There is that period in life when you need some cash to settle some bills or other emergencies. However, it can be frustrating if there seems to be nowhere to get a quick loan. There are a quite number of licensed moneylenders and financial institutions in Singapore to get personal loans from.
There are few things, however, that you need to know about personal loans before picking them up. Let’s read about what you can do to get fast approval loans in Singapore.
What do you need to know about personal loans?
Generally, you can get personal loans at lower interest rates depending on the type you choose. Often, personal loans without collateral will attract higher interest rates while the one with collateral comes with lower interest rates.
You must think it through and do your calculations before taking a personal loan without collateral. Similarly, personal loans could offer you higher maximum sums than a credit card cash advance or short-term loan. You may find it helpful to consult a loan advisor that can put you through on how you can calculate your interest rates.
How to be eligible for a quick personal loan?
The criteria for getting personal loans are usually a bit strict. Often, it requires a good credit reputation and a regular income. However, there are options available to get personal loans, even with bad credit standing.
If you’re a first-time personal loan applicant, you will need to prepare the following documents before your application. They are:
- Photocopy of NRIC
- Proof of Income OR CPF Contribution Statement OR Latest Income Tax Notice of Assessment (NOA)
- Passport & Employment Pass (if you’re a foreigner)
If you could wait a few days to get your funds, a personal loan could be an affordable option to borrow money. What if your pressing need for money does not allow you to wait for days? There are alternative ways you can get personal loans faster. This includes:
● Credit Card Cash Advance Loans
With a credit card cash advance, you can get a cash loan available through your credit card. One of the advantages of taking credit card cash advance is that you can get the same day loan by withdrawing cash from an ATM or from the bank. If your credit card is in good standing, you can withdraw money from it without hassle.
Also, it should have an available credit limit for you to borrow from. Thus, the amount you can borrow is usually a percentage of your credit limit. However, credit card interest rates can be extremely high. If you do your research very well, you can compare and likely find lenders with lower interest rates.
● Short-Term Loans
Short-term loans are loans that are also known as payday loans. It’s an excellent option to have access to cash quickly. Typically short-term loans come with a shorter repayment period. Thus, it is advisable to take smaller loans that you can afford to repay in time.
One of the benefits of a short-term loan is that it has less strict requirements when compared to a traditional loan. Like other quick loans, they also attract high-interest rates.
Although, quick loans are a great way to get things such as paying hospital bills or some other urgent matters done as soon as possible, ensure you approach only registered, licensed moneylenders when deciding on where to get loans faster.