Are you in a tight situation where you need funds to pay for an urgent financial matter but you do not have the capacity to do so?
You can get a fast cash loan Singapore to sustain your cost of living and not miss out on whatever life opportunity or issue you may need it for.
These loans in Singapore loans fast cash, within an hour or so when you get a loan from the licensed money lenders, thus becoming a much-needed solution to your life problem.
The following is a guide for understanding frequently asked questions on what loans fast cash is in Singapore, how to apply for a loan, and how you can maximize getting one if you need it.
What is a Fast Cash Loan?
As the name already implies, the fast cash loan is a personal loan which allows the money lender in Singapore to loan fast cash, usually within an hour or so after getting approval for the application form.
They are unsecured personal loans in nature and do not require you to present any form of collateral or maintain a good credit rating when you apply for a loan. You have the choice to use the funds in whatever situations you deem necessary.
There are four main types of personal loans fast cash, namely:
Perhaps the most popular type among the personal loans in Singapore, personal loans are those that help pay for your urgent financial burdens (e.g. can be used as a wedding loan).
They are typically being offered by lending institutions with lower interest rates than the home loan Singapore. People with a bad credit profile can apply for this short term personal loan in Singapore.
2. Payday Loan
As the name implies, loan payday is loan products people have to pay within a very short amount of time, usually thirty days, or on the next earning schedule. They are small amounts of money you can use quickly but come with high-interest rates. The loan contract for these personal loans is okay with individuals with a poor credit rating.
Business loans, although they take a longer time for approval (takes about 1-3 days) are also considered to be fast cash loans. They are tailored to solve financial problems by businesses and have variable loan terms and conditions depending on the credibility of the customers. Those with poor credit upon application can have their loans approved, although they cannot expect to get a low interest.
4. Bridging Loan
This loan is a special type of fast cash loan Singapore wherein the designated amount needed to pay for a secondary purchase is the amount that can be borrowed. This gives you time to sell your current property to customers while already acquiring your choice property, thus the term “bridging”. Similar to the others, you are still eligible to submit a loan application even if you have bad credit.
Pros and Cons of Taking A Fast Cash Loan
Just like any other circumstance when you apply for a loan, taking out a fast cash loan also has its set of pros and cons. Fast cash loans take pride in their fast application process, which is typically within an hour. These loans also have flexible repayments, that gives you the chance to properly and extensively plan your financing. And, they require lesser documents, hence you can apply even without going through the tedious process of preparing legal papers and you can apply even with a bad credit background.
If you have a bad credit score, fast cash loans are also your best option when you are experiencing hard times. However, you should know that credit institutions cap the amount that can be borrowed through this loan. With high risk from not requiring good credit history comes more regulations, and these also have a relatively higher rate.
Here in Singapore however, the rate is capped at 4% by the national government, so you will not be increasing the burden too much during your hard times.
Borrowing from Banks VS Moneylenders
To see the stark contrast between borrowing your loan from banks and licensed moneylenders, the following table is presented, Pte Ltd all rights reserved. You can choose which option will be able to suit your current situation more easily with the following data.
|Loan Amount||Depends on your income||Depends on your income|
|Interest Rate||3-4%||Capped at 4%|
Eligibility and Requirements
To qualify for fast cash loans here in Singapore, you need to be a citizen, a permanent resident or be a legal foreigner employed in the country.
For Singaporean and PR, minimum age requirement is set at 18 years old and have a minimum monthly income of SGD 1,500.
For foreigners, the minimum age requirement is set at 18 years old and have a minimum monthly income of SGD 2,000.
For some banks, they require you to already be a customer or you will have to open an account to be eligible to apply for their loans.
For the needed requirements that will be used to assess your credit history and determine whether you can repay the loan, you can refer to the following list.
Given are some typical papers that you need to present to the credit institution, and depending on your loan choice, more or fewer documents can be added to the list, Pte Ltd Rights reserved to the sources.
For clarifications, you can proceed to the Contact Us pages of your lending firm to confirm the details necessary.
- Latest utility bills (e.g. phone bills, electricity bill, etc.)
- NRIC (National Registration Identity Card) or Passport
- Most recent payslips of the last three months
- Proof of billing to your residential address
- For self-employed individuals: most recent ACRA printout
- Confirmation Letter
- Certificate of Employment with license number
- Tenancy Agreement if it applies
How to Apply
Nowadays, all of the applications can be done online, thus making the process quicker, safer, and more convenient. If you have any questions, you can proceed to the Contact Us page to get in touch with the establishment you want to borrow from.
First, you have to choose which credit institution you will be applying for. Decide on whether you are eligible for a loan in a bank or whether you need to go to one, or you can settle with a moneylender.
Also, check their requirements and be sure to prepare everything beforehand, and double-check your eligibility (clarifications can be forwarded through the Contact Us page). This can help you secure a smooth application process for your fast cash loan.
Then, you can go to the website of your chosen credit institution and fill out their application form. You should make sure to fill in your complete details accurately, and attach the necessary documents.
After submission, the final step is waiting for the loan approval, which is typically within an hour. When you receive your confirmation, you can now use the money you have borrowed to solve your current financial problem.
Where to Apply
There are sites dedicated to comparing loan offers here in Singapore, and they can be very helpful. Or, you can apply in Bugis Credit, one of the top licensed money lenders in the country. They were also awarded as Singapore’s Outstanding Enterprise, making them one of the most reliable credit institutions in the market.
Bugis Credit offers fast, reliable, and easy fast cash loans. They provide you a list of their fees upfront, you can ensure that no hidden fees will suddenly pop out in the future.
They are also quick to approve loans, you can get your money within 30minutes after application. Also, Bugis Credit gives you a flexible repayment option, so you can budget your finances well but not get too pressured meeting it.
Fast cash loans here in Singapore can be the answer to your current financial struggles. It is easy and quick to apply for this loan, and you can expect to be using your borrowed money in no time.
If you decide to get one, apply to trusted licensed moneylenders like Bugis Credit to ensure a smooth-sailing and safe process.