Life can throw a curveball at you any time. Most people are seldom financially prepared for such situations. Many of us may even require to borrow loans on an emergency basis to fulfill our needs. And adding to our woes, are the complicated loan application and approval processes that can take forever to get you the necessary help. That’s when a fast loan in Singapore will help you navigate your problems.
All thanks to the legal moneylenders who make a legal loan in Singapore easily available. You can find out more about ‘fast loan Singapore’ or ‘borrow money Singapore’ on search engines to find reliable, legal moneylenders.
Before learning more about why legal moneylenders are better to borrow a fast loan in Singapore, it’s important to understand when it is appropriate to go for a quick loan.
Situation # 1: Hospitalisation
Medical emergencies are quite stressful. You never know what next test your doctor is going to ask you to get, or how long you might need to stay in the hospital. So, in such situations if you fall short of funds, then a fast loan in Singapore from a legal moneylender can be a blessing.
Situation # 2: Job loss
A sudden job loss might leave you in financial trouble if you don’t have enough savings, or if you already have monthly EMIs to pay along with your bills. It can make you helpless. But you need not be. Legal loans in Singapore can be quickly availed from a legal moneylender.
Situation # 3: Natural Calamity
When you are the victim of a natural calamity, there may be too many things to look into. Perhaps your house needs to be rebuilt, or damages need to be repaired. Or there could be other heavy losses that need to be mitigated. Even in this scenario, a legal loan in Singapore can provide you great financial relief.
Now that you know the kinds of situations when you should opt for a fast loan in Singapore, check out what are the important things you need to know.
Fast loan Singapore: Things you must know
- Remember, interest rates are only one part of getting a loan. There are many other things that you need to consider when looking for a lender. For example, charges like the closing fees, repayment fees and processing fees should be studied properly when signing the loan agreement.
- Beware of scammers and fraudsters. The best option to avoid getting cheated is to approach a legal moneylender. Make sure they are government recognized. Conducting good research before choosing a moneylender would be helpful.
- Even if you are a foreigner, you are allowed to take a fast loan from a legal moneylender in Singapore. So, if you are an expat, a foreign student or a legal immigrant, then some great options are available to you.
- You don’t have to be a salaried employee to be able to get a quick loan from a money lender in Singapore. A flexible metric allows assessment of the eligibility even if you fall in the category of freelancers, entrepreneurs and retired individuals.
Borrow money Singapore: Why should you go to a legal moneylender?
By now, you may have realised that a legal moneylender has more flexibility when it comes to a fast loan. Let us highlight those for you:
- Legal moneylenders offer you a convenient and an easy loan application and approval processes, which are also super quick. So, you actually get a fast loan in less time, when you need it.
- If you need smaller amounts, then legal moneylenders are the answer. Banks usually don’t give small-amount loans, but a legal moneylender will provide you with the same.
- Borrowers are usually worried about high interest rates. But if you choose a legal moneylender to give you a loan, then they have a cutoff at 4 percent per month on interest rates. So, they cannot charge you more than that, whatever your income and credit status may be. Even the nature of the loan, that is, if it is secured or unsecured does not matter.
- Moneylenders are more considerate in case of default payments and bad credit scores. They may even help you with a repayment plan that is aligned with your financial status.
When scouting for a fast, legal loan in Singapore, consider borrowing it from a licensed moneylender.