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.
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.
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.
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.
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.
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.