As fast as you may be running in this race of life, your financial troubles are sure to get the better of you at some point. But what if we tell you, it is possible to stay on top of your money matters and dare to beat the cash crunch in this game of catch-me-if-you-can. Yes! A fast loan can help you outrun your financial worries. Read on to know more about getting fast loan approval in Singapore.
So, how can you qualify for a fast loan in Singapore?
A fast loan approval can be a cakewalk if you keep a few important things in mind. And believe us, these are not complicated things at all, but simple and easy steps to borrow a fast loan in Singapore.
Documentation
When applying for a fast loan, having your documentation in place is a key factor. The lenders are required to verify your identity with the help of your documents. Once the process is complete, your original copies are returned to you. Simple, isn’t it?
Employment
Regular and steady income can be one of the most important qualifiers for fast loans in Singapore. So, ensure that you are employed at the time of your fast loan approval and are able to provide all the necessary documents to prove your employment.
Guarantor
Wouldn’t it be wonderful if someone vouched for your ability to repay the loan? Especially, if it is someone who has a superb credit score? It definitely helps to have a cosigner. But what’s more, some lenders may even consider you for a bigger loan amount with a lower interest rate, and without changing the terms and conditions. So, yes, having a guarantor will make fast loan approvals far easier for you.
Creditworthiness
A good financial record is always considered and also respected when it comes to fast loans. So, honour your debts. When you apply for a new loan, the lenders would study your loan history and if you have maintained a clean repayment record, then that would be an additional benefit you have.
Having said that, even if you are feeling under-confident about any of these points, there’s no need to go on the backfoot. Although traditional institutions like banks are rather strict about these rules, licensed moneylenders are more considerate. So, before opting out of it, approach a legal moneylender for financial advice.
Here’s how a licensed moneylender can help you get a fast loan, even if you are doubtful about your own ability.
- Borrowing from a legal moneylender requires minimal documentation, as opposed to a bank, where without complete documentation your application will not move forward.
- For any reason, if you are not employed at the time of your loan application, a legal moneylender will study your profile and even advise you with an appropriate repayment plan.
- A bad credit score need not be the end of it all. Legal moneylenders are compassionate and they will consider your application despite a not-so-good credit score. They may even help you with loans that help you improve your credit score.
Apart from all these factors, legal moneylenders are better than traditional institutions like banks, in many ways.
Loan amounts
Licensed moneylenders allow you to borrow smaller amounts of loans. So, whatever your need may be, they will be able to help you.
Rate of interest
In the case of legal moneylenders, the interest rate is capped at 4 percent per month. This means, whatever your income status, they will not charge you more than that amount. So, the rate of interest is lower as compared to the banks.
Loan application
The application process is easy and convenient. So, you can actually get a fast loan at the time you need it.
Loan approval
Again, the loan approval process is also quick and easy. Which means you get the cash when you still need it. Isn’t that reassuring?
Financial counseling
Legal moneylenders also provide you with counseling services that help you make a suitable financial plan and also stick to it.
When you approach a legal moneylender for a fast loan, they take all the necessary steps to make it easier for you. However, you must ensure that you are borrowing from a licensed, government-recognised moneylender to avoid any unpleasant circumstances.
Indeed, you can outrun your financial worries if you choose to take a fast loan from a legal moneylender.
