Getting a personal loan in Singapore is a lot easier than you might think, and it’s all thanks to the advent of instant loan approval. Personal loans, payday loans and other kinds of cash loans in the city-state can offer a helping hand when you need money fast, but how does this work exactly – especially if you need those funds quickly?
What Exactly is an Urgent Instant Cash Loan?
How quickly can you physically sign a loan contract and get your hands on a cash loan in Singapore? Well, the best personal loans offered by trusted lenders right now typically offer same-day instant approval, which usually means you can get your loan application reviewed within 30 minutes or less and receive your funds pretty soon afterwards. But how soon?
If you need quick cash within five minutes, you might be a little disappointed, as licensed money lenders Singapore DO NOT usually disburse loan funds online – you’ll need to review and agree to the loan details in person before you can actually get your hands on any money.
But there’s good reason for this – personal loan scams are becoming increasingly common in Singapore, and trusted players in the industry are fighting back by ensuring valuable loan amount funds are never hastily transferred via the internet.
Personal Loans and Other Instant Cash Loan Types with Instant Loan Approval in Singapore
Singaporeans who require an instant cash loan with instant loan approval have several options in the city-state. With many licensed money lenders, you can apply for a personal loan, payday loan or foreigner loan with minimum hassle, simply by providing proof of your monthly income, bank statements and utility bills, as this is all you really need to qualify. Bridging and business loans could also be an option, though additional requirements apply.
Personal Loan
Personal loans offered by banks and lenders are basically just regular unsecured loans offered with a short loan tenure. They can usually be used for any purpose you desire, whether that be funding utility bills, rent or just a nice day out on public holidays. You’ll sign up to a monthly repayment plan to pay back what you’ve borrowed at a pre-agreed interest rate.
Payday Loan
Super-short-term payday loans are offered by most trusted lenders, too. They function similarly to standard personal loans, though the loan amount you can borrow is likely to be smaller and the loan tenure will usually be much shorter. Check the loan details to see how soon you’ll need to repay your quick loan, as payday loan tenures can sometimes be as short as one to two weeks, and hidden fees or processing fees may apply if you’re late paying.
Foreigner Loan
A foreigner loan in Singapore acts in very much the same way as a regular personal loan. That said, you might need to prove a minimum monthly income of $2,000 or more, whereas Singapore citizens and PRs can usually qualify for standard personal loans once they’re earning just $1,500. Be sure to check the interest rate and relevant documents required with a foreigner loan, too, as these may also differ.
Instant Cash Loan
A fast cash loan offers quick cash to those in need, and these are commonly advertised by every trusted moneylender. An instant cash loan can be either a personal loan, payday loan or foreigner loan depending on which type is the right loan for you – just be sure to double-check the repayment terms before starting any personal loan or other loan application process.
Bridging Loan and Business Loan
If your financial needs include having to “bridge” the gap between selling an old property and buying a new one, a bridging loan could provide you with the quick cash you need. Equally, applying for a business loan might be the right loan type for you if you intend to use the cash for business purposes. Just keep in mind that these two loan types may require customers to provide more in-depth evidence of their finances and account information as part of the application process.
How to Get Instant Loan Approval with an Instant Cash Loan
To get their hands on a quick loan, Singaporeans simply need to: Submit an application; receive a money lender callback within 30 mins; wait for loan approval; visit the premises of the money lender; review loan amounts and details; and sign and receive cash.
1. Submit a Personal Loan Application
First up, you’ll want to fill in an online loan application with your money lender of choice.
2. Receive a Money Lender Callback Within 30 Mins
Next, your money lender will call you back to discuss monthly repayments and terms and conditions.
3. Wait for Personal Loan Approval
Once you’ve found and applied for a loan that meets your financial needs and agreed the terms with your lender over the phone, you’ll need to get approval before your funds are dispersed.
4. Visit the Premises of the Money Lender
To get your loan finances finalized, you’ll need to visit your lender directly with your relevant documents.
5. Review Personal Loan Amount and Details
Once you’re happy with the details of the loan you qualify for, it’s time to sign on the dotted line.
6. Sign and Receive Cash / Funds
And that’s the end of the process – your loan funds can now be disbursed.
Typical Instant Cash Loan Requirements
So, what exactly do you need to qualify for a personal or quick cash loan in Singapore? Here are the basics:
- You must be a Singapore Citizen, Permanent Resident (PR) or foreigner.
- You must be between 21 and 65 years old.
- You must be either employed or self-employed.
Singaporeans and PRs will be expected to provide proof of identity (such as NRIC or passport), and proof of monthly income (such as payslips or bank statements). Foreigners might also be asked to show evidence of a tenancy agreement in Singapore and a work permit, among other documentation.
Can I Apply for Personal Loans with Licensed Money Lenders 24/7?
If you were hoping to show up at your local money lender in the early hours of the morning, you might wind up a little disappointed, as most lenders have premises opening hours. That said, you can usually still apply for a personal loan online 24/7.
Can I Apply for a Personal Loan on Saturdays and Sundays?
Yes, some lenders are open during the weekends – but you should always double-check directly with your preferred lenders or banks first, as some may be closed on public holidays and other special occasions.
Top Instant Cash Loan Borrowing Tips from FiLife
Before you apply for a personal loan, here are a few tips:
1. Determine the Right Loan Type for You
Every borrower has different financial needs. Compare different loan types and keep in mind that a secured loan gives your lender the right to seize your pledged property or assets if you fall behind on your monthly repayments, whereas unsecured loans require no collateral and usually have a lower borrowing threshold.
2. Shop Around for the Best Interest Rates
Banks will charge a higher interest rate than a trusted money lender in Singapore. That said, there is a lot of variation in interest rate charges and processing fees across the market in general, so be sure to shop around.
3. Consider Your Financial Goals
We all take out loans for different reasons – and your financial needs will inevitably affect what type of loan is the best fit for you. For example, some loans are good for consolidating debt into one single, more manageable payment, while others (such as bridging loans) are perfect for people who need quick cash when moving home.
How to Avoid Common Personal Loan Scams
As we’ve briefly mentioned, personal loan scams in Singapore are sadly rife. The good news is that there are a bunch of things you can do to easily spot and avoid them. Always make sure that any money lender site you use has:
- A green “https” address
- A phone number you can contact them on to discuss security
- A realistic loan approval time
- A listing on the Ministry of Law’s List of Licensed Moneylenders in Singapore.
Equally, you should steer well clear or be suspicious of any lenders that:
- Send unsolicited SMS or WhatsApp messages
- Have suspicious-looking social media accounts
If you encounter something that looks shady or a loan shark, you can report it to the Singapore Police hotline at 1800-255-0000 or by using this link.
Read more: What is a Loan Shark & Legal Vs Illegal Money Lender Singapore
What to Remember When Applying for an Instant Cash Loan
From choosing the right loan to suit your unique financial needs, to steering clear of common scams and shopping around for the best interest rates, there’s a lot to think about when trying to get a personal loan in Singapore – but the good news is that it’s almost always straightforward to secure a dependable personal loan quickly. Keep in mind, that:
- Getting a loan won’t happen immediately. While you can receive approval online within 30 minutes with several money lenders, you’ll still need to visit them in person to sign your loan contract before getting your hands on any money.
- A licensed money lender will usually offer better interest rates than banks, but processing fees and other fees will apply, and you’ll always need to shop around to secure the best deal.
- You’ll need to meet the eligibility requirements of any kind of loan you wish to apply for, and provide the necessary documentation, before you can get loan approval.
Here at FiLife, we provide financial news, updates, and blogs to help you get more out of your financial goals. Read our blog or subscribe to our newsletter today.
