Home Finance How Does an Instant Cash Loan in Singapore Work

How Does an Instant Cash Loan in Singapore Work

instant cash loan

It is inevitable that we face a bit of financial difficulty at some point in our lives. It can happen in the form of minor inconveniences such as an unexpected medical expense or something much direr such as losing one’s job and not having enough savings to get by. When borrowing money from your friends and family isn’t an option, an instant cash loan in Singapore can be your next best solution.

Instant cash loans not only can help you ride through a rough patch but can also be used for a wide range of personal reasons. If you are in need of an urgent cash loan, read on to find out more about securing an instant cash loan in Singapore.

What is an instant cash loan?

An instant cash loan or urgent cash loan is similar to a personal loan. It lives up to its name by having quick application approvals and payouts. We’re talking about receiving your loans in a matter of minutes once your loan is approved, depending on the moneylender and their borrowing terms. Yes, it is that quick!

The benefits of an instant cash loan

One of the key benefits of an instant cash loan is, well, speed. Once your application is approved, you can receive the funds in your bank account or in cash almost immediately. Instant cash loans are not tied to a specific purpose so you have the freedom to decide on how to spend the money.

An instant cash loan typically has a shorter loan processing time which makes it an ideal solution for people in need of urgent cash. Some common uses of this cash loan include paying your credit card bills, home repairs or renovation, medical bills, refinancing debt, furthering your studies, funding your dream wedding, and other emergencies.

You can find many reliable free-to-use platforms with a wide network of licensed moneylenders to suit your financial needs. Besides being free and convenient to use, they also ensure that you are only dealing with licensed money lenders in Singapore, which can be helpful especially for first-time loan applicants.

To find a cash loan, simply fill out the application form on their website and licensed money lenders will be in touch shortly with quotes for you. You can then compare the offers you receive and pick the one that best suits your needs.

How much can you borrow from an instant cash loan?

The good news is that applying for a cash loan from a licensed money lender is fuss-free and easy. Typically, money lenders will determine how much you can borrow based on 2 factors: your annual income and credit score.

While you don’t need to be earning big bucks or have a perfect credit score to secure a cash loan, it helps to be familiar with these terms when you are applying for one. Of course, you can get a bigger loan with a higher income and higher credit score, but all hope is not lost if you are in need of an urgent cash loan but are not earning much. There are always different criteria to be met for different money lenders out there and it is important to find a cash loan with the best interest rates and repayment terms tailored to your financial situation.

With a licensed moneylender, you can generally borrow up to 6 times your annual income. Their loan experts will assess your application and see if you meet their criteria before proposing the best cash loan to suit your needs.

An instant cash loan might just be what you need during an emergency. No matter your circumstance, an instant cash loan with a licensed money lender can make a difference.

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