Benefits of Fast Cash Loans in Singapore
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In April 2022, bank loans in Singapore increased to SGD 841.6 billion. Out of that, SGD 312.6 billion were lent to consumers, while SGD 517.3 billion to businesses.
However, the bank isn’t always the best solution for getting financial help. Sometimes, an emergency will require immediate cash, and a bank loan might take days to get approved.
This is where fast cash loans in Singapore come in. Continue reading to discover instant cash loans’ benefits and general requirements.
Also known as an instant and 24-hour loan, a fast cash loan will instantly deliver the money you need. When applying for a bank loan, you may wait days for a response. However, instant-loan providers can authorize a loan within an hour.
Not only that, but loan providers instantly deliver the money to your account after approval. Because of the quick process, this type of loan is perfect for emergencies – overdue rent, medical costs, need for sudden home or car repairs, etc.
Fast cash loans are instant because they have fewer requirements. The two primary requirements for quick cash loans in Singapore are that you are over 18 years old and either a Singapore citizen or a permanent resident with a work permit.
Most people are eligible for instant cash loans, including people with poor credit ratings. That is not the case with banks, where credit score plays a defining factor.
Your credit score will only affect the approved loan amount with fast loans. The amount will also depend on your income.
So, when applying for a fast cash loan, you will need to submit the following documents:
Another benefit of fast cash loans is the flexible repayment process. For starters, you can choose the repayment period, which can last up to a couple of years, depending on your situation.
In addition, you can pay in fixed installments or return the loan in repayments and overpayments. Whichever way fits your needs most.
Remember that your salary and credit score will influence the permitted repayment period. Your preferred tenor might be approved, or your loan providers might suggest a more appropriate solution.
When we consider all benefits, fast cash loans are the most convenient way to get money when you need it most. In addition, the way you spend the money is up to you!
Plus, this type of loan is unsecured. That means you don’t need to list a property as collateral and further push yourself into debt.
Being in a complex financial situation is stressful and emotionally draining. Plus, many things can further complicate your struggles, from sudden injuries and accidents to being late on rent.
A fast cash loan can relieve your difficulties and help you have a fresh start.
When choosing a loan provider, you must put your trust in the right hands. At Capital Funds Investments, we provide a variety of loans, helping Singapore citizens deal with financial hardships.
Contact us today to learn more about your options! We are ready to help you thrive in the face of adversity.