Loans are something which is of great demand in present world. But no one gives much thought about personal loan until and unless they needs it urgently. Loans have some interest attach to it which starts counting from the day we apply for it! This article is about how we can get a fast cash loan without any lengthy process. So here are 4 ways in which we can get fast cash loan in Singapore , but caution related to this is that as it is short term interest rates will be high!
1) Peer to Peer lending
P2P or peer to peer lending is recent arrived way of getting fast cash loan in Singapore. Regulator are still trying to make it suitable for working locally. Currently this is available only to companies, if you run a SME and didn’t get loan from bank, then this is one of suitable way u will get loan easily. Interest rate are high though, since lenders have risk giving loan to SME those who don’t have finances or guarantee to get it from bank.
2) Personal Bank Loan
Personal bank loan is one of most famous, this requires certain criteria to be met and bank have to accept the loan request. The criteria includes having annual income of $20000 and age of 21. Your credit score in bank should also be high to get loan. And this given loan is for one whole year. So it’s not suitable method for one who is looking for short period as they will get locked for one whole year. And also this loans may have high interest according to period or length of payment.
3) Cash Advances
Cash advances are given usually by credit card issuers to credit card holders. Credit card issuers given advances which can be withdrawn from ATM or over the counter using your credit card. This method is limited as amount you can withdraw is limited to your card limit. And there is percentage charge for each withdrawal. Interest is being charged from the day cash is being taken. This method is usually considered last as an emergency, if no other method worked out for you.
4) Licensed Money Lender
This is one of good ways to get fast cash using licensed money lenders. This is an alternative to bank loan, as they don’t make you committed for one whole year. It is faster is process too as no credit score evaluation is required. Instead they keep record in moneylenders credit bureau. This contains the information of loan given to each person all these information are given by money lenders.