Emergencies happen without warning. And most of the time, you’ll need urgent cash to tide over your situation. Thankfully, there are urgent loans in Singapore that will help you meet your immediate financial needs.
Urgent loans help you get access to quick money. You can borrow from a licensed financial institution but because they are instant loans, you can only borrow a smaller amount at a shorter tenure.
That said, urgent loans will help you get the cash you need when you need it. So what types of urgent loans can you get in Singapore?
You can use personal loans to fund any type of personal needs, including emergencies.
A personal loan is a type of unsecured loan with fixed interest rates and monthly installments. Since it is an unsecured loan, there’s no need for collateral. One of the benefits of this loan is the fixed repayment period. You can easily plan your repayment since you will pay the same amount of money every month.
Banks in Singapore offer personal loans but they have a more stringent loan application process. So it may take a few days for your loan to be approved.
If you need instant cash disbursement, you can count on a licensed money lender. Licensed lenders can offer up to 6 times your monthly income if your annual income amounts to at least $20,000. The interest rate is capped at 4%.
Payday loans allow you to have access to quick cash without the need for collateral. But here’s the catch: The repayment period is very short. In fact, you’ll need to repay the loan the following payday. This type of loan is perfect for financial emergencies.
With payday loans, you need to pay the money in full unlike in personal loans where you’ll be paying monthly installments. Just like personal loans, a payday loan will depend on your credit record and your capacity to pay.
Credit Card Advance Loans
Credit card advance loans is a short-term loan that gives you access to money whenever your card gets declined. You can withdraw cash from the closest ATM- making it the fastest type of loan.
Keep in mind that credit card loans have higher interest rates. Additionally, they may charge processing fees that are higher than using your card on a regular basis.
Borrow From Family and Friends
Another option is to borrow from family or friends. This is a viable option, especially when you want to avoid high interest rates. However, there’s a risk of making things awkward or causing a rift in your relationship with them.
Getting a Loan From The Pawnshop
This involves using your valued possession as collateral for a loan. To get a good amount, you’ll need to pawn items with high value, such as a gold watch, branded bag, and so on.
So how does it work? Your valuable items will be assessed by the pawnshop, then you will be given an estimate. You can expect to get around 60% to 80% of the value in cash. Once you’ve agreed to the terms, the pawnshop will loan you the amount. If you can’t repay the loan within six months, your item will be auctioned off.
If you need urgent cash, there are different types of emergency loans you can consider. Take your time to compare loan plans – compare various interest rates and loan tenures before settling. Additionally, determine whether you can pay it off.
An urgent loan from a moneylender is a good start. Bugis Credit is a licensed moneylender that offers personal, payday, and foreigner loans to cater to your emergency quickly.
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