In Singapore, the recent past has been rather difficult to get a cash loan. However, the moneylender industry is rapidly growing thus more lenders are willing to offer loans to borrowers who qualify. There are numerous reasons why Singaporeans require the fast cash loan option. This can include an accident, illness in the family, or even the need funding to buy a family home.
It is important for borrowers to recognize that not all licensed moneylenders are the same. Therefore, there are some things you have to keep in mind when you are getting a fast cash loan.
Here are some useful tips to keep in mind when you are taking out a fast cash loan from licensed lenders in Singapore.
Known ways of spotting illegal moneylenders in Singapore
Before you apply for a cash loan, ensure you first check to confirm the lender you choose is licensed. When the lender you choose is not licensed, then it is advisable that you opt for another one to avoid being scammed.
As you are applying for a fast cash loan, always ensure that all your documents and identification are returned back to you by the moneylender. This is because the lender has no reason to retain your personal identification.
When a lender wants to keep your documents, they most likely do not have good intentions and you need to look for another lender.
Have required documentation with you during the application
When you are making a loan application you will require several kinds of identification. Any type of ID, SingPass, and other documents that show proof of your identity are likely to be accepted. It will also be helpful when you provide proof of employment, for instance, a work ID card or even an old pay slip from the previous several weeks.
A legal moneylender will be more comfortable in offering you with a cash loan provided you can provide proof that you have a steady job and are a reliable borrower. This will assure the lenders that you are more likely to repay your loan promptly since you hold a steady job.
Find out about any collateral requirement up front
It is important for borrowers to find out about collateral requirements before agreeing to any loan. When a loan comes with collateral, it then means that the loan will be provided to you.
However, when you decide or even fail to repay the cash loan the moneylender can claim the item that you had provided as collateral. This can be your home, a fancy jewelry piece, or even a car. This will, however, depend on the loan amount that you intend to take out.
Be sure to only sign a complete loan contract and also get a copy of the contract
It is very crucial that you only sing a complete loan agreement. When you are not issued with a full copy of loan agreement, your loan application may be considered as a fraudulent activity.
In addition, never sign any document that appears to be an incomplete loan contract. Also, confirm that your agreement clearly indicates the detailed terms of your cash loan and the repayment period. The contract should also show the rates that are being applied to your cash loan.
When any of this details is omitted, you will have to ask for it or you can choose another lender.
Stay away from moneylender’s who are disrespectful and unkind
There are few moneylenders who might try to intimidate their borrowers or who might treat them in unkind ways. It is advisable that you stay away from such moneylenders. This is because you deserve being treated fairly and respected as well. When you encounter a lender like this, it may be time to consider working with another lender.
Advantages Of Dealing With Licensed Moneylenders In Singapore
As you consider taking out a cash loan, it may be a good idea to have a shortlist of several moneylenders. Then from the list, you can contact each one of them. Make comparisons of their loan deals, and visit the lender that is offering the most convenient loan package for you. Soon enough, you will have your cash loan approved.
Minimum Documents required for processing the loan
One major advantage of working with licensed moneylenders in Singapore is that they require minimal documentation for processing your cash loan.
When you decide to work with a licensed moneylender in Singapore. They are more flexible in the terms and conditions of their loan packages when compared to what banks offer.
No Limitation of a borrower’s income
In Singapore, a licensed moneylender will provide cash loans to all kinds of borrowers. This is because they do not have high-income criteria when granting their loan products. This is contrary to what the banking institutions and other lending institutions have on offer.
No Guarantee or Credit history necessary
This would be the biggest benefit of dealing with licensed moneylender. This is because they do not ask for collateral or credit history for them to disburse loan money. They will only consider your current capability to pay back the cash loan amount before they offer you the loan money.
Customized loan solutions
This is another huge benefit of borrowing from legal moneylenders in Singapore. This type of lenders will offer you various customized loan solutions to fit your specific financial needs like the fast cash loan, payday or foreigner and business loan.
Fast and easy transactions
In Singapore, legal moneylenders are renowned for the easy and fast processing of loan they offer. Licensed moneylenders in Singapore can lend you the loan amount requested fast. This can be within a day provided you submit all the relevant documents during the application. They even have options for same-day approval for your with instant cash loan facility.
A reliable and trusted licensed moneylender in Singapore knows and understands the importance of the loan money. This is especially during financially straining times. Therefore, this makes the application process and the approval of your loan effortless for you.