Things You Should Know Before Applying For an Instant Cash Loan in Singapore

Posted by moneylender on January 15th, 2015

You can get an instant cash loan in Singapore quite easily these days as there are hordes of online services vying among themselves to give you fast cash loans. You can search online for such services and get an instant cash loan in Singapore.

Quick Approval

Normally, getting an approval for a loan can take a day or two, or even up to a week, depending on the loan amount, the type of loan and the institution from which the loan is being borrowed. The crucial part of getting an approval for a loan, that takes time, is the checking of the credit history of the borrower.

In the case of instant cash loan in Singapore, the approval can be obtained very quickly, sometimes even in a few minutes, as in such cases the credit history of the borrower is not checked. Hence, instant cash loans are very useful for people who are in dire need of money and require it on a short notice. The flip side to this is that such loans carry higher rate of interest, plus there are other terms and conditions involved.

No Worrying Over Poor Credit Ratings

People who have bad credit ratings find it hard to get loan approvals, but this is not the case if they are seeking instant cash loans. Since the credit history is not checked, borrowers with low credit ratings can get access to certain sums of money easily. The only thing that is considered by the creditor is whether the borrower can afford the loan that he or she is applying for.

These days, borrowers just have to submit online forms which include information about their income and a computer can check if they can afford a loan or not within a few minutes.

Payday Loans

Payday loans are a popular type of instant cash loans in Singapore where creditors offer loans to borrowers for short duration on the condition that the principal amount, along with the interest, will be repaid as soon as the next paycheck arrives. Hence these are called payday loans.

Payday loans, however easy they are to get, do have certain other aspects that should be kept in mind. Firstly, there is a limit to the sum of money that can be borrowed under this category. Since the loan duration is short and the credit history is not verified, lenders tend to offer smaller sums to borrowers.

Secondly, the interest rates on such loans can be sky high, as much as 30%, thus making this a costly affair, and recommended only for those who need money for an emergency and have no other options left.

Instant Cash Loan in Singapore

You can get an instant cash loan in Singapore if you need money on short notice for any reason. All you need to do it to apply for a fast cash loan and chances are you will have access to the money through your bank account within a few hours.

Article Source: - http://www.articlesbase.com/debt-consolidation-articles/things-you-should-know-before-applying-for-an-instant-cash-loan-in-singapore-7175072.html

This post is written by Andres Wright, works in Golden Credit (S) Pte Ltd. He loves to write about Moneylender Singapore and various loan services like, personal, debt consolidation loans in Singapore.