Getting a fast loan in Singapore is becoming a common occurrence, especially in 2021 where the economy is still recovering from the impact of the pandemic. With much at stake, we have to look out for any potential emergencies to prepare for it financially. One of the ways we can do that is to make sure we secure emergency funds that can help to pay medical fees or any financial obligations that need to be resolved quickly. Fast cash loans can be a temporary and practical option to tide through these tough times. Here are important facts to note when applying for fast cash loans.
Types of urgent fast cash loans
A fast cash loan is a short-term loan typically taken out by those who are in need of emergency funds due to unforeseen financial obligations. Borrowers who need to secure a fast loan usually need urgent access to money and want to avoid getting it from banks that have long approval waiting times or have a bad credit history and want to improve their credit score. Some examples of fast cash loans or urgent loans are personal loans, payday loans or credit card advance loans.
- Payday loan: A payday loan is one of the common types of fast cash loans. It is a short-term unsecured loan that can help finance your emergency fund. Borrowers need to be able to repay the loan by their next pay day.
- Personal loan: This is a type of urgent loan that allows you to borrow a lump sum of cash either from the bank or licensed money lenders that can be repaid in fixed monthly instalments. As long as you are able to fulfill the criterias like your income and capacity to pay, you will be able to get it fast from licensed money lenders.
- Credit card advance loans: This is a short-term cash advancement loan that helps you get quick cash from the available balance on your credit card. The interest rates for this option are generally higher than the normal credit card usage.
Advantages of getting a fast loan from licensed money lenders
- Quick application and approval time
One of the biggest advantages of securing a fast loan from licensed money lenders is the quick approval time. Avoid the long approval waiting times in banks just to secure a loan. Licensed money lenders usually understand the need for a quick, fuss-free and reliable process in getting emergency funds, which is why they offer a simple application process for all types of loans. It usually takes less than 5 minutes for you to fill out an online application form for fast cash loans and you can expect to hear back from the financial representatives within the day.
- High approval rates
As cash loans are generally much smaller in amount compared to other loans, the approval rates are much higher. Payday loans for instance, are quick solutions and are given out in limited amounts so money lenders are not so worried about lending the amount as it can generally be repaid quickly, which helps to expedite the review process.
- Low interest rates and flexible repayment
During emergencies, the last thing you need is having to pay extra charges on high interest rates which would set you back further into debt. That is why it’s wise to get fast loans from licensed money lenders that provide lower interest rates, giving you more freedom to pay off your loans with ease. Some money lenders offer low and simple interest rates from just 2.27% per month and a flexible repayment term of up to 12 months. When you apply for fast loans in Singapore, you can borrow up to 6 times your monthly salary. However do bear in mind that the loan amount and borrowing terms are subject to approval.