One of the beautiful things about life is the fact that it can be very unexpected. But, sometimes, this is not exactly good. Every now and then, life takes us by surprise, and it catches us without any money. That one thing you didn’t think would break, just cracked, or that pain in your leg just won’t go away. When that happens, a fast cash loan can be just the solution for you. Not sure about it? Here’s a guide containing everything you need to know about urgent cash loans.
What Exactly is an Urgent Cash Loan?
An urgent cash loan can also be called an ‘emergency loan’ or ‘payday loan’, because of the speed with which you need the loan, and the quickness with which the whole process takes place. The whole thing can be summed up by the words ‘quick and easy’. You can apply online for a fast cash loan, which makes it accessible for most people.
This type of loan is characterized by its short-term duration, relatively small sums of money that are borrowed, minimal requirements, and no collateral needed in most cases. So we can talk more specific, take Singapore as an example, and see what you would need for a fast cash loan in Singapore. The requirements can vary depending on the country, lender, and other elements.
Requirements for an Urgent Cash Loan in Singapore
In Singapore you can find places that will give you an almost instant loan, with minimal documents. But, you need to make sure that you can check some boxes:
- Singapore citizenship (Permanent residency)
- At least 21 years old
- Employment status (Part-time or Full-time)
The documents that you’ll need are:
- Identity document (NRIC/Passport)
- Residency proof (Bills)
- Income proof (Bank statement)
- Employment proof (For employment newer than 6 months)
Keep in mind that you could be asked for other documents as well if the lender thinks it’s needed, but this is not the case most of the times.
Will You Get an Approval?
If you meet all the requirements you are more than one step closer to your loan. But, your lender will also look at your credit score, and the higher the score is, the higher your chances to get approved. If you don’t want your credit score to decrease just before you apply, do not apply to multiple lenders. It is tempting, but your chances are higher if you chose just one.
Furthermore, choosing the correct option is also going to help. Credit cards are the fastest way, but they have higher interest rates. On the other hand, instant loans are a bit slower, but come with a lower interest rate. Keep this in mind when speaking to your lender. At last, ask your lender all the questions you might have, and until the end of the conversation, you’ll know if you’ll get an approval or not.
Choose a Real Lender: Beware of Scammer
Many scammers try to take advantage of the situation you are in, and that’s why you have to know how to recognize scammers. Choose a certified, licensed lender if you want to be safe. But, there are a few things you could look for. A lot of people are not aware of how scammers work, and that’s why there are some big cases of loan’s scammer all around the world. So, what should you look for if you’re in need of a fast cash loan in Singapore?
If you’re going online, searching ‘urgent cash loan Singapore’ you’ll see a lot of results pop up. If there are scammers in those results, you’ll be able to avoid some, because a few won’t be in Singapore, others might not be certified, but most will look real. You have to look for these especially if you’ve been contacted by them, and not the other way around. Look for details like:
- Check their website (see how it looks, and what information they’re presenting)
- See their contact info (e-mail, phone number)
- Search their address (or go there physically if you can)
- ‘Too good to be true’ offers (it usually really is too good to be true)
Also, specifically for Singapore, there is a list, put together by the government, which shows the licensed moneylenders in the country.
Do You Need a Fast Cash Loan?
You might think that you don’t really need one, or that your situation is not right for this kind of loan. But, you deserve to be able to pay those urgent payments, or go to the doctor. A fast cash loan can be used for medical emergencies, moving or travel expenses, car repairs, household or medical bills, or even buying something that you know will be sold out until you get your paycheck.
Depending on the lender, and other elements, like your monthly salary, you could borrow sums between $500 and $3000. If this does not fit your needs, talk to your lender and see if you can find a solution together.
It can be a very stressful decision, but as long as you are sure that you can pay the loan back in the set time, there is no need to overthink it. Read the terms of the loan, and sign it if everything’s fine. This will help you ensure that you know what you’re getting yourself into, and that the repayment plan, fees, and so on, are affordable for you. A loan is, after all, a commitment, that you have to be sure you can carry out.
Conclusion
Application, verification, approval, and repayment. This is how this process is going to go. Choose the type of loan that fulfills all your conditions. Keep in mind all the information you just found out, choose your licensed lender, and solve all your problems. These information apply to almost any lender, but it’s best to research each of them separately. Don’t forget to check the list, and make an knowledgeable decision. Getting a fast cash loan in Singapore just got crystal clear for you!
