Sure-Fire Tips to Get an Instant Online Loan in Singapore
Are you in deep debt? Lost on how to overcome your piling bills? Take out the best instant online loan in Singapore and get your loan cash instantly.
Table of Contents
Who are qualified to apply for an Instant Online Loan?
Hold your horses! Don’t get too excited.
Your instant online loan in Singapore has qualifying criteria for borrowers.
Assess yourself if you will fit on this list.
Age
The immediate eligibility to check is your age. Citizens from at least 21 years old up to 65 of age can apply for a loan.
Anyone younger than 21 doesn’t have a credit history yet. Plus, they have no source of income yet. The sense of financial responsibility has still to be developed.
On the other hand, being financially responsible for older people is not enough. At this age, they are retired and have no jobs to pay off their loan repayment term.
Citizenship
Money lending companies typically permit loan applications for Singapore citizens and Permanent Residents.
But, a foreigner residing in Singapore for work can still grab loan opportunities.
Make sure you look for licensed money lenders in Singapore to ensure safe and secure transactions.
Income
Financial institutions will not allow you to borrow money if you don’t have a source of income.
Think about it. How can you repay the instant online loan cash if you have no means to earn it.
Also, licensed money lenders in Singapore will base the loan amount you can borrow from your annual income.
Credit Score
A credit score is not something built overnight. Instead, it takes time to create a healthy score.
This score shows how you handle previous debts and lenders.
Wondering why others get denied?
It’s because they fail to repay their past loans and credit card bills responsibly. Also, if you still have an outstanding balance in your current loan.
Remember, no amount of salary and company position can defend your credit score.
On a higher note, money lending facilities won’t have a second thought of approval if you have a high credit score.
Debt
The credit score is far different from your debts.
Moneylenders also check a borrower’s current financial status.
Be honest. Tell the loan executive how many existing loans you got. If you lie about it, they’ll find out anyway.
If you still have a car loan and need a new instant online loan, explain to your trusted lender. Prove them your repayment plans to get approved.
Employment Duration
How tenured are you in your work affects loan application? This validates your source of income.
Some financial lending companies lend instant online loans regardless of the period of employment. But, it still affects your loan approval.
New to your work?
Wait for at least three months before you apply for any loan.
Co-borrower
Do you wish to apply for an instant online loan even though you’re an ex-pat?
A co-borrower is what you need. Your co-borrower can be either a Singapore citizen or a Permanent Resident. Financial facilities like banks prefer that it should be your relative.
Does no one want to help your financial adventure?
Look for licensed money lenders in Singapore. They let you take out an instant online loan in Singapore without a co-borrower.
If you have what it takes to be a borrower, visit the legal website of your chosen lender.
What are the factors to consider before Instant Online Loan Application?
I get it. You’re qualified but don’t jump from lender to lender.
Consider these factors before you proceed with your application.
Website Security
Get to know the lending company you’re planning to borrow from.
Go over their official website. Browse the whole page. You’ll have this gut feeling if it is legit or not.
Notice if the ‘https’ is green. In addition, check for a padlock icon next to the email address of the site. These show how legit and secure the website is.
Take note of the lender’s phone number. Then, contact them and ask about their security policies.
An online loan application process will ask you about some personal information. Be safe at all times. Do not be a victim of identity theft.
Approval Speed
We get it; you need the quick cash urgently. That’s why you must check the processing time of a moneylender.
As of today, faster approval loans are very accessible. Thanks to the instant online loan process. You apply in the morning, get approved by lunch and claim your cash in the afternoon.
In some cases, you can receive the loan cash at least 30 minutes upon approval.
Read through the page to guarantee a shorter length of time for loan processing.
Officially Listed
You must check the moneylender’s license.
Check the Ministry of Law website. A list of licensed money lenders in Singapore is posted there. Look for your chosen lender if it belongs there.
As of today, a lot of lenders give you a loan. Select a legal lender with an active license.
Take note, not all licensed moneylenders promise quality service. Be careful when deciding.
Also, the government holds strict regulations in the money lending industry for the borrower’s and lender’s protection.
Loan Amount
Know how much you really need. Don’t be persuaded to take a bigger loan that you can’t afford.
Keep in mind that you’ll repay monthly together with your other financial obligations. Therefore, you have to adjust your budget.
