So what is a fast cash loan, and why is this considered as a practical option whenever you need additional funds? If you are tired of going from one bank to another to apply for a loan, yet only to encounter a high risk of denial, the whole process can indeed be draining and exhausting. There are endless paperwork to furnish, not to mention the long waiting period involved just to receive feedback from the bank.
If your emergency expenses just cannot wait any longer, then there is no point to put yourself through this stressful and lengthy process of trying to obtain emergency funds. With a fast cash personal loan widely available online, you can get the amount you need with only a few days’ waiting period. What’s more, a bank overdraft can be very pricey, which is not ideal when your goal is to get extra money quickly and efficiently.
Several licensed money lenders in Singapore make the whole process of obtaining a loan straightforward and fast. There may not even be a need for you to fax or submit complicated and extensive paperwork. For the most part, you may only be asked to verify your employment, as well as your income. Then, the company can begin processing the amount you are borrowing, which you can simply wait to be credited to your personal bank account.
Fast cash loan is ideal for short-term needs. If you need extra money to pay for your plane tickets, or you have utility bills or rental payment that must be made, these are just some of the situations where a fast cash loan is used for. But of course, this is not recommended for larger purchases or expenses such as a home renovation, payment for school tuition, or purchasing a home or a car. There are special loans dedicated for these purposes. For simple needs that are considered as short-term concerns, then a fast cash loan is the best way for you to go.
Below are some of the interesting facts that you may need to know about a fast cash loan in Singapore:
1. Speed and Ease of Application
When you need a fast cash loan, you just have to go online and visit the company that you prefer after learning more about its products, services, and ratings from other customers. By then, you can be certain about your decision and have the assurance that there will be no unpleasant surprises to come your way.
Licensed moneylenders usually approve loan applications done online in the most efficient manner. In fact, you may be able to receive feedback quite instantly, as long as all the pieces of information are provided truthfully. There are also no lengthy forms to deal with, which is the total opposite of a traditional bank loan.
It may even take only a few hours before you can receive the amount you have borrowed, which will reflect in your bank account. Sometimes, it may be credited on the same day while in other cases, it is on the following business day. This is still much more efficient, as compared with the number of weeks of waiting period when you apply for a bank loan. The irony of it, there is a chance of being denied of a loan from a bank, which can get very frustrating on your part.
2. Convenience is Guaranteed
As everything is completed online, this eliminates the painstaking experience linked with a conventional bank loan. All the interactions involved with the loan application are done online, which means there is no need for you to leave home just to work on getting your emergency funds. Obtaining an appointment to meet with the loan officer of your preferred bank is not a necessity anymore. You do not even have to contact your lender for a number of times just to receive your cash.
Just have your computer hooked up to the internet, go to the moneylender’s website, and you are on your way to applying for a loan. Submit the filled out application form online anywhere you may be whether you are at the office or at home. It is all that easy!
Once everything is all set, you can simply wait for the money to placed in your account. Since this is a fast cash loan, you can expect to receive bills or cash instead of credit. This is why you can pay for various services or purchase items using cash and not be restricted to using a credit card. So, if the expenses to be settled require you to have cash, then you will be ready for these. Utility or rental payments can be settled with the cash obtained from your loan. The minimal paperwork and short waiting period make the whole process quick, effortless, and easy.
3. Less Requirements
If there is another thing aside from the time and energy spent on applying for a traditional bank loan, it would be the exhaustion you may experience each time you need to provide requirements or documents. The last thing you want to deal with is to gather endless paperwork just to begin or complete the loan application process. For those who need money immediately, this is just a huge burden they do not want to go through.
But with a payday loan application, there are only minimal requirements to worry about. The most important thing is that you have a source of income and a stable job or business. After all, how else will you be able to pay off your loan if you have no cash inflow? A verifiable and consistent source of income can give you a higher chance of receiving the loaned amount.
On the other hand, you will have to provide collateral if you apply for a traditional loan. This is why your properties are placed in a delicate situation in case you are unable to pay your loan off. But since a payday loan is unsecured, any collateral is not even required. A sufficient proof that will convince a moneylender of your capability to pay off your debts is a stable source of income. Then, you may have to provide an active checking bank account, as well as a proof of your residency in Singapore.
As for the age requirement, you need to be at least 21 years of age to apply for a payday loan. Among the other eligibility include a full-time employment, and you must be a Singapore Citizen or a Permanent Resident. Bankruptcy is not even a major issue, as your credit rating is not strictly checked. Just be sure to provide the other requirements asked from you, so your application can be processed accordingly.
A fast cash loan is the most practical solution for your need of an immediate additional funds. You can cover your short-term needs with this type of loan, and you will not have to go through serious hoops just to get the money you require for your expenses. As this is a small loan, it should not be very difficult to pay off. This is why a payday loan is usually just small loans, so the money can tide you over until the next paycheck comes. Simple purchases may be made using a payday loan, as well as electric bills, minor car repairs, or even rental payments.
Once you have obtained your loaned amount, just make it a point to pay on time. With a good payment history, you can also improve your credit rating along the way. This is why if your credit score is suffering, you can use a payday loan to slowly build it up. Then, you will no longer have to worry about not having bad credit since your credit history also gets better as you settle your loan payments as required by the moneylender.