Everything about Quick Cash Loans in Singapore: Key Aspects & FAQ

Maybe you are not the best at saving money or your salary is not the right amount to give you the possibility to save up but there are emergencies or situations when you need them. If you live in Singapore, these problems can be solved quickly with a loan that has instant and quick loan approval. Everybody has situations when money can be tight but you still want to get things done, the solution for you might be the quick cash loans in Singapore that give you the opportunity to have the money you need. If you are interested in a loan, keep on reading to find out the key aspects about the instant quick loan approval in Singapore but also for the quick cash loans.

Key Aspects about an Instant Quick Loan Approval in Singapore

An instant quick loan approval in Singapore but also in any other place around the world, is a short term online loan. Usually people go for it in emergency situations when they need money quickly. For example, a medical bill that came out of nowhere or if your car breaks down maybe even an urgent bill. Typically, the instant cash loans represent small amounts of money, starting from amounts such as 50$ for example. The term of refunding this money is a few weeks or maybe months, depending on the terms you agree with.

Bankrate also mentions ‘An instant loan is a short-term loan that’s typically for a small amount of money and comes with high interest rates and fees. Often, people turn to them because they are facing an emergency — like a car repair or other expensive bill. Depending on your state laws, these short-term loans are available in a few varieties: payday loans, pawn shop loans and car title loans.’

As a warning, you have to keep in mind the fact that these loans are not for a long period of time. So, when you apply for the loan you have to be sure that you can repay it as soon as possible.

The Advantages of Quick Cash Loans in Singapore

FineX mentions ‘QuickCash Loans are short-term loans in which funds can be deposited into your Checking Account within 60 seconds. If an emergency or unexpected expense hits, and you won't have the money until your next pay check, a QuickCash Loan could be your answer.’

Therefore, the first advantage of a quick cash loan is that you can have the money you requested within minutes from the moment you applied for it. If it is an emergency, then this might be the best option for you because it is a fast and easy process.

Another advantage is the fact that the requirements for an application are the bare minimum and they are not that complex, thus your chances of your application being accepted are higher. Usually, all they are asking for in the application is to be over 18, from Singapore and to have a regular income so that they make sure you have the possibility to give the money back with the interest.

An interesting fact about these types of quick loans is that you do not need to have a perfect credit score. The funds are available for you even with a ‘not so good’ credit score and you can still get the money fast for any kind of emergency. As mentioned before, you just have to make sure that you can repay the money plus the interest in time.

How to Get an Instant Loan

The process of getting quick cash loans is not that complicated, the first step is to choose a licensed lender, there is a list available on the Monetary Authority of Singapore (MAS). Then you have to fill in the application whether it is online or you have the possibility to go to a branch of the licensed lender that you chose. Make sure you have all the documents you need before filling the application, this being the third step. Usually, for these instant and quick loan approval you need the IC, proof of income and proof of residence. And the last step is when you get the approval and the money is being transferred into your account.

FAQ - Frequently Asked Questions

Are Instant Loans the Same as Payday Loans?

This is a frequently asked question about instant loans. The answer is no, they are not really the same, but they do have one thing in common: they are both high cost and short term loans. The difference between them is the fact that a payday loan has to be repaid in less than a month, and an instant quick loan approval lets you repay the money over several months.

How Much Can You Borrow with an Instant Loan?

The amount that you can borrow is not that big, usually it starts from $50 and goes a little over one hundred dollars. But if you are an old client, you may be able to get a bigger amount. An instant quick loan approval is not something that you can use for a car renovation or something expensive in general, but it can be the solution for emergencies and situations that do not require a huge amount of money.

Conclusion

In conclusion, if you are thinking about getting a quick cash loan you have to be sure that you understand and respect all of the terms and conditions. Mainly, you just have to be from Singapore, be over 18 and have a regular source of income, but you also have to make sure that if you have an emergency and you need the money, you will be able to repay as soon as possible, maybe on your next pay check. Emergencies happen all the time and it is perfectly normal, but you would not want to have problems just because you did not take into account the fact that a small loan has to be repaid quickly.