Earlier it was rather hard to get a personal loan in Singapore. However, the moneylender business is growing rapidly. Thus more moneylenders are ready to offer loans to the qualified borrowers. If you have been involved in an accident, have a medical emergency in your family. Or you require funds to buy a family home are some reasons for using a fast cash loan. In Singapore, legal moneylenders often operate differently. Realize this when taking a loan and ensure you pay attention to such things.
The fast Cash Loan is suitable for these scenarios. It could be that you need to handle some financial difficulties for the month. However, the amount is within the current salary. Thus it means that you can easily repay the loan the following month.
The one thing you need to note is to ensure that you do not take a huge amount. Especially when you know you are not able to repay it. This is because the loan interest will simply snowball out of control. This will put lots of pressure on you month after month when payments are not made on time.
Below are a few helpful tips when getting fast cash loans from licensed lenders in Singapore.
Know ways of spotting an illegal moneylender
This needs to be the first thing you do way before you apply for a personal loan. Always ensure that you check whether the money lender has a valid license. When the lender you chose is not certified. It may be best that you choose another moneylender. This is because that may be a scam.
Every time you are applying for a personal loan, ensure that all your documentation is returned to you. Please do not forget to collect your identification papers back from your moneylender.
Since they do not have a reason to retain your identification documents. Should they want to keep them, be careful. They likely are not genuine and it is best you find another moneylender.
Have required documentation with you when applying
While making your loan application you will require several types of identification. Any kind of ID, the Singpass, or some other document that provides proof of who you. These will likely be satisfactory kinds of identification. Ensure that you have evidence of your job like the work ID card. You should also have three recent pay stubs from the past months.
A moneylender will be more comfortable offering you a loan. More so when they are able to make out that you are a low-risk borrower. In addition that you have a steady source of income. The lenders will trust you can repay your debt promptly since you hold a job.
Inquire about collateral requirements
Before accepting any loan, it is a good idea to find out about collateral requirements. Presence of a collateral will mean that you can take out the loan. However, when you fail to pay back the loan. Your moneylender will claim the item/asset that you had put up as security. The collateral might be your fancy jewellery piece and a car. You might choose to use your home based on the loan amount you require.
Sign a loan contract
Once you are satisfied with the loan agreement terms and conditions. Ensure that you only sign a complete loan contract. Do not forget to get a loan contract copy. It is very important that you do this. When you fail to get a copy of your contract in full. The loan you have taken out might be considered a fraudulent activity.
A word of caution, avoid signing anything that appears to be an incomplete loan contract. The loan contract must clearly indicate the terms of your personal loan. It should also include the repayment period.
Not to forget interest rates that have been applied to your loan. When it happens that this information is not included. It is important that you request for it or you could opt to work with a different lender.
Avoid any lender who does not treat you with respect
There are several moneylenders in Singapore who might try to scare you. They might even treat a borrower in a harsh way. At all times, stay away from moneylender’s such as this. Simply because you deserve fair treatment and to be respected.
Why Choose Singapore’s Licensed Moneylenders
Here are several other benefits of working with licensed moneylenders in Singapore-
The licensed moneylenders in Singapore are much more flexible. This is as far as loan conditions and terms are concerned. Also, this is when they are compared to banks loan requirements.
Another key benefit of taking out a loan the moneylenders in Singapore. These type of lenders offer different customized loan solutions. These are made to suit the different needs of borrowers. Some loan examples are like the instant personal loan. Additionally, there are the payday loan, foreigner and business loan.
No Credit history and collateral needed
Most likely this is the biggest benefit of working with a licensed moneylender. This is because they do not need any security. Neither do they require your credit history for them to provide you with personal loans. The lenders only look at your current ability to pay off the loan. Once they are satisfied that you are risk-free borrower they will offer you the loan money.
Fast and easy transaction
Moneylenders are known for their easy and fast processing of personal loans. The legal moneylender in Singapore will lend you the amount requested. Usually very fast and can be within one day after submission of relevant documents. It is even possible to get same-day loan authorization. This comes with instant cash facility.
No income Restriction
The licensed moneylenders will avail the loan money to borrowers. This is without the high-income level process of granting a loan. This is against what banks and other lending institutions do.
Minimum Documentation for loan processing
The main benefit of dealing with moneylenders in Singapore is they require minimum documentation for processing your loan.