A while back, it was rather hard to get loans in Singapore. But with the continued growth of the moneylender industry, more providers are ready to offer loans to eligible clients.
Whether for a medical emergency or for purchasing a home, there are numerous reasons why Singaporeans require fast cash loans.
Not all licensed money lender Singapore is the same, so what do you need to consider when getting a loan?
Here is a look at some useful guidelines for getting fast cash loans from a licensed moneylender in the country.
Why Are Fast Cash Loans Useful?
Fast cash loans are amounts you can borrow and receive on the same day of your applications. Moneylenders, such as us at Fortune Credit, provide you with a wide variety of fast cash loan products.
You can take out a personal/emergency, payday, or business loan at any time. If you bring the necessary documentation that proves your income and employment, we can approve your application, and you can receive your money right away.
Anybody in Singapore can apply for a fast cash loan. They will just need to bring important documents we’ll mention below.
Take with you the necessary documents when applying
Here are the documents you’ll need to submit when applying for a fast cash loan. Make sure to keep all these documents in order to avoid hassles when applying for any fast cash loan from moneylenders.
Qualifications And Documents Required for a Fast Cash Loan
- Applicants should be 18-years and above
- Be Citizens or a Permanent Resident
- Have a steady employment
Commission-based and Salaried Employees
- ID Card (NRIC)
- Billing Proof (latest bill showing your residential address)
- Most recent original 3 month payslips
- Valid Employment Letter (Applicable for those in new employment)
- Valid Singpass Login
- ID Card (NRIC)
- Notice of assessment showing trade income
- Billing Proof ( the most recent bill showing your residential address)
- Accounting and Corporate Regulatory Authority (ACRA )
- Valid Singpass Login
Most lenders are more comfortable offering you a loan once they see proof that you are trustworthy and hold a job. Lenders will be certain that you are likely to repay your debt punctually when you hold a steady job.
Know how to spot an illegal fast cash loan moneylender
What the first thing you should do before applying for any loan? To start with, be sure to confirm whether the moneylender is licensed. When they don’t have a license, it is advisable that you pick another lender to avoid getting scammed.
All legitimate moneylenders in Singapore respect the rules and regulations the Ministry of Law sets forth in the industry. Furthermore, you can find your moneylender’s name in the Registry of Moneylenders. The Ministry oversees the activities of all moneylenders in the Registry.
One of the biggest rules that expose illicit fast cash loan moneylenders is their advertising and marketing strategy. The Ministry of Law prohibits all moneylenders from advertising using social media, SMS, chat, telephone calls, and email. Any moneylender that asks you to use their fast cash loan money lending services through these channels is illicit.
All moneylenders can only advertise through their website and local premises. Word-of-mouth endorsement from their former clients is legal as well.
Lastly, be advised that legitimate moneylenders will return your original documentation to you once they’re finished using it for their evaluation. If they intend to keep your document for a while longer, they’re performing an illegitimate act that can lead to their suspension.
Click the link to understand the difference between licensed and unlicensed money lender.
Only sign a complete loan contract and get a copy
This part of the application process is very crucial. If you don’t receive a copy of your loan contract in full, then the loan can be reasoned as a fraudulent activity. In this light, you can prosecute the moneylender. Additionally, never sign any incomplete loan contract. A contract needs to clearly indicate the loan terms, the repayment period, and the rate of interest being applied on your loan. When these details are missing, ensure to request for it or find another lender.
Contracts are written agreements between business owners and customers. Illicit moneylenders do not hand out contracts, which allows them to change their terms at any time.
Many borrowers have to face these loan shark Singapore, and they’ve failed to repay their financing. The Ministry of Law established the Registry of Moneylenders to ensure no customer has to face this similar treatment from legitimate moneylenders they approved.
Lastly, always remember that once you sign your loan contract, it is valid, and you cannot cancel it. In this light, make sure to read all about you and your money lender’s rights and responsibilities.
Secure Everything With Collateral
Ahead of accepting a loan, it is advisable that you find out about the requirements for collateral up front. Why is knowing this element of lending important?
Collateral implies that you can get any loan but when you fail to repay your loan, your moneylender can claim that asset that you presented as collateral.
Moneylenders may require you to present substantial collateral. To ascertain the best collateral to lower the licensed money lender Singapore interest rate, you may need to ask the help of a pawn broker or appraiser to determine the objective value of properties you’ll present as collateral.
Most moneylenders can ask for items of value as collateral. It can be jewelry, electronics, vehicles (for higher-amount financing), and even properties.
To know which collateral can act as excellent security for your Singapore money lender, call their hotline to know more.
Know Everything There is To Know About Your Loan
Be sure to check the loan deals offered before you go to your lender and also confirm what competitors have to offer. You should know the type of loan you want, terms that you can afford easily, and your plan to repay the loan fast.
When you are searching for a particular loan type (personal loan, car loan, or mortgage) be sure to find the right one for you. Though you will receive many loan deals in your mailbox, we advise that you carefully read the fine print ahead of accepting the deal.
Understand your limitations
Your bank will review your credit. Prepare in advance and request for a statement of your record and score some weeks before making your application. This will give you time to check for accuracy on your history and rectify any mistakes in your report.
Many lenders require credit scores to approve your financing. With banks, a lower score will reduce your chances of approval. Get a loan depending on your ability to make payments that you can afford.
Fortunately, a legitimate Singapore moneylender will not ask for credit scores when applying for a fast cash loan. You just need to present your proof of income and employment.
Once you accomplish this, the money lender can approve your financing in no time and provide your financing on the same day. Furthermore, a money lender in Singapore can help you rebuild your credit scores if you perform well and pay your financing promptly too.
Make a checklist
Depending on the money lending information you get from the lender, it is advisable that you make a checklist of the proper documents needed in applying for a loan. Since it will take you some time in putting together the documentation you require from your employer, creditors, and other financial resources.
A checklist will help you track documents you have or don’t have yet. Keep in mind that an incomplete application is a reason for a loan to be rejected.
Make sure to keep the list of requirements we’ve posted above when you’re about to submit your proof of income, employment, and everything else in between. In doing so, you won’t need to take more time in receiving your financing, especially if you need fast cash loans for emergency reasons.
Things To Keep In Mind
Getting a loan when in a hurry is not a good idea. While applying for a loan, ensure to discuss the effects of events this way you’ll know when to await an answer. Since some loans may be pre-approved directly, the particulars may only be made known after some weeks have passed.
Your aim is to get a loan that you can afford to repay and outline the function of the loan. When it’s the best personal loan your lender might want to know how you’ll use it. For instance, it could be for making improvements to your home or reduce debt.
Luckily, a fast cash loan needs you to submit your documents on the same day to get approved. However, you’ll need to pay the regular payment amount or total amount of cash (if you’ve taken out payday loans) by the end of the month.
It is dangerous for your score to consistently apply for any loan you may be able to get. Having many applications will hurt your credit and destroy your ability to secure one later on.
With this in mind, remember that when you require money fast and you are in trouble, that’s the moment you are most vulnerable financially. Avoid borrowing fast cash from predatory lenders and scammers. Next, find out if you can extend your billing repayment schedules to avoid any penalties.
Fortune Credit is Singapore’s best licensed money lender with the best lending options and personal loan interest rates for Singaporeans and foreigners. If you need a fast cash loan quickly, you can depend on us to help you with everything you need. Contact us at 6777 1887 to get your financing now!