Defaulting an instant online loan in Singapore is not a choice. It reflects badly on your credit rating. Also, it won’t be easy to get higher loans in the future.
Tenure
The length of service of a moneylending company is another factor.
In the moneylending industry, the longer a company in service means the higher quality products they provide.
Look for a tenured licensed moneylender in Singapore.
True enough, they will save you from a more financial dilemma.
Loan Charges
Learn and understand how a lending facility charge.
You might take a lower interest rate loan, but it runs for a long time. You won’t notice how the charges accumulate. In the end, you pay more than you should.
Licensed moneylenders in Singapore like Cash Mart have reasonable interest rates.
Also, their charges are based on Moneylender’s Act. So you’re safe from tricky lenders.
Reviews
Just like online shopping, read reviews about the instant online loan in Singapore.
There are review sites available. Take time to read it.
You’ll understand the client’s feedback. Know if they are satisfied or frustrated with the loan services of a moneylender.
Plus! Gain insights on how your chosen lender interact with its borrowers.
Loan Calculator for Instant Online Loan in Singapore
Confused about how much you should borrow?
We got a solution for you.
A loan calculator helps you decide the best loan perfect for you.
From this, you can foresee how much you can borrow, the terms, the amount to pay on each due date, including the interest rate charged.
Check loan payment calculators on the reputable moneylender’s website. Then, discuss your options with the lender before finalizing your decision.
Requirements
Compared to the previous moneylending system, the requirements now are less tedious.
No need to fulfil a long list of paperwork.
Even though you’re still required to submit requirements, never divulge access to your Sing Pass.
How to apply for an Instant Online Loan in Singapore?
Have you assessed yourself and reviewed the factors?
Are you qualified?
If yes, then apply for an instant online loan in Singapore.
Be guided with the steps below.
Submit an online loan application form.
Visit the official moneylender’s website. From the page, fill up the application form with the correct and accurate information.
Wait for an approval confirmation from the moneylender.
After sending in your application, a notification will be sent to confirm your loan approval. Expect a call from one of their personnel. Review your email address, as it is confirmed in this way as well.
Visit the lending company’s office.
Once you have received a notification, that’s the time you’ll visit the lender’s physical office. Complete the mandatory requirements first.
Talk to the loan executive.
Anticipate a short interview when you reach the office. Be truthful always. Discuss all the terms and conditions, including repayment schemes.
Sign the Note of Contract.
Seal the deal with the licensed money lenders. Sign the contract. Be responsible for reading it first.
Receive instant loan cash.
Claim your instant online loan cash in two ways. First, receive cash through the lender’s cashier. Second, transfer it directly to your account.
Follow these steps to ensure a quick and easy instant online loan in Singapore.
What is the List of Requirements for the Instant Online Loan in Singapore?
You’ve heard that the mandatory requirement for your loan application is less stringent.
But, what are the documents needed?
The moment you got notified by the lender, prepare the following paperwork.
- Identification Card (NRIC)
- SingPass Login
- The latest proof of billing
- Latest 3-month original payslip (CPF contribution)
- Letter of employment
Basically, the requirement is easy to acquire. Complete them immediately for faster approval of the instant loan.
Be creditworthy all the time by diligently paying all your loans.
Can I Apply for an Instant Online Loan in Singapore on Sundays?
The need for quick cash is unpredictable.
An emergency may happen at any time of the day, any day of the week.
Thankfully, there are licensed moneylenders accessible and convenient all over Singapore.
Every reputable lender offers different loan solutions for Singaporeans. Finding the best lender is the real challenge.
You have to compare the interest rate, eligibility, accessibility, term flexibility and requirement. But the availability during tough times is more important.
With the busy lifestyle of Singaporeans, they look for a lending company open on Sundays. Since most of them work during weekdays, their day-offs are left to visit a financial institution.
Luckily, there are money lenders open 24 hours for 7 days a week.
24-hour Payday Loans
You’ll never know when an emergency will occur.
Even though you are financially stable now, it can turn upside down at any moment.
When this happens, where do you go to?
Isn’t it great that 24-hour payday loans are now available and ready to serve?
You can get instant cash even in the wee hours of the night—no need to wait for the weekends, day-off or next paycheck.
Simply sign up at the licensed money lender’s website for an instant online loan in Singapore.
How to spot Illegal Lenders from Licensed Money Lenders in Singapore?
