence before taking out an instant cash loan in Singapore. Ensure the lender you are dealing with is a licensed moneylender. You can confirm this by going through the list of licensed moneylenders on the Registry of Moneylenders website. Licensed moneylenders operate under guidelines issued by the Ministry of Law, therefore protecting you as a customer.
Also, ensure you can pay back the loan you want to take. A poor repayment plan or loan defaulting can lower your credit score. Remember a licensed moneylender can sue you for loan default and late repayments even after several warnings.