Looking for the Best Instant Cash Loan in Singapore

Need quick cash?

There are many money lending facilities to choose from.

Choose a lending institution that will help you recover from financial problems.

Cash loans are great financial tools only if you get them from the right lenders.

Below is a brief description of the top choices for financial assistance.

Banks

Banks are financial institutions that lend money after a stringent process. As a result, they avoid high-risk borrowers like the plague. That’s why you have to submit a long list of legal documents to get approved.

You get verified to check your financial capability. It is necessary to see if you can repay your instant cash loan on time.

Banks relish information verification that the process takes at least 10 days. This is to check if you are creditworthy. Then, it will take another few days to disburse your funds.

Usually, banks entertain borrowers with existing bank accounts. If you want to take an instant cash loan, you’ll need to open an account in the bank. It would take a lot of time and effort before you can proceed with your loan application process.

Also, they limit loan approval for low wage earners. You need proof that you can pay off the loan amount on time without compromising your other financial responsibilities.

In addition, ex-pats aren’t usually approved. Mandatory documents are verified. Your positive credit score in your home country will not give you any advantage. This ensures that the ex-pat will not runoff from the financial obligation.

Aside from that, banks offer various types of loan products and services. But the minimum loan amount is too high compared to the loans from licensed lenders.

You will be forced to take out a loan higher than what you need.

A bank can offer at least 3 years in terms of tenure and can be extended to 7 years. Bear in mind that the interest rates may not seem high now. But the interest will add up after a few years.

Pawnshops

Pawn Shops are your go-to place for a faster loan transaction. They disburse cash quickly with minimal requirements.

Everyone can visit a pawnshop, as long as you’re not younger than 16 years old. Even ex-pats can get an instant cash loan.

A pawnshop is usually located near MRT stations and connecting bus stations.

If you need an instant cash loan, visit any pawn shop near you. Just make sure you have a valuable item with you. It can be jewellery, a luxury watch or a bag. But if you don’t have one, you can’t take out a loan from them.

Aside from your precious possession, you need to present an identification card. Bring a photocopy with you and keep the original. Your foreign friend can also apply. Instruct them to have the employment documents ready like an E-pass to get approved in an instant.

Your best instant cash loan from pawnshops can last up to 6 months only.

Typically, its interest rate starts at 1.5%. However, it is topped with another 1.5% every month. Therefore, you should pay off your loan to minimize the interest. If you fail to do so, your valuables are automatically transferred to the pawnshops.

Licensed Money Lenders in Singapore

The lending industry in Singapore is more appreciated through the presence of licensed money lenders.

Licensed money lenders in Singapore are known for their flexible loans. Singaporeans prefer their various loan products and services. You can apply for the best instant cash loan during an emergency, vacation, gadgets and more.

Also, the low interest rate is capped at 4%. This is strictly regulated by the Registry of Licensed Money Lenders in Singapore. The compliance of money lending companies set them apart from banks and pawnshops.

In addition, minimum documents are required. Your loan application, loan approval, and cash disbursement can take less than an hour.

On top of that, they have foreigner loans.

Are you a foreigner working in Singapore?

You can take the best instant cash loan from licensed money lenders.

Take note that you don’t need any collateral. You don’t even need a co-borrower. This way, the requirements are a lot less than traditional loans.

No need to worry about their repayment terms. You can discuss it with your money lender. They have flexible payment schedules. You can choose the one that best suits you.

True enough, licensed money lenders do not only provide financial assistance. They can also help you choose the best repayment term you can meet with ease.

This way, you can use the loan as a financial tool rather than just a financial lifeline.