Learning the process of personal loan application is beneficial.
Moreover, identifying an illegal lender or loan shark is very helpful.
Beware of the following ways of loan sharks.
Loan Phishing Scams
Be careful from phishers. They pretend to be legal lenders to get into your personal information.
With high technology, well-known financial websites are easy to impersonate. Loan sharks can create a seemingly legitimate site.
If you provide your personal details, they can steal your identity, use your credit card and for more transactions at your expense.
Advance Fee Loans
Your approved loan cash will not be released until you settle the upfront fee or processing fee.
Reminder! You looked for instant cash because you don’t have funds.
How will you be able to claim the loan cash?
This type of process is a loan shark doing.
Contrary to this, licensed moneylenders in Singapore lets you decide if your processing fee is deducted from the principal amount or included in your repayment obligations.
Disregards Credit History
Your creditworthiness is primarily described through your credit history.
The lenders must see the record before they decide if you’re approved or not.
Illegal lenders will talk you out of it. They persuade you to take out a loan regardless if you’re a low-risk or a high-risk borrower.
Keep in mind that legal lenders prefer to talk to borrowers personally. It further evaluates your creditworthiness.
Aggressive Behaviour
Loan sharks do not only persuade borrowers aggressively but also pressures borrowers to take an instant online loan.
Also, they will force you to sign an incomplete or blank contract.
When this happens, report the illegal lenders immediately.
Licensed moneylenders in Singapore will allow time for you to decide. They are friendly and professional in answering all your questions.
No Physical Office
Apply for a lender that has a physical office. Even though the loan application process begins online, you still need to visit the moneylender’s office.
Their location proves how real and legal a lender is.
In times of trouble, police can easily locate them.
On the other hand, loan sharks can’t provide an office address. Don’t entertain them.
Skips Due Process
Applying for an instant online loan in Singapore is a process.
It’s not difficult to accomplish, but it follows a certain procedure. Reputable and trusted money lenders abide by this.
While Loan sharks approve your application without following due process.
Avoid them at all cost.
If you want the best financial solution for your problem, look for licensed money lenders in Singapore. True enough, your instant online loan is in good hands.
What are the common Illegal Moneylending Schemes?
Illegal moneylenders camouflage with licensed money lenders. Don’t be confused.
Be familiar with these schemes so you won’t be one of their prey.
Phonecalls
Illegal lenders contact you through phone calls using another debtor’s number.
They talk to borrowers in abusive language.
Worst, they threaten you to pay for a loan that you didn’t even take.
Sing Pass
Your Sing Pass must be in your possession all the time.
Keeping someone else’s Sing Pass is prohibited by the law.
Licensed money lenders oblige, but illegal lenders don’t.
They will force you to submit it.
Never abide since your personal information, like financial data, is at risk.
Letters and harassment
Loan sharks send threatening letters to victims.
They continuously send letters even though you didn’t have any loan from them.
Sometimes, they post the letter on your door. This catches passerby’s attention causing more trouble for you.
Social Media Platforms
With the hype of social media, loan sharks utilize Facebook and other social media platforms for harassment.
It can damage your name and reputation once it is posted live on their website.
If you, your family and your friends are in this situation, report it immediately. Don’t let illegal moneylenders win in this battle.
Can I Report Illegal Money Lenders in Singapore?
Illegal money lenders are also known as Ah Longs.
They still exist despite the strict regulations of the Ministry of Law.
Help the government save other borrowers from becoming their prey.
If you detect one, report it instantly to the authorities.
You can do this through the following.
- Call 1800-X-AH-LONG or 1800-9-24-5664
- Contact Police Emergency Hotline (999)
- Reach the Registry of Moneylenders through 1800-2255-529
- Message the email address: OneMinLaw@mlaw.gov.sg
Are you scared about your security?
No worries. The authorities will surely keep your identity anonymous for your protection.
If your friend is currently engaged with a loan shark, instruct them to reach X-Ah-Long Hotline.
Citizens of Singapore must work hand in hand with the government to stop Ah-Longs’ threat.
Whatever financial situation you are in, you must solve it immediately. An instant online loan in Singapore is the best solution you can get. Follow the quick and easy steps to claim your quick cash within the day.
Most importantly, choose the most reputable and trusted licensed money lender like Cash Mart for a safe and secure loan transaction.