Where To Get The Best Instant Cash Loan In Singapore

Taking loans in Singapore is now a very common occurrence. The need for instant cash is ever increasing, for any number of reasons; and if you live in the city-state of Singapore, you will need to take loans for various reasons (unless you fall in that small percentile that earns enough money to handle all of their needs without needing loans).

There are many sources now where you can go to get an instant cash loan in Singapore that does not include family and friends: all you need to do is verify that they are legitimate so that you don’t get ripped off with high-interest rates and the like.

Reasons Why Singaporeans Need Instant Cash Loans

As said earlier, there are several reasons why you would need an instant cash loan in Singapore. Such as:

  • Emergency Bills
    While Singapore may have the best healthcare system in Asia Pacific, your health insurance may not cover everything when your health bills come. Not just health bills, but you may need emergency funds for other unplanned for circumstances. If you do not have funds set aside for these emergencies, you will need to get an instant cash loan.
  • Business
    Your need for instant cash may come when you want to start a business, or pay the rent, or pay your staff their monthly wages. If you are experiencing a low revenue income, you can get an instant cash loan to tide you over while you wait for the revenue stream to become greater.
  • Credit Card Debts
    Since the economy has grown more and more cashless, acquiring debts on your credit cards tends to happen more often than not. Paying off your credit card debts quickly is always a good idea, and is highly advised because the interest rates on those debts are quite high. Taking an instant cash loan with low-interest rates will go a long way in clearing your credit card debts.
  • Purchasing Luxury Items
    Buying luxury items may also require cash, and you might really want to buy it before the item runs out of stock. Sometimes these luxury items are second-hand items, so cash is always preferable to credit cards. If you do not have the money at the moment, you can take out an instant cash loan to purchase the luxury goods before you lose the opportunity to do so.
  • Investment
    Investments are usually solid ways of saving your money and gaining some interest on it. Really good investment opportunities are not easy to come by, and once you hear about one, it is usually a good idea to get your money and invest. What if you don’t have the money ready for that; or the money available is being kept for something else? Take an instant cash loan and make the investment: you will be able to pay back the loan with money to spare.
  • Dream Vacation
    So you are in dire need of a vacation, but you can’t seem to spare the money for a trip to Thailand? Take an instant cash loan. That trip will help you emotionally and mentally, soothing your stressed and frazzled nerves so that, when you return to work after a week off, you will be refreshed and on your ‘A’ game.
  • Gambling Habits
    Gambling is one of the quickest ways to gain lots of money off of a lesser amount put in. Gambling is also a quick way to lose lots of money in the space of minutes. For some, gambling is an active hobby, which means that they constantly need huge sums of money on hand. Instant cash loans can help with this, but it is not advisable.

Bank vs. Pawnshop vs. Moneylender

If you are thinking of places to get instant cash loans in Singapore, there are three places that you can go that are legitimate and you are sure of getting your money.

  • Banks
    Getting a loan from a bank in Singapore is a long, tasking process. Banks have to very careful when giving out loans, so they have to cover all their bases. Banks go over your financial history to determine if you will be able to pay back the loan, and they need to view all your documents before they can deem you fit for a loan –bonus for you if you are an account holder with the bank you are requesting a loan from.Banks require collateral for their loans, and you are required to repay the loan anytime from 3 years to 7 years, with high-interest rates and stringent terms and conditions. As for time of disbursement, you will get your loan in a week, which may not be ideal if your need is very urgent.
  • Pawnshop
    Typically found near MRT stations and connecting bus stations, pawnshops have been around for a long time, and are renowned for their quick loan disbursements and hasty transactions. The only collateral they accept is luxury watches, bags, and other valuable jewellery. You will also need to show them some valid identification.Pawnshop loans only have a maximum term of 6 months, and the interest rate increases every month. Failure to repay the loan transfers ownership of the collateral to the pawnbroker.
  • Moneylender
    Once a very mistrusted source of loans, moneylenders are gaining prominence in the loan-taking scene in Singapore. With a governmental body governing their activities, moneylenders have a maximum interest rate of 4% on all loans. The process of getting a loan is very short: just present some documents and you can get your loan, without collateral. For your interest and protection, however, make sure you check the list of licensed moneylenders before transacting with any of them and make sure you understand the terms and conditions of the loan before you take it.

