One type of personal loan that is popular for its convenience and efficiency is the fast cash loan.
There are many considerations that you must carefully assess before deciding whether or not these kinds of personal loans will best fit for you.
Aside from this, there are also a lot of lending institutions in Singapore that offer different packages and premiums. Taylor fit the loan that you will take according to your need and lifestyle.
What is a Fast Cash Loan?
Fast cash loans are a type of cash loan and personal loan that are characterized by speedy processing and fast access to the cash that you need.
Usually, the loan application process lasts for only one hour as long as you have fulfilled the eligibility and document requirements.
Fast cash loans are best for financial emergencies like sudden need for car repairs, sudden need to pay the utility bills and other emergency expenses.
How Do Fast Cash Loans Work?
Usually, the money lenders and lending institutions will ask for information about you. This will include your personal details, contact details, employment details, and financial details.
These pieces of information are necessary so that they will be able to establish your eligibility in acquiring a personal loan. Singapore has a set of rules that a licensed money lender ought to follow in order to comply with the rules set by the Singaporean government.
Pros and Cons of a Fast Cash Loan
As in various kinds of cash loan and personal loan, fast cash loan has its share of advantages and disadvantages.
Indeed, individuals will have different situations that decide whether or not fast cash loans fit their lifestyle.
Before deciding on availing these kinds of loans, take a look at their known pros and cons first so that you can evaluate the risks and the rewards involved in getting a fast cash loan.
Pros of Getting a Fast Cash Loan
1. Fast Approval
This advantage cannot be overstated. Fast approval makes a fast cash loan the best loan there is for emergency cash needs. This can literally save lives or save you from more long term problems.
For example, if you see yourself feeling ill but you do not have cash to spare to go to the emergency room, you may choose to start a fast cash loan application and get that much needed cash to visit a doctor.
2. No Collateral Required
This is another great advantage of a fast cash loan. As stated earlier, this is a type of unsecured loans that require no collaterals and rely solely on your proof of steady income.
This is a great feature especially for young individuals aging from 21 to 30 years old that are in need of funds and loans in Singapore but who do not have anything acquired yet that can be used as a collateral.
3. Capped Interest Rate
The good thing about getting loans from licensed money lenders is that they give competitive interest rates from 1-4% per month. Loan sharks and unregistered money lenders tend to work with unreasonable interest rates that further bury customers in debt instead of assisting them.
Fast cash loans put caps on interest rate so you can be sure that the interest rate would not shoot up beyond affordability.
4. Quick Disbursement of Money
Aside from the easy application process and fast loan approval, the disbursement of cash is also fast in comparison to bank loans or other kinds of personal loan. This is regardless of the loan amount.
As long as your application form is accomplished and the requirements are complete, then your funds are released. This is a great embodiment of the efficiency of the people in Singapore.
5. Flexible Repayment Terms.
This is another important feature of a fast cash loan offered by licensed moneylenders in Singapore. They offer flexible repayment terms that you can decide based on the pattern of your cash flow.
By having flexible terms of payment then you can make sure that you are able to pay your dues on time and hence avoid whatever penalty that firms may impose against late payments. Sometimes, payment is only a matter of proper timing.
6. Customized Loan Plan.
This is related to flexible repayment terms. By being able to customize your loan plan, then you can decide the best and most convenient pay of payment.
This makes this kind of loan as flexible and as convenient as credit card payments.
Cons of Getting a Fast Cash Loan
1. Higher Interest Rate
This is the only disadvantage of the fast cash loan that pops on top of the head. The interest rates are relatively higher. But as mentioned above, some licensed money lending firms already offer competitive interest rates.
With the utter efficiency and convenience in fast cash loans, a slightly higher interest rate may be a good price to pay.
How to Avoid High Interest Rate
One of the best ways to avoid paying higher interest and other late fees, you need to establish the discipline of paying your loan on time.
It should be your practice to set aside a part of your monthly funds for loan repayment.
Similar to banks and credit cards, expenses that are unnecessary can pile up to your bill just because you overlooked paying for your dues.
The discipline of paying on time and setting aside money for your loan would improve your credit rating. But paying late will result in poor credit or bad credit. Bad credit can affect your record and may give you a harder time getting personal loans in the future.
Best Moneylenders Offering Fast Cash Loan
It is also important to be able to choose the best moneylender that there is in Singapore.
Here are the top six Singapore moneylenders as assessed by our experts at Moneylender Review:
- A1 Credit SG Pte Ltd
- 365 Credit Solutions Pte Ltd
- Bugis Credit Pte Ltd
- GM Creditz Pte Ltd
- Raffles Credit Pte Ltd
- Fortune Credit Pte Ltd
Learn more about these companies by reading this: https://www.moneylenderreview.com/best-licensed-money-lender-singapore/
In order to choose the best loan suitable to your budget, head over to our website in Moneylender Review, submit a loan application and receive up to three loan quotes from top licensed moneylenders in Singapore.
This website also provides tons of useful information about Singapore moneylenders and the features of the products that they offer like interest rate, terms of payment, and application process.
How to Apply
The common eligibility requirements are the following:
- You should be at least 18 years old.
Age requirements may vary from one various moneylenders. Other loan providers for instance set 21 years old as the minimum age requirement. Your age is often proved by valid identification cards.
- You should have a stable flow of income.
Fast cash loans are a type of personal loan that is usually unsecured. Hence the assurance of the moneylenders that you can pay them back comes from the fact that you have a steady flow of income.
- You should be in good financial health and credit history.
This is usually indicated by bank statements and credit rating or credit profile. Lending firms might conduct quick credit checks.
- You are a resident of Singapore.
Usually, they would ask for a tenancy agreement. If you are a foreigner, they might ask for other requirements to prove that you are residing in the country on a long term basis.
Steps to Apply
- Fill out an application form. Provide your name, contact number, the desired loan amount, and your monthly income. Submit the form.
- The loan officer will contact and invite you to visit their office for submission of requirements and a face to face consultation. In this consultation you are going to decide the terms of payment and explain to you the interest rate and other charges that are applicable.
- As soon as the agreement has been signed, you can get the fast cash loan.
If you are in need of a loan, Singapore lending firms offer a variety of fast cash loans that you can choose from. The general character of this loan is that they are efficient, convenient and accessible but make sure to generate as much information as possible from each lending firm in order to assess which one gives the best package.