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5 Effective Ways to get an urgent cash loan in Singapore with Ease

By Zeeshan , in Legal Business , at August 6, 2021

There are times in life when you need money but won’t really like to turn to family or friends for your cash needs. It is in situations like these that one can take advantage of fast cash loans. If you are in a need then you can get an urgent cash loan in Singapore with ease, all you need is to keep a few pointers in mind. Here’s a fast guide to get an urgent cash loan.

Instant loans

For all your urgent cash requirements getting an instant loan approved can be the fastest and most effective way. For the best deal, you can compare the rates various financial institutes may be offering you and opt for the one that checks all your needs.

An instant loan is, roughly speaking, the same as a personal loan, except you may get it even faster. You can either choose to get it instantly deposited in your bank account. If you have a pressing need, you can even take it as a cash loan. It makes sense to research the best personal loan rates before you borrow to make it a beneficial transaction for you.

The reason why an instant loan is fast becoming the most popular form of loan in Singapore is precisely because it gives you the freedom to choose what you want to do with your money. The other factor that leads to the ease of these loans is that you do not really need collateral for securing these loans. This means, as soon as you are approved for a loan, you can expect the payment to come to you, which is why fast cash loans are one of the fastest-growing segments in Singapore.

Payday loan

A payday loan is another fast, quick, and hassle-free way to get fast cash loans. If you are wondering how payday loans work, then it is pretty simple – you borrow a certain loan that you need to pay as soon as your next payday arrives. This short-term loan is an unsecured loan that helps you sail through a financial need for a short period of time.

However, you must keep in mind that, unlike a personal loan where you have the provision of repaying your loan in easy instalments, a payday loan is to be paid back in full. Usually, the lender only approves an amount that is well within your paying capacity so the chances of defaulting on payments do not arise.

Credit card advance loan

Another category of short-term loans in Singapore is credit card advance loans. You can get urgent cash by using the available balance on your credit card. This of course makes sense in situations where you need cash or your credit card is not expected. The credit card provider will, however, charge you an interest rate along with a processing fee for this provision.

The rate of interest would be higher than the interest on your credit card so be aware of the importance of repaying the loans as fast as you can. But because of its convenience, it is another category of Singapore cash loan that is extremely popular.

Pawn Shop loans

If you own a valuable item that can be pawned it can be another way to avail of an urgent cash loan. Pawn shops work on the principle of pawning your valuable item as collateral in exchange for a loan. The value of your item is decided upon by the pawnshop.

A pawnshop loan is an easy category of Singapore cash loan as it involves no complicated paperwork as all you need to do is to walk into a pawn shop with an item that you think holds some worth to get you through an urgent cash loan.

Urgent loans from licensed money lenders

Urgent loans usually have a simpler application process, since the lender understands the need for this loan is urgent the formalities are not expected to take more than half an hour to get through the application process of the loan process.

Since the review process of urgent loans is swifter and the lender understands the small window available usually the approvals come by quicker making the process a more positive experience. Most licensed money lenders understand the competitive market and give the best personal loan rates.

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