How To Apply For An Urgent Loan Singapore This 2020

Introduction

Are you in need of fast cash? There are times where you are suddenly faced with an emergency and need to fork out a sum of cash. If that is what you are experiencing then this article is for you! Fast cash from an instant cash loan will help you ease the financial difficulties you may be facing. 

Simply put, fast loans Singapore are a great way to help finance any of your emergencies. If you are looking for ways to get that additional financial assistance, an urgent loan is a way to go. 

Furthermore, you may probably be thinking that you do not qualify to access any loan when you have a bad credit score. But don’t worry! There is wonderful news for individuals with a bad credit score. In Singapore, moneylenders have less rigid credit checks on people’s credit score. This is an added advantage compared to the traditional financial lenders in the market. 

So even if you have a bad credit score, this wouldn’t be a problem for a vast majority of people! Most of the moneylender’s loan application process takes about 30 minutes with affordable interest rates. You will then receive your quick loan from our friendly loan officers within an hour. So, worry not as we’ll help to guide you in applying for an urgent loan in Singapore this 2020!

 

Cash On Hand

What is Urgent Loan?

Now, let’s get into the details. What are the urgent loans? Basically, an urgent loan is a short-term loan that can provide people with the funds they need in an emergency. 

There are times we need to loan fast and we are looking for loan officers that can offer fast loan Singapore, we must first secure upon application that the borrower doesn’t have bad credit because any bad credit history will only junk your chance to get the money. 

A high credit score will help people in need to get approved fast. This is especially useful to those who are facing unexpected emergencies as the funds will be granted directly and immediately. Once the proposal for an urgent loan has been approved, you can use it for, well, any of your needs! 

From paying essential bills to immediate repairs, borrowing money in this manner can be used for just about any purpose. Typically, it has to be repaid for a term ranging from 1 to 6 months which is why this urgent loan is known as a “short-term loan”. So prior to borrowing, there are still a lot of things to consider. But be sure that you are able to pay back the money borrowed within the required term.

 

What are the available urgent loan types? 

There are different types of urgent loans that you can look into. Here, we have listed them down below:

1. Personal loan

A personal loan is money that you can get when you borrow from a bank, credit union or money lender that can be paid back in fixed monthly instalments. The money that you borrow can be used for any of your personal needs. It is an unsecured loan that you can opt from a bank or also a non-banking financial company (NBFC) whereby you need to meet some of its key criteria such as your income level and repayment capacity.

In contrast to a home or a car loan, it is not a necessity for you to pledge any of your assets as collateral. Moreover, personal loan interest rates are typically better compared to credit cards. But just like any other loan, defaulting on a loan can have a detrimental impact. 

When you default on this loan, it would reflect in your credit report. As personal loans allow you to repay the funds within a fixed time period, be sure that you do the repayment on time. This can help you to build a good credit history. 

2. Payday loans

A payday loan is a small short-term unsecured loan that can help you finance emergency cash needs. Basically, people need to repay the amount that you have borrowed when your next payday arrives. 

The term for repayment is usually until your next payday. Unlike personal loans which allow you to pay back in monthly instalments, a payday loan will usually require you to repay the money in full. Do note that the lender would usually approve a loan amount that is within your payment capability which is based on the borrower’s income and credit profile. 

3. Pawnshop loans

Pawnshop loans are urgent loans that will require you to give your valuable item for an exchange of a loan. Basically, it is the act of pledging your valuable item as collateral whereby its value will be determined by the pawnshop. If you are unable to repay the funds borrowed on time, the pawnshop can sell your item. If you are in desperate need of cash and do not want to undergo a complicated process of getting a loan, applying for pawnshop loans can definitely be of help.

4. Credit card advance loan

Credit card advance loan is another type of urgent loan. Credit card cash advance loans are short-term loans that will help you to get cash instantly if your credit cards are not accepted. You can get an urgent loan by using the available balance in your credit card.

The provider of your credit card will impose interest rates and a processing service charge for the cash advances and the interest rates are usually higher than the normal usage of a credit card. The accumulation of interest rates will begin as soon as you withdraw or use the money, hence, it’s always best to be mindful of your fund’s usage.

 

What are the advantages of urgent loans from licensed money lenders? 

Now that we are clearer on the different types of urgent loans, what are their advantages? Here are several advantages of urgent loans:

business man holding hourglass with coins

1. Easy application process

You no longer have to wait for a lengthy application process as the process to get a loan is quick and easy! Synonymous with the word ‘urgent’, the providers understand that the need for speed is essential. Hence, funding an urgent loan is almost always as quickly as possible. When you want to secure a loan, only a simple application is needed which takes only 30 minutes to complete.

loan application form

2. High approval rates

It is much easier to get your urgent loan approved compared to other traditional loans. The lenders would use a rapid review process to evaluate the candidates’ eligibility. Moreover, the loans are usually in a small amount and quickly repaid which makes it easier for the urgent loan providers to approve the application. 

