Strapped for Cash? Here’s What You Can Do

In this modern era, money has become more important than it has ever been, especially with prices rising on everything nowadays. As such, it sometimes becomes inevitable when you might have some urgent need for cash, and finding that cash is by no means an easy feat. In this article, we will list out some options that you can take to get the cash that you need.

Banks

This is a pretty obvious option, and one of the safest options as well. Banks offer loans that people can undertake, with a reasonable interest rate that is easy to pay back. As banks are official institutions, it protects the borrowers from any shady practices that might take place. However, as secure as banks are, there is always a catch, with the banks usually having long processing times for the loans, and if you really are in need of some urgent cash, this is not an option that is available to you.

Moneylenders

The other option other than banks are moneylenders. There are however, 2 different types of moneylenders, with the licensed and unlicensed moneylenders. The unlicensed moneylenders, also known as ‘loan sharks’, tend to use unscrupulous methods to wring as much money as they can out of their victims, with unreasonably high interest rates and using harassment when the borrower inevitably fails to repay the loan. Avoid unlicensed moneylenders at all costs, even if they can immediately give you your money.

Licensed moneylenders, on the other hand, is the best option you can take when you are in need for some urgent cash. Licensed moneylenders, as their name implies, have a license from the government, which means that borrowers have a layer of protection and will not face the dire consequences from borrowing from unlicensed moneylenders. In fact, licensed moneylenders are also more flexible with their loan options, with some of them even having an urgent or fast loan option, where you can get your money on the spot. This makes licensed moneylenders the ideal choice when you are in need of some fast cash.

Which licensed moneylender should I go for?

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 you 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.