From time to time, we all need some extra money to help us through challenging financial times. But it can be difficult to tell when you should opt to take out a loan from a financial institution in Singapore.
If you need fast cash in Singapore, you have no doubt explored the options that are available to you, such as banks or authorised money lenders in Singapore which are the safest and most common methods. However, it is vital that you do your checks before taking on a loan, so as to be aware of the potential pitfalls of defaulting on loan payments or incurring more debt.
Quantify the Sum
First and foremost, you should weigh how large the potential loan sum might be. If it’s not an amount that you can possibly accumulate in time, then you might have to seek help from a licensed money lender in Singapore! If the loan sum is sizeable, it’s best to avoid asking friends and family as well to avoid potential conflict.
Tight on Time
Besides the sheer amount of the loan, you definitely have to look at the time frame. For instance, if you need to pay for unforeseen medical bills or car repairs urgently, taking out a loan with an authorised money lender in Singapore is the most obvious solution.
This is because authorised money lenders tend to have shorter processing periods, meaning you can take out a personal loan quickly, unlike most banks that would need you to wait approximately 2 weeks.
Making the Cut
Unlike banks, licensed money lenders have fewer requirements you need to meet in order to be eligible for a loan. For instance, legal money lenders don’t require you to present them with your credit score, so if that’s been a factor that’s been standing in the way of you securing the financial assistance you need, then you shouldn’t waste any more time and speak to a trusted money lender in Singapore today!
Licensed Money Lenders in Singapore
Getting a loan from a licensed money lender in Singapore can have significant benefits and be the right solution at the right time. When used for their intended purpose, loans are the best option for many people. Here are three benefits of choosing a licensed moneylender instead of a bank.
1. Convenience
Loans from a moneylender tend to be easier to arrange as there may be fewer stipulations although the rates charged may be slightly higher.
2. Speed
Moneylenders can often make a decision and have the funds available in as little as a day, removing much of the stress caused by uncertainty.
3. Requirements
The requirements from a moneylender in Singapore are often less than what they are with the banks with the demands varying for Singaporeans and foreigners. Obviously, proof of income and address are required in all instances.
Where to Get Fast Cash in Singapore
Here at Fast Money, we provide a range of loans including home loans, car, personal loans and short-term payday loans to help you with your situation. Reach out to a member of our team at (+65) 62244746 (Yishun) and (+65) 62244749 (Tampines) to discuss the options available to you.