3. Affordable repayment

You can work around the repayment schedule based upon the size of your urgent loan and also the individual lender requirements. An urgent loan will lay out their terms upfront which can give you access to examine the repayment terms and loan budget. The interest rates are also affordable.

 

Where can you get these loans?

There are different ways for you to get urgent loans. One of the most popular means is through moneylenders. Singapore has a lot of legally authorized moneylenders who are reliable. At present, Singapore has a huge selection of good moneylenders for you to select from online. 

You can look up the different moneylenders using search engines like Google. For instance, 365 Credit Solutions is one of the many licensed moneylenders in Singapore that you can opt for. There are many types of loans that we offer ranging from a personal loan, payday loan to business loan with very affordable interest rates. You just have to choose one that best suits your needs.

A payday loan , for instance, is offered by a licensed moneylender. The urgent loan process is easy and it needs minimal documentation. You will just need a valid street address, a valid phone number, a stable job income and a valid form of identification. The money lenders will verify the information you have presented for the loan agreement and disburse your money in less than an hour.

Thus, it is easier to get urgent loans from moneylenders. Singaporean moneylenders have laid down a few simple qualifications for an urgent loan. As such, you are required to have reached the minimum age of 18 years and above. Proof of your employment status is not as strict. You will need to be employed for more than 3 months. If you are unemployed, you will need to prove you have a steady source of income to qualify.

When you find yourself in a tight situation and need cash urgently. There is no need delaying as it will worsen the situation further. Since you are in urgent need of quick cash and are not able to borrow via the usual channel. Applying for an urgent loan from a reliable licensed moneylender might be the best way to go. Affordable interest rates provided by licensed moneylenders can surely ease your repayment process.

On another note, you can also apply for a personal loan from banks. Banks also offer personal loans but there are specific criteria that people need to fulfil such as a minimum age of 21 years old and an annual minimum income of $20,000. 

Having a good credit score is also an important factor if one wants to apply for loans from a bank but this only means that they are reliable and more secure. With a good credit report from your local bank, you can use it to open a line of credit and access instant cash. Hence, a plus point to consider.

Another option to get your loan fast is through cash advance service which is often offered by credit card issuers. This allows you to easily access cash through an ATM machine using your credit cards or over the counter. 

Those who are in need of urgent cash can easily opt for this service with no hassle but do note that there is a limit to how much money you can withdraw based on the percentage of the card limit. There is a fee of around 3-5% and the interest will accumulate since the first time you withdraw the cash.

 

Top quality luxury label design with golden ribbon

Why loan from 365 Credit Solutions?

365 Credit Solutions, a reliable licensed moneylender in Singapore offers a simple, fast, and most importantly a secure way to get an urgent loan. We are certified and verified as evidence by unwavering positive feedback from all of our clients. Here is how you can apply from us:

Simply go over to our website here to find our form with the title “Apply Loan From 365 Credit Solutions”. Fill in the details and let us know why you would need an urgent loan from us. We offer different types of loans that can suit any of your needs such as best personal loan Singapore, payday loan, bridging loan, and personal loan for foreigners.

Choose the loan type that you want to apply for. From there, you can fill in the details like your name, contact number, e-mail, your desired loan amount. Finally, just click ‘Apply now’ and wait while your application is being processed! 

Applying for an urgent loan now is easier thanks to online means. You can get instant approval and go through a quick disbursement process as fast as 1 hour  from approval. Not to mention, we also offer you great rates of up to 4% per month! So, go ahead and visit our website now to seal the deal.

 

Conclusion  

Applying for an urgent loan can be intimidating to some. So, it’s always best for you to weigh off all the pros and cons before finally deciding to get an urgent loan. We hope that the content of this page has been a useful guide for you. Once you’ve made up your mind, contact 365 Credit Solutions a good licensed money lender in Singapore!

A Guide For Getting Short Term Best Payday Loan Singapore

Before we dive in-depth into payday loans, let’s discuss the basic definition of payday loans first. A payday loan can be defined as a kind of temporary or short term borrowing in which a lender will provide credit to a borrower that is based on their income. Payday loans generally have a high interest, and its principal is based on a part of the borrower’s upcoming paycheque. Payday loans impose high-interest charges for immediate funding and they will provide borrowers with instant cash. These financial loans are also known as quick cash loans or advance check loans. In the next section, we will discuss how you can borrow money cheaply through payday loans from a licensed money lender:

How to obtain a cheap payday loan

Payday loan companies are usually small credit providers utilizing physical offices and branches that make it possible for them to conduct on-site credit approvals and agreement. A number of payday loan providers might also be obtainable by means of applying online through their website. There are a lot of options for getting short term loan Singapore, you just have to be patient when searching for the right payday loan company.

To accomplish an application for a payday loan, a borrower needs to present a payslip given to them by the employer or company that they are working at currently. The payslip needs to have important information, such as the name of the borrower and their current income on the job. Payday loan providers generally base the initial size of the loan on a portion of the income of the borrower. This is to make sure that the borrower can afford to settle the loan when their payday comes. There are also payday loan providers who take the wages of the borrower to serve as collateral. This is done by requiring borrowers to surrender their paycheck or ATM that is used for payment.

