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25th Mar 2024

While money lenders offer flexible loan repayment schedules and speedy loan applications in addition to many other perks, it’s always a good idea to do your homework before getting a loan. Foremost, there are plenty of private money lenders in Singapore to borrow from. Additionally, they offer a wide variety of loans — from fast cash loans, monthly loans and debt consolidation loans, to medical loans and bad credit loans.

Still, it’s of utmost importance to get a loan only when it’s truly a ‘need’, not to fulfil a ‘want’ or mindlessly take up an urgent loan under financial stress.

So how does one go about choosing the right money lender when applying for personal loans? It may be difficult but not impossible. Although the choices are aplenty, taking the time to research and pick the right money lender goes a long way in making your personal loan journey more pleasant.

Let us help in your search for the right money lender with our round-up of handy tips and tricks you can follow to narrow down and choose the right money lender for your needs.

Prioritise credibility

It can be tricky looking for money lenders especially when there are so many options available. What should you look out for?

With increasing reports of scammers and unlicensed money lenders swindling people of their hard-earned money, the first thing you have to find out is if the money lender is in the list of registered lenders by the Ministry of Law. Dealing with a licensed lender is one of the safest ways to take out a loan if you find yourself unable to get one from the bank due to reasons like a history of bad credit and poor credit score.

It is also important that you look for money lenders with good reputation. This can come via word of mouth from your friends and family or even online reviews. Don’t be afraid to ask for advice from the people around you, especially if it is your first time applying for a money lender loan. A recommendation from someone you trust can help put your mind at ease when it comes to deciding whom you should borrow from.

The Internet is a great platform for you to conduct thorough research on the various money lenders in the market. Keep a lookout for information on different loan packages, interest rates, and charges that can help you determine whether the money lender is legitimate or not.

Consider how fast you can get your loan

Time is of the essence when you need urgent cash loans. In times of emergency, finding a money lender that can offer you quick and efficient loans (e.g. instant online loans) can make a huge difference.

While every money lender has its own operating procedures, choosing a lender that addresses your needs promptly can help get your finances going. When you are stuck in a crisis, you wouldn’t want to sit around and wait for long background checks and approvals. It is important that your loan request can be processed quickly.

Compare interest rates and the repayment period

Make sure to compare money lenders’ interest rates and loan quotes to find a lender in the market that best suits your budget and needs. Avoid accepting the first loan offered to you; chances are there will be a better option out there worth considering.

Agreeing on a repayment period that is suitable for you is just as important. Most money lenders have repayment terms of up to 12 months, with some even offering loan tenures of up to 24 months. Discuss with your money lender the best repayment term for your unique financial situation as this would affect your ability to repay the loan on time.

This is very important — being able to afford your monthly repayments lowers your chances of making late repayments, hence avoiding unnecessary late payment interest and penalty charges that add up quickly.

Bottom line

There is no one-size-fits-all approach when it comes to applying for a loan. It is therefore important that you choose a money lender that can best address your needs and concerns. Choose a money lender that is credible and efficient, and half the battle is won.

Be aware of seemingly low interest rates that appear too good to be true. Take your time to conduct proper research on the interest rates and repayment terms before choosing the right loan package for your needs. Most importantly, ensure that the money lender you’re interested in borrowing from is fully licensed and registered with the Ministry of Law’s Registry of Moneylenders!

96bm Credit is a 24-hour money lender in Singapore that offers online loan applications round-the-clock, either through the traditional application form or Singpass login. If you’re looking to come down to the office to apply for the loan, you’ll be glad we’re an Ubi money lender that’s only a 4-minute walk from Ubi MRT station.

96bm Credit offers tailored loan solutions coupled with top-notch professional service for all your loan needs. Contact us today to find out more!

24th Aug 2023

Urgent Cash Loan Singapore — Your Pros And Cons Guide

You won’t have time to look for solutions when a financial emergency hits. Keep yourself prepared for the worst by knowing your loan options beforehand. The best of those options is an urgent cash loan.

In this article, we’ll talk about the idea behind urgent cash loans and how you can qualify for an urgent cash loan in Singapore, as well as their pros and cons.

What is an urgent cash loan?

An urgent cash loan is a loan that is approved very quickly. Most often than not, you’ll find that licensed money lenders approve and disburse loans much quicker than traditional banks and financial institutions.

Are you eligible for urgent cash loans?

Urgent cash loans are very popular precisely because of the accelerated approval process. However, not everyone can qualify for one. One reason is that quick processing depends on the health of your financial record.

Applicants graded AA or BB (credit score of 1843 and above) ordinarily have never defaulted on a loan, have rarely or never made late payments, and are not involved in any legal financial proceedings. They are most likely to receive an urgent cash loan very quickly.

Pros of an urgent cash loan

There is always a huge demand for an urgent cash loan in Singapore. Here are some of the key reasons for its popularity.

Fast process

No one enjoys waiting. Urgent cash loans are typically accompanied by fast approval processes, efficient identity verification and credit assessments, along with speedy loan disbursement.

Immediate relief

Most people who apply for an instant cash loan need the money desperately. It could be a medical emergency, a legal issue such as reclaiming an impounded vehicle, or maybe even a product that you need that is on discount for a limited time. In each of these scenarios, waiting too long can have unfortunate consequences.

No collateral required

Not all money lenders in Singapore who offer urgent cash loans attach tough conditions to the loan contract. For example, 96bm Credit’s urgent cash loans are all unsecured. So long as our loan executives approve the loan, you do not have to leave anything you own with us (i.e. no collateral required).

Cons of an urgent cash loan

Quick loans are very convenient when you need cash in a hurry but there can be downsides as well. Read on to find out more.

Higher interest and/or administrative fee

When a licensed money lender approves an urgent cash loan in Singapore, they have to dispense the funds at very short notice. The loan executives have to complete the formal credit assessment process and paperwork within a very compressed timeframe.

One way that they account for this is by imposing a higher administrative fee. This may be a standalone cost or incorporated into the terms as part of the higher interest on the loan.

Unhealthy financial habits may form

There is no doubt that instant cash is very convenient. Unfortunately, that convenience can become addictive. Some borrowers put themselves in precarious financial circumstances, content in the knowledge that an urgent cash loan will always be there to give them temporary relief.

In the long run, though, this lax attitude leads to accumulated debt that can be very challenging to pay off.

How to get an urgent cash loan

So, you need cash urgently. Here are 3 ways to improve your chances of loan approval while ensuring a smooth application process.

Employment – casual or formal

One of the best indicators of a borrower’s ability to repay a loan is their employment history. A steady income gives them the means to support their lifestyle as well as meet their financial obligations.

This is great news for someone who has always been employed. However, applicants who do not have a formal job can improve their chances of approval by consistently engaging in freelance work and earning other casual income.

Documentation

Before you apply at our office, make sure you have all the necessary documents. This includes your NRIC or FIN card and/or passport. You will also need income-related paperwork such as payslips for at least the past 3 months. Know your Singpass password as you may need to log in to show related transactions.

Credit score

Maintain a good credit score even when you do not need to apply for a loan. Some easy steps include: (i) always paying your debts on time, (ii) managing a range of credit lines, and (iii) maintaining a healthy credit utilisation rate.

Bottom line

Getting an urgent cash loan to tide over an emergency can be achieved in no time if you do your homework and prepare all the necessary documents. You can apply for a loan on our website anywhere, anytime. Our loan officers will get in touch with you.

You can also visit 96bm Credit’s office during our operating hours — you could very well get the money you need in your hands within 30 minutes.

1st Apr 2023

Loans For Bad Credit Can Help You Get A Better Credit Score

A bad credit score affects your creditworthiness and makes it difficult for you to get loans legally. To fix this, you can obtain a bad credit loan in Singapore and work on converting your poor credit score into a good one.

Among all the legal loan providers available in the market, licensed money lenders are probably the best option you have to get loans for bad credit, including urgent cash loans and personal loans.

What’s a credit score? Why is a good credit score so important?

Before we talk about good and bad credit scores and their significance, let’s look at what a credit score is.

In simple terms, the credit score indicates the repayment probability of the borrower. It gives the lender insight into the borrower’s credit history, with the help of which the lender will decide whether or not to loan money to the borrower.

Needless to say, a good credit score is evidence that the borrower’s financially responsible as he or she takes pride in making repayments. On the flip side, a bad credit score puts the borrower in a poor light as it indicates a high risk of default.

Like it or not, the borrower’s credit score also impacts all other decisions that lenders like licensed money lenders make. Here are a few important ones:

Loan application approval or rejection
Deciding on your interest rates and other loan terms and conditions

Did you know some employers also consider your credit score before offering you a job? This is especially true if you’re working in the finance industry.

Hard truth: A good credit score opens up a wide variety of loan options for the borrower. Having a good credit score can fetch you financial help when you need to take out loans.

What if you have a bad credit score? Does that mean you cannot get a loan when circumstances are dire?

Not necessarily. The best option you have is to take loans for bad credit from licensed money lenders.

If you work on improving your credit score, you need not have to worry about getting a loan from any legal loan provider on a rainy day.

Bad credit loan: How does it help?

One of the most important reasons why borrowers have a bad credit score is due to missed payments from their multiple loans. It can be challenging to stay on top of multiple loan repayments month after month considering their due dates may be scattered throughout the month.

Debt consolidation and payday loans can help you manage your payments and improve your credit score over time — just be sure to make your loan repayments on time!

With a debt consolidation loan from a private, legal money lender, you can consolidate separate debts into one, making it much easier for you to keep track and make repayments. That’s not all. There could even be the added advantage of interest savings.

Licensed money lenders are a safe choice if you need loans for bad credit

There are various reasons why a legal money lender can be of great help when you want to get loans for bad credit.

First and most important, in Singapore, legal money lenders are regulated by the Ministry of Law’s Registry of Moneylenders. They are not allowed to charge more than 4 percent interest per month. So, whatever your financial status or repayment capacity may be, your interest rate will not be a sticker shock.

Money lenders are better than banks in many ways, too. For instance, the loan application and approval processes are faster, easier, and far more convenient.

Just so you know, banks typically do not entertain borrowers with bad credit scores. Licensed money lenders, on the other hand, are willing to consider individuals with not-so-good credit scores for loans.

Ways to automatically improve your credit score

Even if you can get a bad credit loan right now, you should take steps to improve and maintain your credit score at its best. Here are some surefire ways to boost your credit score:

Remember to pay your bills promptly

Even this most mundane thing can hint towards your ability to pay for services you use, and in turn, throw light on your repayment capacity. Defaults in bill payments might go against you. So, pay all your bills on time.

Use credit cards wisely

Credit cards can improve your bad credit score if you use them to your advantage. How so? Make sure you pay off your credit card bills in full before their due dates. Do this month after month and you’ll see your credit score improve.

But of course, keep a keen eye on your credit card expenses. This works even if you use your credit cards minimally.

Conclusion

Don’t let a bad credit score deter you. Take a bad credit loan and improve your credit rating. Be sure to keep up with your repayments according to your loan repayment schedule consistently!

Need help? 96bm Credit can help with your bad credit loan needs. Contact us for more information now.

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Thank You

Thank you for choosing us!

Take me to the blog

Prioritise credibility

Consider how fast you can get your loan

Compare interest rates and the repayment period

Bottom line

Urgent Cash Loan Singapore — Your Pros And Cons Guide

What is an urgent cash loan?

Are you eligible for urgent cash loans?

Pros of an urgent cash loan

Fast process

Immediate relief

No collateral required

Cons of an urgent cash loan

Higher interest and/or administrative fee

Unhealthy financial habits may form

How to get an urgent cash loan

Employment – casual or formal

Documentation

Credit score

Bottom line

Loans For Bad Credit Can Help You Get A Better Credit Score

What’s a credit score? Why is a good credit score so important?

What if you have a bad credit score? Does that mean you cannot get a loan when circumstances are dire?

Bad credit loan: How does it help?

Licensed money lenders are a safe choice if you need loans for bad credit

Ways to automatically improve your credit score

Remember to pay your bills promptly

Use credit cards wisely

Conclusion

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