Getting instant cash loans in Singapore is easier than ever, and you can take a loan for whatever reason, as long as it is a pressing need. If you are tired of asking family and friends for loans, you can go to a bank, a pawnshop, or a moneylender, and you are sure to get the amount you want, as long as you meet all specified requirements.

Things You Should Be Careful About When Taking A Credit Card Cash Advance

Cash advance is the process of obtaining cash through the use of a credit card. The credit card cash advance service is provided by charge and credit card issuers. This credit service allows a cardholder to withdraw cash either over the counter or through an ATM up to a set limit. For credit cards, this is called the credit limit. Credit cash advances mostly incur very high-interest rates and it often compounds each day starting from the day you borrowed the cash. Advances made on a credit card are often higher than other transactions made with the credit card.

Credit card cash advances are short term loans that are taken against your credit card. Here individuals use credit cards instead of debit cards to access this loan facility. Although taking credit card cash advance is very easy, they are a very costly form of loan since they have a variety of fees and expenses that a regular ATM withdrawal does not have. The credit card cash advance usually does not carry a grace period meaning that the repayment is best done as soon as possible.

Before using the credit card cash advance, borrowers are often advised to consider other alternatives to getting the money they require. As a borrower, always consider the high-interest rates charged on the credit card cash advance which in the end negates all the short term benefits you are to get from the advance.

Who Needs Credit Card Cash Advance

Individuals who wish to buy gift cards online using PayPal for their loved ones could use a credit card cash advance as a safe way of shopping online. Purchases that are categorized as cash advances are often treated as credit card cash advances. Some of the purchases that banks consider as credit card cash advances even when you did not take the cash include; travellers’ checks and money orders, lottery tickets, foreign currency, casino gambling chips as well as transferring funds to a PayPal account.

A credit card cash advance can also be used by an individual who has no access to hard cash when making purchases where plastic money is not accepted, like the farmers market.

How Credit Card Cash Advance Works

Usually, when taking a credit card cash advance, you are required to pay an upfront and hidden fee charged at 6% of the borrowed amount. The credit card cash advance can be accessed from an ATM or over the counter. To obtain a credit cash advance from ATM, you will need a PIN. When your account does not have a PIN set, contacting the customer care service of the card issuer will help you get the PIN. As soon as you get your account’s PIN, withdrawal of the money will be as when using a debit card.

Things You Should Be Careful About When Taking A Cash Advance

When you use your credit card to make any minimum payments, the money is applied to purchases you made. This is so since many credit card providers channel minimum payments to items that attract lower interest rates. This means you are not able to ask that the funds be used to pay off your credit card advance before clearing your purchases. Nonetheless, the law stipulates that any payment that is over and above the minimum has to be channelled towards the highest APR balance.

Therefore it is advisable for a borrower accessing the credit card cash advance is to ensure that the next payment they make be the minimum amount plus the credit card cash advance. When possible it is best to pay off the entire amount in a single payment.

How It Is Better To Take A Payday Loan From A Legalized Moneylender

When in need of emergency funds, payday loans prove to be a reliable source of quick cash at a lower interest rate. The repayment period of the loan amount taken is often based on the outlined repayment schedule in the loan contract. This gives the loan repayment a grace period which causes ease in repayment of any loan taken by a borrower.

Payday loan requires a minimum criterion to enable approval. This includes age, proof of income and residency. Once you have applied for a payday loan the licensed moneylender often contacts you within 5 minutes and the money is transferred to your account within hours after you have submitted your application.

