You’ve landed a new job! Congratulations! However, you might have not been getting income for the past several months, and you are down to your last several hundred. Or, you might be transitioning between jobs and have a considerable amount in your savings, you might still need a loan to make a large purchase, for example, a house or a car, which requires that you undertake a loan. Unfortunately, banks won’t approve a loan if you are newly employed or unemployed.
An alternative option is licensed, moneylenders
Some moneylenders are still willing to lend to you if you can afford it, and this is a perfect option if you are just transitioning between jobs. For this, we recommend Fast Money, a licensed moneylender in Singapore that is perfect for your predicament. Fast Money is a licensed moneylender which means that you will be protected from any illegal practices such as insanely high-interest rates or harassments when you inevitably fail to repay your loan.
Additionally, because Fast Money is not a bank, it means that even if you are recently employed, you will still have a chance to be able to get a loan as long as you can prove that you are eligible for the loan. This is a simple process that we will go through below. Lastly, if you are really strapped for cash, you can be rest assured that Fast Money will stay true to their namesake and make sure that you will get the money FAST, boasting a drastically lower processing time as compared to banks.
How do I borrow?
We recommend Fast Money, one of Singapore’s best-licensed moneylenders, offering one of the lowest interest rates around. Not only does Fast Money have a license, but they also have a fast cash loan where you can get your money really quickly.
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
For foreigners:
- 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.