It is now very common to take loans in Singapore. There is an ever-increasing need for instant cash loans, for numerous reasons; and when you live in a city in Singapore then you will have to get loans for different reasons.
Even then, today Singapore has many sources where you can get instant cash loans: all you will have to do is confirm that the moneylender is legitimate. This way you do not get ripped off by use of high-interest and the like.
What can you do to avoid dealing with illegal moneylenders?
Why Singaporeans Take Instant Cash Loans
There are many reasons why you will need the instant personal cash loan. Some of these may include:
Credit Card Debts
Because the economy has increasingly become cashless, getting debts on a credit cards seems to happen too often. Repaying your card debts fast is always a great idea, and this is highly recommended since the interests on these loans are rather high. Getting a low-interest instant personal loan will help you settle the credit card debts.
Though Singapore has the best healthcare scheme in the Asia Pacific, you may notice that your health cover does not cover everything once you get your health bills. Not only health bills, still you might need emergency money for other unexpected circumstances. When you don’t have some funds saved up for such emergencies, then you will have to get the instant personal loan.
When you are starting a business, want to pay employees their wages or rent, it is possible that you will need instant cash. When you are faced with low revenue income, you could take a cash loan to help you cope as you await the stream of revenue to improve.
This is a solid way of saving your cash and earning interests on it. It is not easy to come by very good investment opportunities, and immediately you hear of one, it’s typically a good idea you get the money to invest. What can you do if you don’t have ready cash for that? What if the funds you have are intended for something else? Use instant cash loans to make the investment.
What can you do if you badly need a vacation, yet you don’t seem to have the money saved up for the trip? Get the instant personal loan. The trip will be helpful both mentally and emotionally, soothing the stress such that when you get back to work after a weeks vacation, you’ll be invigorated and in your ‘A’ game.
This is among the fastest ways to make a chunk of money from a smaller amount you put in. It is also the fastest way to lose a large amount of money in minutes. There are people whose active hobby is gambling. Meaning that they are ever in need of large sums of money. Instant loans may help with this, though it’s not advisable.
Purchasing Luxury Items
Purchasing luxury items will also require money, and you really want to get it before that item is out of stock. At times such luxury items could be second-hand items, thus cash is often preferable then credit cards. When you don’t have the cash on hand, you could take the instant cash loan and buy the item before you miss the chance to do so.
Bank vs. Moneylender vs. Pawnshop
When it comes to your cash needs, do you know where you can access these services? Singapore has three places where you can go for loan services. These places are legitimate so you will also be safe as you seek a financial solution to your needs.
Bank loans in Singapore usually take a long, gruelling process. This is as banks evaluate your financial records to find out if you’ll be able to repay the loan.
Also, they will need to look at all your documents prior to declaring you fit for the loan – they will require collateral for loans they offer and you are obligated to pay the loan back anytime from three years to seven years. This is including the high-interest rates as well as stringent conditions and terms.
How long will the approval take for me to get the money? The time of disbursement will take about a week, and this may not be favourable if you need the cash urgently.
In recent times, moneylenders have gained prominence in the lending scene in Singapore. By having a governmental body monitoring their activities, licensed moneylenders offer a maximum interest of 4% for all loans.
Getting a loan from this lenders takes a very short time: simply present the necessary documents and you will get the loan, with no collateral. However, for your own protection and interest ensure you confirm against the licensed moneylender’s list before dealing with any lender. Also, make sure that you understand the loan terms and conditions before taking it.
Typically these are found near train stations and also connecting bus stations. The pawnshops are renowned for fast loan disbursement and fast transactions.
Is a pawnshop right for me? For collateral, the one thing they will accept is bags, luxury watches, and any other valuable jewelry. Also, you will have to present to them some form of valid identification. However, pawnshop loans have a maximum tenure of 6 months only and their interests increase each month.
Failing to repay your loan shifts ownership of that security to the pawnbroker.
In Singapore, taking instant cash loans is much easier than ever before. Also, you can get loans for whatsoever reason, provided it is an urgent need. When you aren’t looking at borrowing from family and friends loans, you could consider going to a pawnshop, a bank, a pawnshop, or licensed moneylenders, and you will certainly get the loan amount you require, provided you meet all the set requirements.