6 Reasons Why People Borrow Money

The ability to take out a loan at any time makes the life much less complicated, as you are always sure you’ll get financial aid if you need it. However, you definitely shouldn’t overindulge in this service as poor money management can get you into a debt you can’t get out of. You can reduce the risk of this happening if you understand the reasons why people borrow money.

Analyzing this information will help you determine whether you really need to apply for a loan or just seek some professional help with budget planning.

Reason 1: To Drive

Car loans are a major responsibility, so you should think carefully about why exactly you need a car. If it’s to make your life easier and help you work and make more money, this loan is a wise investment into your future.

Reason 2: To Have a Home

Whether you take out a mortgage to buy a home or a short-term loan to pay for the month’s rent, this definitely is a valid reason to get the extra money. Please, consider your options and current financial situation carefully to choose the best type of loan.

Reason 3: To Repair

In this case, the difference is whether you want to make a major, planned renovation/repair or need money fast for some emergency. In the first case, you have to plan your budget for the next few months to ensure you can pay off the debt. Invest this loan into necessary repairs that will help you save money in the future, for example, make your home more energy sufficient. When dealing with an emergency, consider payday loans as they are the fastest way to get money.

Reason 4: To Pay the Doctor

A medical emergency can happen at any time, and your insurance may not cover it. Fast Money offers a wide range of loans, so you will definitely find the one that will work best for your particular situation.

Reason 5: To Make Their Children Happy

Whether it’s to buy an item your child has always wanted for their birthday or to pay for a better school, taking out a manageable loan for this purpose is a good idea as children are our future.

Reason 6: To Go on Vacation

Take a loan if you have a chance to go on vacation now, even if you don’t have enough savings yet. You’ll be able to repay the debt after you return well-rested and ready to work better.

5 Tips to Help You When Applying for a Personal Loan

Today everyone has a chance to get a personal loan. However, there is still a chance that you won’t obtain the lender’s approval. When time is of essence (as it usually is with personal loans) you need to make sure that you’ll get the money on the first try. To do this, you should try the following:

  1. Check the approval criteria beforehand

    Fast Money has very simple eligibility criteria, so you won’t have to collect a mountain of paperwork when applying for a personal loan. Singapore citizens only need to have their passport, utilities or Telco bill, and proof of income. Please note that Fast Money offers loans only to those over 21 years of age. Foreigners can apply for personal loans as well if they provide proper paperwork regarding their work and stay in Singapore.

  2. Choose the loan amount wisely

    A loan is a big responsibility, so you have to make sure that you will be able to repay it. Consider your current level of income and choose the amount you will be able to return, considering the interest rates. Think about reducing the loan or extending the repayment term to reduce your repayments / reduce your installment amount.

  3. Build up good credit rating

    Your credit rating matters because it serves as an indicator of your reliability as a borrower. Pay all your bills on time and take out an occasional loan to keep it good and stable. Please note that defaulting on your payments will reduce your rating, so apply only for loans you can actually repay.

  4. Show you have a good savings record

    This is an effective way to show the potential lender that you are a financially-savvy person who knows how to manage money well. This isn’t a necessary requirement for approval, but offering this extra information can help you make a good impression, which is especially important when taking out big loans.

  5. Always be honest with the lender

    Providing disinformation when applying for a personal loan shows that a person cannot be trusted. This will reduce your chances of getting the money you need and will prevent you from working with this lender in the future.

Please, be honest and only include truthful info in your application. Any issues you might have can be resolved and a plan can be created for you to get the loan you need. These tips will definitely help you achieve the desired result.

Fast Money Loan – When You Cannot Afford to Wait

There may come a time in your life when getting a loan becomes a necessity. This can happen when you understand that you need a car or a bigger/different home to move on with your life or when an emergency happens and you need money fast. Regardless of your reasons, Fast Money is there to help you.

As a legal money lender in Singapore, we service both the citizens and foreigners visiting the country. Speed is always our highest priority, so we do everything in our power to speed up the application approval process and provide you with the money you need as soon as possible.

Things to Consider Before Applying for a Fast Money Loan

When you are applying for a loan, you are accepting a responsibility to pay off the debt. To make sure this is the right decision for you, we advise to consider the following factors:

  • Your ability to repay the loan
  • Your family and their approval/disapproval of your decision
  • Terms and conditions of the loan

The proof of your income is one of the necessary eligibility requirements for the majority of loan types. At Fast Money, we ask salaried individuals to provide us with an income tax statement, or 15 months CPF statement, or the latest computerized money slip. Please note that any one of these will do.

If you are self-employed, we will need to see your income tax statements for the past two years. Foreign citizens working in Singapore will have to provide the latest 3 months pay slip as a proof.

We advise you study the terms and conditions of the loan very carefully and ask for clarifications if needed. We are a licensed money lender and guarantee that the transaction would be 100% legal. Our experts will help you calculate the payments so that you can understand whether you would be able to keep up with them and repay your loan.

What Fast Money Can Offer to Singapore Borrowers

Whether you are a Singapore citizen or a foreigner temporarily residing in Singapore, you can be sure that Fast Money will treat you fairly and with respect. We have a very simple loan approval process with the minimal eligibility requirements to ensure that we can help as many people as possible.

In most cases, you will get the money within 48 hours of filing an application. Our representative will contact you directly and inform you of the approval.

If you are unable to keep up with your payments, we offer a chance to create an extension plan. Contact Fast Money as soon as possible and we’ll come up with an effective solution.