Cash is difficult in Singapore, especially when you’re facing an enormous problem that requires a tremendous amount of cash that will create a big dent in your budget. Truthfully, a fast cash personal loan in Singapore is convenient during these situations.
While a financial commitment can tear away at you slowly, it can help you ease ballooning problems and resolve them before getting any worse and more expensive. It’s easy to get the best fast personal loans Singapore once you continue reading below.
What is a Fast Cash Loan?
The eponymous financial product provides you with an instant loan, which you can receive just a few days after your loan application. Because of their small amount and generally unsecured nature, a fast personal loan Singapore makes it possible to address a substantial financial issue in the shortest amount of time possible.
Furthermore, licensed moneylenders offering fast loan services are extremely useful for people with bad credit. Most of the time, Singaporeans with poor credit have the worst chance of getting approved for their loan application. However, moneylenders do not require nominal or high credit scores. Let’s go more in-depth about fast loans below.
1. Faster Cash Loan Application Process
Because of their naturally unsecured nature, fast personal loans have stellar interest rates. In exchange, borrowers can receive their instant approval and total sum a few days after their loan application.
Once they submit their requirements, they can receive the borrowed amount by the day’s end or less than a week. It’s convenient for individuals who need immediate cash and does not have all the banks’ requirements.
2. No Need for Good Credit Scores With Most Cash Loan
Licensed moneylenders are excellent alternatives to bank-offered fast cash loans. Even with their toned-down requirements from borrowers, bank fast cash still have a threshold. Due to the enormous number of fast cash loan borrowers, banks still need to screen their candidates thoroughly
With licensed moneylenders, proof of your income, work stability, and age are enough to provide you with the loan amount you need. However, moneylenders can adjust your ideal loan amount lower to reduce your default risk. On the other hand, banks do that to their customers with approved applications too.
3. Low-Interest Rates for Cash Loan
Fast cash has lower loan amounts than typical personal loans. They’re designed to handle emergencies or bridge a borrower financially until their next payday. If you’re planning to use a fast loan as the down payment for a car or house, it’s likely not enough to handle that financial commitment level.
If you’re borrowing fast cash from banks, you can get low-interest rates with secured loans. These use your valuable properties, such as homes and cars, as collateral. However, licensed moneylenders do not accept collateral, allowing them to approve loan applications with a fixed moderate interest rate of less than a week.
The Difference in Secured and Unsecured Cash Loan Amounts
You might feel confused when banks or financial institutions tell you that you can get the loan approval if you decide to go with unsecured loans. On the other hand, some banks will ask you to go for a secured loan because it lowers your risk profile and gives you access to high-value loans.
However, both secured and unsecured have their respective advantages and disadvantages.
Unsecured loans from banks and moneylenders allow you to get loan approval in less than a week or month. However, your range of loan amounts is limited. Furthermore, you will have to contend with higher interest rates and rate EIR and shorter loan terms. However, you can get instant cash if you need it.
Secured one gives you lower interest rate EIR and higher loan amounts. However, if you fail to pay your loan, you’ll lose the collateral you’ve used to secure the loan. For example, a car can serve as collateral. However, your failure to pay the loan gives the collateral value to your bank. If you used the entire car’s value as security, the bank will appraise it and use it to pay for your loan.
Eligibility and Requirement to Get Instant Cash Loan
Here is everything you’ll need to get fast cash. If you can present all your requirements and documentation to financial institutions, they may approve and release your loan application within the day or week.
- 18 Years Old as of Applying
- Singaporean Citizen or Permanent Resident
- NRIC or Passport
- Certificate of Employment
- Confirmation Letter
- Three months of payslips
- Bank statements, mobile phone bill, and other billing address proof
- Any tenancy agreement for renting borrowers
The Difference Between Banks and Moneylenders
Both banks and financial institutions can help borrowers get instant cash. However, both have their respective pros and cons too. Truthfully, both of them help you get instant cash, but with different terms and caveats.
1. Secured Cash Loan With Lower Interest
Your effective interest rate with your secure cash loan application means you won’t have to pay high interest per annum. With some banks, penalty fees and compound interest rate EIR are lower with secured loans, especially for excellent credit scores.
2. Higher Fast Cash Loan Amounts
You get better cash loan maximum amounts with secured loans. Banks and financial institutions give you better trust, a higher loan amount, and even reduced processing fees in some cases. If your income can support an amount higher than your ideal loan amount, you can conveniently go for it.
3. Useful Financial Product Promotions
Banks offer some of the best financial products with nominal interest rate figures in most cases. If you have good credit scores and have no genuine financial commitment, you can go for it immediately. These time-sensitive offers can give you significant interest figures, especially for lower loan terms 1-3 years old.
1. Credit Checks
Collateral will take some time to check. Plus, the hundreds of thousands of other applicants vying for the same product require the same investigation level.
2. Extremely Binding Terms
Banks can take immediate action if you violate your terms, leading to penalties unless you’re fully committed to paying your loan in full and on time.
- Rapid Cash Loan Application Approval
Licensed moneylenders can only provide you with unsecured loans. However, this means they can rapidly approve your application, even if it has a high-interest rate EIR.
1. Credit Builder
If you have bad credit, you can rebuild it with licensed moneylenders, who can report your loan performance to Credit Bureau Singapore.
2. Emergency Cash Accessible at Any Time
The loan’s unsecured nature allows you to receive your financing once you submit all related documents and pass the requirements. Therefore, you have accessible cash virtually at any time.
1. Lower Available Loan Amounts
Truthfully, licensed moneylenders have a limited cash repository if you compare their relative size to the offers of banks and private funds.
|Banks||-Secured, Low-Interest Cash Loan|
-Higher Loan Amounts
-Useful Promotional Discounts and Rates
|-Long Approval Periods|
|Moneylenders||-Fast Loan Approval|
-Helps Build Credit
-Convenient and Accessible Emergency Cash Loan
|-Low Cash Amounts|
Compare Financial Products Before You Decide to Apply!
Loan comparison websites, such as Instant Loan, can help you find the best financial products available in the market. With our advanced search and comparison algorithm, you’ll find the best financial products in no time. Use the loan calculator to check your monthly repayment and inquire to receive free quotes!