When the bills start to pile up, or you face unforeseen expenditures like never before, it’s only human to feel backed into a corner. The good thing is though, you still have options, so don’t lose sleep or jump into something you might regret later on.
When you find yourself in a situation where you need money urgently or even immediately, you should look into getting a loan from a reputable financial organisation. We take a look at the ways you can secure this fast cash, and the terms these loans come with!
Cash advances are services extended by credit card issuers, allowing users to take out cash from the ATM or an authorized bank counter. But there’s a limit to the withdrawal amount, you can only take out a small percentage of the limit of your card.
Your withdrawing fee may be 3% to 5% of the amount that you take out and the daily compound interest is usually very high. This should be used as the last resort for you when you are out of other options because the extenuating fees are considerably higher than most other options.
Loans From Banks
Traditionally, taking out loans from banks require a processing period of approximately 2 weeks. But in certain cases, you can take out an immediate cash loan against your salary. Different banks have different limits ranging from 6 to 10 times your monthly salary, and even higher if you have a higher annual income.
With that said, banks have a few criteria that you need to meet in order for you to be eligible for the loan. Banks look at the minimum annual income of $20,000 for locals and $45,000 for foreigners and the individual has to be at least 21 years old. Credit scores become fairly important when seeking a loan from banks as they will assess your application based on your previous records and credit scores. You’ll need to commit to a repayment period of at least 12 months and pay a processing fee of 2% to 5%.
Licensed Money Lenders in Singapore
The best way to get fast cash is by getting a loan from licensed money lenders in Singapore. Licensed money lenders are great legal alternatives to banks, especially if you are concerned about your credit terms.
In addition to this, authorised money lenders don’t impose long repayment periods on you, and in fact, can work with you to draw up a repayment plan that best suits your needs and circumstances. In most cases, you can easily take out a personal loan from a licensed money lender within 1 to 2 working days. The following are some vital documents you should prepare before visiting a licensed money lender to take out an urgent loan.
Documents required for loans in Singapore
If you are a Singapore national:
- NRIC or passport
- Telephone bill or power bill
- Payslip of the past three months, income tax statement of the past 15 months
- Self-employed people need to present income tax of the past 2 years
For a foreign national:
- Employment pass copy
- Passport (original copy)
- Tenant agreement
- Office appointment letter
- Payslip of 3 months
- Banks statement of last 3 months
Get Cash Immediately Singapore
These are some popular options for people to secure urgent loans in Singapore, but if you’d like more details on other loans, or if these loans suit your needs, you can just leave a comment below this article or contact us at our hotlines: (+65) 62244746 (Yishun) and (+65) 62244749 (Tampines).