Cash Loan in Singapore: Why Not Borrow From Family?

When in need of a cash loan in Singapore, borrowing money from family seems to be a tempting idea. Doing this will not require you to fill out forms, submit documents to prove you have the capacity to pay, go through credit checks, and even have a monthly amortization plan in some instances. The best part is? Interest rates are a far-fetched idea.

Given all these seemingly wonderful benefits, getting fast loans from family is not a good idea. Here are the reasons why:

1. You are beholden to the family member

While getting a cash loan in Singapore from a family member seems convenient, it comes with some strings attached. You are already beholden to that person for bailing you out in times of your financial need. It is most likely that they will have authority over you and how you live your life. It is not uncommon for them to request you to do or not to do certain things to ensure that you can repay them the money you owe.

If you go on a vacation, they will say a thing or two about how you should focus on work or generating income instead. Others will ask you to take certain courses to help you manage your money better. It is also possible for these lenders to require collateral for the fast loan you got from them.

2. There is no clear terms and conditions

Unlike cash loan in Singapore from licensed money lenders, dealing with family members does not give you clear terms and conditions. This is very complicated. The person lending you the amount might unexpectedly need the money and will require you to pay at the time when you still have no capacity to.

It is also possible for you to have a misunderstanding regarding the period of repayment. Again, this will put you in a less than ideal situation.

3. You are open to scrutiny

Asking a family to help you with your needs may mean opening yourself to a hoard of scrutiny on your life and lifestyle. They will question your decisions and choices especially when it comes to purchases or where you put your income.

Once your family gives the cash loan in Singapore, you make yourself susceptible to probe again. They will question why you have to buy a new pair of shoes when you should have been paying the money you owe them. Eating out, taking a break, or even as trivial as going to the mall may become a big issue. Even your grocery list may take the spotlight.

So, for your fast cash in Singapore needs, choose Fast Money. Our loan processing is fast, simple, and convenient. We offer reasonable rates plus our terms and conditions are clearly stipulated. Get in touch with us or call (+65) 6224 4746 or (+65) 62244749 today!