You are currently viewing How Much Can a Moneylender Lend Me as a Fast Cash Loan?

How Much Can a Moneylender Lend Me as a Fast Cash Loan?

Quick cash loan Singapore is the type of loan usually given for a short period with  a higher interest rates as compared to a longer tenure loan. These loans are extremely beneficial in emergencies and offer great financial help in tough times.

Getting loans can be quite challenging and daunting process for some individuals but a professional and approved money lender Singapore can lessen the hassle and make the process fuss-free. Here is a Fast Cash loan guide that can assist you through the process.

What is a Fast Cash Loan?

Fast cash loans are immediate personal loans that help people in times of financial emergencies. The approval time for an urgent cash loan Singapore can be as short as 10 minutes. Money will be transferred into your bank account immediately after the money lender approves the loan. However, the important point here is searching for a licensed money lender near you.

Keeping track of the repayment

Once you start to repay the loan you have taken, it is important to keep track of it. A legal money lender in Singapore will provide you with a loan statement with every detail written on it. This will help you get a better idea on how many repayments you have made so far.

Features of a loan statement

  • Total loan amount
  • Payment per amount
  • Number of Payments due
  • Interest rate

Check that your moneylender is approved by Ministry of Law.

It is essential to check for the authenticity of the moneylender before you sign any agreement. Ensure that the moneylender is approved by the ministry of law.  The Ministry of law has strict regulations for these licensed moneylenders and you will feel at ease having to borrow from them as they do ultimately have to report and abide to the strict rules of the MAS.

It is encouraged to check their license beforehand. If the money lender hesitates to show you their license, then it is a clear hint that something is amiss. Do not sign any document with such lenders, you may be in for a trap in the future.

Benefits of taking fast cash loan from moneylenders

Here is a list of benefits you can get when you get a loan from a licensed money lender in Singapore.

Low-interest rates

The first benefit on the list is fewer interest rates. When you contact banks, the interest rate is relatively higher than moneylenders. Thus, money lenders may be a more viable option as you will save more and earn maximum benefits.

Quick Cash

The process of the whole application is much faster than banks and you will get money in your account instantly. Unlike banks, you will not be required to wait for weeks and months to get your loan approved.

No credit score requirement

Is your credit score low? Fret not, moneylenders will provide you with a loan even with a low credit rating.

Flexible repayment conditions

Another benefit is that you will be offered various repayment methods. As moneylenders will offer you flexible repayment options, you do not have to pay the whole loan once in a go.

Variety of loan services

Also, moneylenders offer you various types of loans. Be it looking for car loans, office loans, business loans, or personal loans, they will cater to your needs. The money is yours to use after its transferred to your bank account.

Factors to Consider Before Availing Loan Services

If you plan to get a loan for a moneylender, you need to consider the following factors to avoid further complications.

Borrow What You Can repay

You should consider your budget and your other financial obligation before getting a loan. Paying back a loan can be quite challenging for some individuals. It is important to borrow the amount that you are certain that you are able to pay back on time. Otherwise, you will be met with a recurring interest burden which you should avoid. Finalize the repayments beforehand and stick to your repayment schedule dutifully.

Check Your Credit Score

Although a credit score is not compulsory when you get a loan from a licensed moneylender, you will be charged a lower interest rate if your credit score is high. This also serves to show the moneylender that you are capable enough of returning the borrowed money on time.