How To Apply For An Urgent Loan Singapore This 2021

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 2021!

 

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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.

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.

 

reliable money lender

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.

 

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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!

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How To Get The Best Payday Loan Singapore

Payday Loan in Singapore

Payday loans are short-term loans that help you get by until you receive your next paycheck. This type of loan lets you borrow up to one month’s worth of your income that must be paid on your next paycheck.

Many say that it’s unwise to take payday loans because of its high-interest rates and small loan amounts. But with proper financial management, a payday loan may be the financial blessing you’ve been looking for.

If you are considering getting a payday loan, here are some things to consider prior to borrowing.

Advantages of a Payday Loan

1. It’s Easier to Obtain a Payday Loan

Most financial institutions, such as moneylenders process applications in as fast as one hour. As long as you are eligible and you have provided the required documents, you may receive the confirmation within the day or a few days only.

2. Short-Term Loans Have Fewer Requirements

You need to send a few requirements to get approved. These documents will be used to review your loan application, as these will show if you can pay for the loan. You may be asked to send a scanned copy of your recent payslip, a valid ID (this could be a company ID, passport, or driver’s license).

3. This Is a Good Way to Improve Your Credit Score

Money lenders in Singapore report to credit bureaus to update your credit standing. Updated loan repayments improve your score, but non-payment or skipping payments can negatively affect your score.

Disadvantages of Payday Loan

1. Expect High-Interest Rates

Make sure to pay your loans on time. If you pay late, your interest rates may rise. That is also why it’s wise to get a payday loan for emergency purposes only, such as monthly dues, car repair, medical emergency, among others.

2. It’s Very Tempting To Use

Because the application process is quick, easy, and no collateral required, it’s tempting to get more payday loans. Evaluate your needs and veer away from borrowing more than you can afford.

3. You Can Only Borrow Small Loan Amounts

You can only borrow up to one month of your monthly income. If you need more funds, personal loans may be your option. A personal loan lets you borrow up to six months worth of your salary, payable within six months.

You can also pay your loans early and may have a chance to lower your personal loan interest rates. Confirm with your lender for further details.

How To Apply for The Best Payday Loan Singapore?

The best way to find the best payday loan or personal loan is to compare the best money lenders’ loan rates using a loan comparison site. This way, you can easily receive free quotes and sift through your options.

You may apply in the comfort of your own home when applying for a loan in Singapore. The only time you need to go to the brick and mortar or physical office of the lender is when you are requested to discuss the terms and conditions of the loan plan and the signing of the contract.

  • Eligibility

To be eligible for a this loan, you must be currently employed and show proof of your employment. Income also plays critical criteria for eligibility. For Singaporean residents, the minimum income should be $1,500, while foreigners should have a minimum of $2,000.

  • Requirements

Basic requirements to get approved for a payday loan are the following

    • Documents to prove your employment

For Singaporean or permanent residents – identity card or NRIC, proof of residences such as a bill or letter that’s addressed to you, employment letter plus a three months’ payslip, and SingPass.

For Foreigners – work permit or employment pass, passport, proof of employment, proof of residence, latest bank statement, and SingPas.

    • A completed application form from the lender’s website
    • A mobile number so the lender can call you right away once your loan has been approved. You may also receive a call if your loan application has been rejected.
    • A bank account where your loan will be deposited.

Steps for Payday Loan Applications

Money Lender Agent discussing loan application

Typical steps for payday loan applications may vary depending on the lender, but usually, it’s a very straightforward process that goes this way:

  • Locate Licensed Money Lenders Online

Legit money lenders have online sites where you can apply without the need to leave your home. Just a simple Google search will reveal the nearest one in Singapore. But if you prefer to apply face to face, you can always visit local money lenders. Most lenders in Singapore have an actual office or headquarters and an online site.

  • Fill Out the Application Form

From the official website of the lender you selected, click “SIGN UP” and fill out the online form. An application for a loan is mostly very extensive, so take your time. When you’re done, review the information you provided before you click submit.

  • Read Terms and Conditions of the Lender

Another essential part of any loan application is the terms and conditions of the lender. Note that these are general terms and conditions and not yet the duration of your specific loan. Nonetheless, this will explain the following:

    • How long will you need to wait to get approved?
    • How long will you need to wait for the loan amount to show in your account?
    • Are there any fees for the application?
    • How are your loan application details used (Will it be shared with third parties, etc.)?
  • Provide Needed Documents

You will be asked to provide a few essential documents. Please refer to the typical money lender requirements above.

  • Wait For An Interview Or Loan Confirmation

Your application will be reviewed usually within the day, and a part of this review is a call from the lender. A representative will usually give you a call through the primary contact number you provided, so keep your line open. Meanwhile, some lenders may set an appointment on the best time to call you.

An interview will determine if all the information in the loan application form you filled out is correct. The representative will ask you to wait for confirmation through a call, email, or text that your application has been approved. You will also be informed if your loan application has been rejected.

  • Sign The Loan Agreement

Once your loan has been approved, you will be provided with a loan agreement. If you applied online, this agreement would be sent to you via email in PDF form. Read the contract thoroughly. If you have any questions about your loan document, contact your lender before you sign. Create a copy of this loan document and save it on your PC.

  • Expect Loan In Your Bank, Account, Cash Or Cheque

Once you sign the loan, it won’t take long for the amount to reflect in your account. Sometimes it can take a few minutes, sometimes a few working days after you sent the document.

Things To Consider Before Getting A Payday Loan

1. Is A Payday Loan Right For You?

Take a payday loan only when you’re sure that you can pay it according to your payment schedule. Usually, payday loans need to be paid, along with the fees, in just a few weeks.

2. How Much Do You Need?

Payday loans are small loan amounts. If you need a larger loan, consider other types of loans like a personal loan or a business loan. You may consult your representative about the right kind of loan for your needs.

3. Can You Pay On Your Next Payday?

You must pay on your next payday. Pay on time because these can help you improve your credit score. Yes, lenders may report to financial authorities and the more loans that you take and pay off in time, the better your credit score would be.

4. Payday Loans vs Personal Loans

The key differences between payday loans and personal loans are the loanable amount and repayment terms. The loanable amount for payday loans, as the name suggests, is a month’s worth of your income that is usually due within a month. Meanwhile, a personal loan’s loanable amount is up to six times your monthly income, payable up to 6 months.

Conclusion

A payday loan is a small, short term loan that takes care of small financial concerns. To avoid penalties, take time to reevaluate your needs and budget.
If you are ready to apply for your first payday loan, keep in mind that it’s also important to borrow from a licensed money lender with an established reputation, has excellent customer reviews, and knowledgeable loan staff. This is so you will be safe and be able to fully understand your responsibilities as a borrower and handle your commitments efficiently.