How to Get Faster Loans in Singapore that You May be Overlooking

The current financial situation across the World means people are looking for extra funds. This can be for several reasons, from household bills to keep their business afloat. Trying to obtain cash when you need it as quickly as possible can be a daunting process. The banks and some companies have loads of hoops you need to jump through to receive the required funds. Not only can this be stressful, but also time-consuming. If you need a loan in Singapore fast, this article will help you find out how to do so.

Bad Credit?

If you have bad credit history, all is not lost. Some people will automatically assume they wouldn’t be able to receive a load due to not having the best credit history. You may still be eligible to receive a loan and the best way to check is to speak to a trusted and licensed company in Singapore. There are some companies out there who can make this process a quick and easy one, such as katongcredit.com.sg. They will let you know if you have been approved quickly.

Why Do People Need a Loan Quickly?

There are several reasons someone may need a Fast Cash Loan. This can be to pay an unexpected bill, something needs to be fixed in their home, an unexpected business opportunity has arisen, etc. Each person has their reason.

How Much Can I Get?

The amount you are offered will usually be dependent on several factors. These include your income, monthly outgoings, credit rating, required funds, and others. When you speak to your chosen loan company, they will be able to advise in more detail. They usually require proof of earnings and other documents. It is important though that you only take what you can afford to pay back.

What Documents Require Applying for a Loan?

Obtaining a loan in Singapore will require you to show several documents for the company to verify what you told them. You won’t need all the documents listed, dependent on what type of loan you will be requesting.

· NRIC Card

· If you are Foreign, a Valid Work Permit

· Proof of Your Income

· Tenancy Agreement

· Billing statement (phone bill etc.)

· CPF Statements

· ACRA

What Loan is Best for Me?

Dependent on your requirements, there are different types of loans generally available. Some companies may only aim for one type, but the more established companies will have other options available.

• Personal Loans. These loans can generally be taken short or long term. This could be for a new car, loved ones' birthday, or even a holiday. The benefit of this type of loan is you won’t need to provide collateral.

• PayDay Loans. If you don’t get paid for another couple of weeks, or days and need some extra cash quickly, this is probably the best option for you. This type of loan usually requires you to show proof of income.

• Expat Loans. Living and working in one of the most expensive countries in the world can be challenging at the best of times, never mind when you are short of cash. If you are working in Singapore you will still be eligible for a loan through some companies. They will need proof of income and a passport, and some other documents may be required.

• Business Loans. The financial situation has affected a large portion of businesses across the world, big and small. Some may need a cash injection just to stay afloat, or perhaps you may be thinking it’s a good time to expand. Whatever your reason, there are loans available at relatively low rates.

What to Look Out For

• Avoid companies with high-interest rates, this can lead to even more debt and it won’t be worth taking the loan in the first place.

• Don’t take out more than you require. If you are offered more than you need, it’s best to not take it. This will require you to pay more back and get you in unnecessary debt.

• Remember to always make repayments on time. Missing a payment once or more will have a negative impact on your credit rating. This can be detrimental to a future loan application.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes