Urgent cash loan Singapore - A quick guide to the pros and cons
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 loan.
In this blog post, we talk about the idea behind urgent cash loans and how you can qualify, as well as their pros and cons.
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.
The other crucial factor is the right ID.
We respect our clients’ privacy and security and have very stringent measures in place to prevent identity theft and fraud. To do this, we require applicants to provide ID such as NRIC and/or passport so we can confirm their identity. This keeps both you and us safe from fraud and legal problems.
Pros of an urgent cash loan
There is always a huge demand for an urgent cash loan Singapore. Here are some of the reasons for its popularity.
No one enjoys waiting. With our fast approval process, you can come in, get the cash you need, and then leave in less time than it takes to drink a cup of coffee.
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.
Some money lenders in Singapore who offer special loans attach tough conditions to the loan contract. At 96bm Credit, all our urgent cash loans are unsecured. So long as our loan executives approve the loan, you do not have to leave anything you own with us.
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.
When a licensed moneylender approves an urgent cash loan Singapore, they have to dispense the funds at very short notice. The loan executives have to complete the formal process and paperwork within a very compressed timeframe.
One way that they account for this is by imposing an administrative fee. This may be a standalone cost or incorporated into the terms as part of the interest on the loan.
Unhealthy financial habits
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 give them temporary relief.
In the long run, though, this lax attitude leads to accumulated debt that is very difficult to pay off.
How to get a fast cash loan
So, you need cash urgently. Here are 3 ways to improve your chances of approval and also ensure 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.
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.
Maintain a good credit score even when you do not need to apply for a loan. Some easy steps are to always pay your debts on time, manage a range of credit lines, and maintain a healthy credit utilisation level.