Other variables that affect the terms and conditions of a loan include their credit history and score, which is extracted from a credit background check when the borrower applied for a best personal loan Singapore.

  Moneylender Agent

 The advantages of payday loans

1. Short term payday loans are easy to be qualified for

The main benefit of payday loans is their ease of qualification. Actually, a lot of cash advance loan companies guarantee to provide cash within just a single day. They also guarantee a quick lending conclusion, so that you will know if your application is approved or not in a speedy manner. This allows borrowers to obtain instant cash, which is perfect for those needing money right away. There are even some lenders that are open 24/7, and some offer applications and approvals carried out through the internet. This means that if you need to have money on a Sunday, or any other time in which there are no banks open, you can always turn into payday loan providers and they will be able to help.

As opposed to regular loans, which could take too long to make an application for, these payday loan requests normally take as low as 5 minutes and a maximum of 1 day, adding up to their already speedy process.

2. They have less prerequisites compared to other loans

Standard loan companies generally demand proof of income from your employer, Social Security number, ID pictures, a credit assessment and will first confirm your capability to pay back that loan. Contrary to regular personal loans, the majority of payday loan providers have much less prerequisites to submit.

Usually, all the requirements for applying to a short term payday loan is to be of legal age, possession of valid IDs issued by the government, have a job or other regular revenue stream, and a bank account on your name.

Although having reduced prerequisites allows for cash to be obtained faster, take into account that the extra demands from banking institutions and other loan companies are being used to protect the borrower.

Payday loan providers do not look at your credit history

As opposed to regular loans in which you need to have an excellent credit history to be accepted, payday loans seldom demand a credit rating check. However, this also goes both ways. Even if you pay your payday loans on time, they will rarely help you in raising your credit score. If you want to build your credit rating, you will have to take out loans that will analyze your credit score.

Lady handling cash and house at her hand

Can foreigners avail of personal loan while in Singapore?

Yes, there are banks who offer personal loan for foreigners on Singapore, provided that they possess a valid visa for work. One such bank is Citibank with its HSBC personal loan. Their loan needs foreigners to be a holder of P1, P2 or Q type employment pass as a requirement.

Payday loans do not require any collateral

As opposed to vehicle financing, and dealing with a mortgage broker and even some personal loan Singapore bad credit, payday loans are generally not guaranteed through personal property as collateral. This ensures that even if you did not pay off the loan, the lending company cannot take your property as a result.

How Much Can I Borrow From A licensed Money Lender Singapore?

Licensed moneylenders are part of the financial institutions that have the authority to grant loans to people, which are repaid over a stipulated period of time. On short notice, moneylenders can come in handy, and they offer several types of loans, including personal loans and payday loans.

You have to be sure that the moneylender you want to sign up with is licensed and following the rules and regulations that are in place to protect both them and we the customers.

Unlicensed moneylenders in Singapore are basically loan sharks who have no qualms about cheating you out of house and home, and may even commit identity theft, ruining you in the process.

WHY SHOULD I BORROW FROM MONEYLENDERS?

Moneylenders have a more flexible loan approval process, allowing you to access your loan in the fastest time possible, at least faster than if you were getting a loan from the bank.

Most moneylenders keep the background checks to a minimum, requesting just a few documents on your part. With strict personal loan interest rates charges set by regulatory bodies, borrowing from moneylenders can make repayment easier for you than borrowing from other lending institutions.

HOW MUCH CAN I BORROW?

Calculating how much he can borrow

There are two types of loans that you can opt for when borrowing from a moneylender:

Secured loans are loans that you get after giving the moneylender some collateral, which ensures that you repay the loan.
Unsecured loans are loans that you get on the basis of your credit score or credit history, without any form of collateral.

When borrowing from moneylenders, you can get any amount you want if you are taking a secured loan.
If you are taking an unsecured loan, you are eligible for the following amounts:

If your annual income is less than S$20,000, you can borrow up to S$3000.
If your annual income is more than S$20,000 but less than S$30,000, you can borrow up to 2 months’ income
If your annual income is more than S$30,000 but less than S$120,000, you can borrow up to 4 months’ income.
If your annual income is S$120,000, you can borrow any amount you want.

WHAT ARE THE INTEREST RATES?

Interested Rate

As of October 2015, moneylenders charge an interest rate at the maximum of 4%, regardless of amount borrowed. This 4% interest is also charged for nothing secured and unsecured loans.
If you miss a repayment in any month, the interest on that late payment is still 4%, and it is charged to the delayed payments.

WHAT ARE THE FEES?

Moneylenders are permitted to place the following fees, and only these fees, on the loans they grant:

When you have been granted a loan or even offer a personal loan Singapore bad credit, you are charged a fee of no more than 10% of the principal of that loan
For each month’s repayment that you miss, you are charged a fee of not more than S$60
For any successful claim filed by the moneylender for the recovery of a loan, you are to pay the legal costs that have been ordered by the court