The finance industry itself is a tough one. Not to mention the lending industry that exist within. The lending industry is constantly revolving to adapt to the multitude of changes that happens in the financial world and government policies. This has led to stiff competition and many use attractive instant cash loan offers to entice customers. The current economy is not doing anyone good either, with wages and salaries stagnating and with a downward decline in job availability. Thus having cash on hand is becoming an issue, and people turn to loans to maintain their needs or to fix their financial woes.
There are many different loan options in Singapore, instant cash loan options are one of the most common loan type that borrowers get. Both banks and moneylenders issue instant cash loan, sometimes they can be just called as cash loan. It does not matter what name it runs under, more importantly as a consumer you have to weight the various pros and cons of such offerings.
Pros of Instant Cash Loan in Singapore
Fast – Instant cash loan as it’s name is termed, allows one to have cash pretty quickly. This is due to lesser credit checks and collaterals needed. Lenders are able to provide a quote based on your monthly income, commonly through email request. Most loan requests get replied within 1-2 working days.
Ease of Acquiring – As we get more digital, so do businesses such as moneylenders. One can go online to get pre-approval without physically heading down to the shop and await approval. A borrower can get multiple quotes too from various moneylenders. This allows borrowers to first survey the field, acquire quotes, compare the offerings and make more intelligent choices down the line.
Flexibility – Instant cash loans are made to be easier to understand. As long as there’s proof of income, borrowers will have it easier to get their loans. Typically, borrowers can get up to 2-4 months of monthly income. More often than not, your credit score is not subjected to the loan approval process.
Cons of Instant Cash Loan in Singapore
Control – Having an influx of cash might lead one to be out of control. A borrower might splurge on the new found money instead of using it to settle debts or other financial needs. Having new cash in requires a good amount of discipline, control and an action plan. Always plan your money resources as tight as possible. Be #smart with your money.
Summary of Loans in Singapore
As with new control measures by the government, interest rates are now capped at 4% monthly. This new ruling may lead to moneylenders keeping a tight watch on whom they loan the money to. Hence, be upfront if you have any issues or an action plan as this will give you a better case to acquire loans from moneylenders.
When in doubt, always check in with the loan officer. Instant cash loan is a simple loan system, nevertheless, be a cautious borrower and always read the terms and conditions provided. If you have any queries, ask the loan officer especially in terms of repayment packages and additional fees and charges. Being a smart borrower and a well informed one will allow you to make better decisions. Aside from all these, find a licensed moneylender that you are comfortable as they are more than willing to work with you.