Are you facing a financial crisis right now and need fast money loan? We know just what you can do to get your fast money loan right now. Financial crunches are never good, but a quick loan can be just the thing you need to get your financial situation back on track. Whether you need it for an urgent car repair or to pay for dental surgery, here are the three best ways you can get fast money loan in Singapore.
Chances are you already have a credit card, which is already a preapproved loan. If you are using a credit card, you can simply tap into your total credit limit and turn them into quick cash. Using your credit card is the fastest way to get fast money in Singapore. All you need to do is visit your nearest ATM outlet and withdraw the cash from your credit card.
Remember, using credit as a loan is a great idea if you need a small loan and if you can convert it into easy EMIs. Otherwise, we strongly recommend against using your credit card to take a substantial loan which you may not be able to pay on time. Credit cards are notorious for their insanely high interest rates, which compound with each month. In fact, some credit cards charge up to 45% of interest on the credit amount if you don’t pay it on time. It is easy to fall into credit debt.
But what do you do if you need a big loan and don’t want to risk using your credit card? You can take a bank loan. A bank loan is one of the two safest bank loan options in Singapore. And if you are thinking taking a bank loan takes a lot of time, you should know that many banks do offer instant fast money loans.
Before you start applying for a bank loan, you should know a few things about bank loans. First, bank loans have specific requirements that you need to meet. You need to be at least 21 years of age and earn at least S$30,000 a year. On top of that, a good credit score and performance also help. You also have to provide various documentations like recent salary slips and energy bills.
Second, banks disburse loans based on your credit performance and income. The higher your credit score and income, the higher you can borrow money from the bank. Generally, banks offer up to ten times your annual income as the loan amount. Third, banks charge an interest rate of anywhere from 4% to 10%, based on your credit score and performance. This makes bank loans the best choice if you have a decent credit score.
If you do not meet all the criteria above, you may not be eligible for a bank’s regular fast money loan. Some banks offer loans against collateral, too, where you will be required to deposit your property documents, valuables, or credit card to the bank before taking the loan. The reason being, banks want to ensure that their money is in safe hands, so a lack of good credit history may discourage them from giving a loan to you, as per their risk assessment.
Here are some of the best personal loans in Singapore that offer fast approval and cash disbursement:
- Standard Chartered CashOne
- DBS Personal Loan (best suited for DBS/POSB customers)
- UOB Personal Loan
- OCBC ExtraCash Loan (best suited for foreigners)
- Citibank Quick Cash
A fast money loan isn’t always possible for various reasons. Maybe you lack credit history or fail to provide the correct documentation. In that case, you can even turn to moneylenders. Singapore has many licensed money lenders that offer instant cash loans. What sets moneylenders apart from banks is the eligibility criteria, loan amount, and interest rate they offer.
To be eligible for a moneylender loan, you need to be at least 21 years of age and have a decent stream of income, along with having a few essential documents. Moneylenders do not check your credit score, and they offer instant loans. So, once you approach your choice of a moneylender, you can get a loan within 30 minutes!
Moneylenders in Singapore offer loans up to six times your annual income, and they charge an interest rate of around 4%.
Beware of Loan Sharks
When looking for moneylenders, it is easy to mistake a loan shark for a moneylender. Always remember to take loans only from licensed moneylenders. If a moneylender refuses to show their license, they may be a loan shark.
What are loan sharks? They are unregistered money lenders, often illegal, that offer unsecured loans to those who fail to get loans from the bank or licensed moneylenders. They charge high interest rates and don’t check your financial background so thoroughly, which makes them attractive, but they can be bad for your financial and mental health and even your reputation. Loan sharks often opt for illegal methods to recover money if you fail to repay the loan; their methods may include harassment, stalking, threats, and much more.
Before you take a loan, you should consider a few things. The first being, how much you can afford to borrow. While taking a may be tempting, paying the loan back with interest can be an enormous financial burden. Always make sure you can pay the loan back without putting your financial health at risk.
Second, avoid unlicensed moneylenders. They may try to attract you with low interest rates, but if you fail to pay the loan back, they may go to extreme lengths to recover the money. On the other hand, banks and licensed moneylenders have other legal ways to recover or settle their lost money without harassing you in any way.
While financial crises may be daunting, if you are smart and follow the right approach by taking the right amount of loan, you can easily tackle the situation and rise out of it.