Are you in need of immediate funds? There are instances where we might find ourselves facing financial or medical emergencies that require quick solutions. One way to address such urgent financial needs is by applying for a fast cash loan through a licensed moneylender. You also have the option of low-interest fast cash loans, which can put money in your hands within a matter of hours.
In the context of Singapore, what exactly is a quick cash loan, and how can you go about applying for one? It’s important to understand the advantages and disadvantages associated with these loans. In this blog post, we will delve into all the essential details about fast loan in Singapore.
What is a Fast Loan?
You can access funds swiftly with an urgent cash loan, typically through a streamlined online application process that results in rapid approval. In Singapore, certain lenders even provide instant cash loans that can be acquired within an hour.
What prompts the need for an urgent cash loan?
Here is a list of compelling reasons:
- Settling bills
- Addressing home maintenance
- Tackling unforeseen home renovations
- Covering unexpected vehicle repairs
- Managing medical emergencies
- Refinancing existing debts
- Handling unexpected funeral costs
What’s the maximum loan amount available for a fast cash loan?
Once your loan application is approved, you might be wondering about the borrowing limits. Typically, these loans are determined based on your annual income and credit score.
- Annual Income:
Your eligibility for a larger loan often hinges on your annual income. Lenders assess your ability to repay the loan based on your yearly earnings. Higher annual income increases the likelihood of loan repayment, enhancing your chances of approval for larger loan amounts. Conversely, if your annual income is low, your prospects for obtaining higher loan approvals diminish. In Singapore, licensed moneylenders use your annual income to determine your borrowing capacity.
- Credit Score:
Your credit score plays a crucial role in loan approval, reflecting your likelihood of repaying debts. A higher credit score enhances your chances of securing a larger loan.
Here are the various credit score tiers by the Credit Bureau Singapore (CBS):
| Score Ranger | Risk Grade | Probability of Default | |
| Min | Max | ||
| 1911-2000 | AA | 0.00% | 0.27% |
| 1844-1910 | BB | 0.27% | 0.67% |
| 1825-1843 | CC | 0.67% | 0.88% |
| 1813-1824 | DD | 0.88% | 1.03% |
| 1782-1812 | EE | 1.03% | 1.58% |
| 1755-1781 | FF | 1.58% | 2.28% |
| 1724-1754 | GG | 2.28% | 3.46% |
| 1000-1723 | HH | 3.46% | 100% |
Who is eligible for a fast cash loan in Singapore?
Read Also: A Step-by-Step Guide to Applying for a Personal Loan in Singapore
There are two essential eligibility criteria:
- Age Requirement: To qualify for a personal loan in Singapore, applicants must be at least 21 years old. Some lenders may impose a maximum age limit, typically around 60 to 65 years.
- Minimum Income: Eligibility often hinges on a minimum income threshold. While certain banks may require an annual income of S$30,000, the standard minimum income for Singaporeans and Permanent Residents is S$20,000. Foreigners usually need a minimum income ranging from S$40,000 to S$60,000, and they may be asked to provide their work pass as well.
Documents Required for an Instant Cash Loan:
- Singaporeans With Employment and Permanent Residents:
Employed Singaporeans and Permanent Residents can conveniently apply for quick cash loans online using their Identification Card (IC), CPF contribution statements, and the most recent three pay slips if their monthly income exceeds $6,000.
- Self-Employed Singaporeans/Permanent Residents:
Self-employed individuals among Singaporeans and Permanent Residents will need their ID card, the Inland Revenue Authority of Singapore (IRAS) Notice of Assessment (NOA), or official income documents such as bank statements or commission statements as proof of income.
- Foreigners in Singapore:
Foreigners residing in Singapore typically require their employment pass, proof of primary residence (e.g., lease agreement or proof of billing address), and their most recent three months’ pay slips for loan applications.
What are the advantages of obtaining a fast cash loan in Singapore?
- Quick and Simple Process:
Unlike many loans, which often involve extensive documentation, fast loan approval in Singapore requires only a few documents, making it swift and straightforward.
- Prompt Access to Funds:
Fast cash loans excel at providing rapid money transfers. In cases of emergencies or urgent financial needs, these loans can offer access to the required funds within hours.
- Flexible Loan Amount:
Fast cash loans allow borrowers to access smaller sums of money, which can be particularly useful for covering immediate expenses or unexpected bills, depending on individual needs.
- Convenient Repayment Schedule:
The repayment plan for an urgent loan can be adjusted based on the loan amount and the specific requirements of the lender. The terms and conditions of an urgent loan are typically communicated upfront, enabling borrowers to analyze the repayment plan and manage their finances accordingly.
Why choose to apply for a loan with licensed moneylenders?
There are compelling reasons to opt for an instant loan from licensed moneylenders like “Best Licensed Moneylender Pte Ltd.” These lenders provide a secure and regulated lending experience, ensuring compliance with legal guidelines. They offer transparent terms, fair interest rates, and responsible lending practices, minimizing the risk of predatory lending. By choosing a licensed moneylender, borrowers can trust in the reliability and integrity of their financial transactions. Visit our website and apply for your instant cash loan today or click the link here to read more on personal loan.