A payday loan is a form of a short term loan which helps you take care of your emergency financial commitments. The payday loan requires that you repay it quickly leaving you with no debt to be troubled about. This loan type is often tailored to your ability to pay it back within a set timeframe. Payday loans can be negotiable and the repayment plan adjusted to best suit the borrower’s budget. This helps greatly in terms of managing your finances since you are in a position to plan your finances.

Payday loans have simple policies on the rates offered. There is only one interest rate charged on the principal amount with no hidden charges. Payday loans offer flexibility in the repayment policy and when considering the repayment period, the payday loan is better than getting a credit card cash advance that has no grace period. Payday loans also allow low-income earners who have no access to a credit card to use this service.

When making consideration to take any type of loan, ensure you do your research prior to committing to one loan. Ensure you familiarize yourself with the interest rates charged, your ability to repay and the repayment period on the loan contract.

Conclusion

Cash advance is easily accessible through credit cards. However, a borrower finds himself in the endless cycle of snowball debt as he can always keep borrowing from his credit cards to roll over his debts. Once you have applied for a credit card cash advance, money is immediately made available to you. At the same time, the interest charged on the advance come into effect as soon as you receive the money. Credit cards issuers often channel funds lower than the minimum payment to items with lower interest. In order to overcome this snowballing effect, ensure that you make minimum payments plus the credit card advance or better clear-off the loan amount plus the interest accrued.

My Friend Asked Me To Be A Surety: What I Need To Know To Protect Myself

Licensed moneylenders are in the business of lending money both to individuals and businesses. When they give money, they need to be very sure that the money they are giving will be repaid together with interest.

The truth is that every time a money lender lends money, he is risking losing the money. This is because the future is very unpredictable, they can lend money to an individual or business today, and that person loses his job or the business fall.

To minimize making a loss, money lenders insist that a person or business person who borrows money provides a surety/guarantor for the loan taken. Who is a guarantor then?

A surety is a third party who promises to pay back the money borrowed plus interest even if the business fails or the individual loses his job or becomes bankrupt.

Types of Surety

  • Personal Surety – this is when the person taking a loan takes full responsibility for the repayment of the loan.
  • Third party Surety – this is when the person taking a loan finds either a friend or relative who agrees taking full liability for the repayment of the debt.
  • Collateral – the individual taking the loan raises sufficient collateral/property which in case he fails to repay the loan, the property can be sold to raise the money plus interest.

Things to Consider

Before you agree to become a surety for your friend, please make sure that:

  1. You understand your responsibilities as a guarantor;
  2. You get a photocopy of the Contract at the time that the loan is issued. Ensure that you keep a record. Always maintain the copies of the Contract that you signed as a surety. Also, ensure that you keep track of the loan’s repayment and correspondence;
  3. Ensure that the document states the amount of money and a clause which says that the money and interest is valid for only the duration of the loan;
  4. The moneylender has explained the terms in the Contract in a language that you understand;
  5. The moneylender does not withhold your NRIC card or any other personal ID documents (e.g. driver’s license, passport).
  6. The moneylender does not acquire any information that contains passwords to your user accounts (e.g. Singpass account, Internet banking account, email account).

Effects of Being a Surety

If under any circumstances a borrower fails to repay the loan, as his surety, you will end up:

  • Paying the loan requirements
  • Paying late charges
  • Paying legal fee charges and other duties.
  • The unpaid debt will reflect on your credit rating as a bad debtor.

How to Protect Yourself as a Surety

Before you sign as a surety, here is how you can protect yourself:

  1. Seek the moneylender’s signed agreement that you will not be required to pay for the loan until the original borrower is unable to repay the loan
  2. Seek a signed agreement that will only make you liable only to the unpaid principal
  3. Once the loan has been granted, ensure that you monitor the payment responsibility of your friend/relative.

Consult your lawyer before signing as a surety and when the borrower proves irresponsible.