Three Questions to Ask When Applying for a Fast Cash Loan in Singapore
Posted: Aug 04, 2017
A financial emergency can occur all over a sudden. When you need quick cash and you cannot borrow money from traditional banks, then a fast cash loan can help ease your financial difficulties. However, taking on a loan is a big responsibility and the decision should not be made in haste. To ensure that you’re making the right decision, it can be useful to run yourself through a few basic questions before applying for a fast cash loan in Singapore.
1. How fast can I get cash loan?
Fast cash loan is a great way to get a quick infusion of cash to get you and your family back onto solid ground. Licensed moneylenders in Singapore have simple loan process and easy to understand repayment scheme. If you meet their income and age requirements you can really get loan money instantly! However, you must discuss your circumstances with the lender to understand how you can qualify for the fastest possible funding.
2. What are the repayment terms like?
Cash loan can meet your short-term borrowing needs. It is the best option when you need instant cash to pay for a future holiday, rental fees, furniture, repair works, or any of life’s little extras. When you borrow cash loan from your lender in Singapore, ask about the repayment terms. Some moneylenders will link your account to theirs so that repayments are withdrawn from your account directly, either weekly, fortnightly, or on a specific date in the month. You can choose any of the given repayment time based on your current financial situation, whether you can want to pay off your loan debt in a month or need some months to clear the loan amount.
3. Is it a fixed or variable interest rate loan?
One of the most important questions that you must ask your lender is the interest rate for your loan amount. There are two types of interest rates: 1) Fixed Rate that is guaranteed to stay the same for the entire term and 2) Variable Rate that is adjusted according to the fluctuations in the market. If you research about interest rates prior to applying for a loan, it could save a lot of time and hassle for you.
Are you ready to apply?
If you have a bad credit history and think that you are not eligible to borrow traditional bank loans, then you must go for fast cash loan. Just make sure you have your ID on hand, proof that you are a Singaporean citizen/legal resident of Singapore, and fulfill minimum yearly income requirements when you apply for fast cash loan in Singapore. Once it is approved by the lender, your loan amount will be deposited right into your bank account. Are you ready to apply now?
Joanne Poh is an owner of renowned and transparent moneylender firm in Singapore. He owns a blog and writes a lot about new Singapore an money lender terms, policies, and plans to ensure that readers stay aware of current money-lending trends.