There are many ways to get a loan in Singapore, with most people going to banks when they need a loan, but did you know that there is another way that you can get a loan, and it might even be a better alternative in some cases.
We are of course talking about authorised moneylenders, and while some people might associate authorised moneylenders with loan sharks, they are vastly different. In fact, authorised moneylenders are closer to banks when it comes to loans. In this article, we will be looking at 3 great benefits that authorised moneylenders can bring you.
They give you a peace of mind when you take a loan from them
As mentioned earlier, people tend to associate moneylenders with loan sharks, which gives moneylenders an undeserved bad reputation. In fact, because the authorised moneylenders are licensed with the government, they are safe to borrow from, and most of them will ensure that you are able to repay your loan before even allowing you to borrow from them.
They have multiple loan options for you to choose from
Authorised moneylenders tend to be more flexible with their loan options, offering a wide range of different loan options that you can choose from to best suit whichever financial need you might have.
You get your money more quickly
Authorised moneylenders, when compared to banks, are vastly superior in their processing times, with banks usually taking a long while to get you your money while some moneylenders have the option to immediately give you your money on the spot.
Which authorised moneylender should I take my loan from?
We recommend Fast Money, an authorised moneylender in Singapore. Because Fast Money is licensed with the government, they give you a peace of mind when you take a loan from them, and additionally, they also boast one of the lowest interest rates in Singapore.
How do I borrow with Fast Money?
The process for borrowing is simple, with the first step being to come down to the Fast Money office in person to find the best terms and loans for you. Remember to bring the following:
- your NRIC or Passport number
- your phone bill or Singapore power service bill
- your latest 3 months computerised monthly payslip or 15 months CPF statement or Income Tax Statement
- or for self-employed individuals, your past 2 years income tax statements
- your original valid employment pass
- your original passport
- your tenancy agreement for your rental premise, PUB bill or handphone bill
- Appointment letter from your company
- latest 3 months payslip
- bank statement- for proof of your company crediting your salary
These are all relevant documents needed for the approval of your loan.
After determining the best loan for you, all you will need to do is to simply fill in the relevant forms and you can go to claim your loan after that.
There are some eligibility requirements, however, so please do ensure that:
- You are a Singaporean, Permanent Resident or a Foreigner with a valid Singapore Employment Pass
- Be above 21 years old
- Be a full time employed personnel
For more information about Fast Money, call our friendly hotline at +6562244746 for the Yishun branch and +6562244749 for the Tampines branch.