No matter how well you have planned your finances and how financially stable you are, there will come a time when you might be tight for cash. While you might not need to get into some form of debts, a quick or fast loan might work.
When do you need a fast loan?
The bottom line is, a fast loan works when you just need a bit of cash to turn things around. This could be due to unforeseen last-minute situation like:
- a customer who failed to pay up on time and you need to pay your supplier
- a sudden promotion that you want to capitalize on
- a situation where you just cannot free up your cash flow
One thing for sure, a fast approval loan works for both individuals and businesses. You must know that no matter how stable your financial situation is, it might be an inevitable situation to take up a loan. This is not the same as the type of loans you take to buy a car or a home.
Issues to consider
Since a fast approval loan is not the same as a long-term loan, you must consider certain factors before taking it. Here are some considerations:
Timing is everything
If it is for a purchase, then evaluate if you really need it now. If you can hold this off for a later time, then do it. You can save up for a few months or when your financial situation is better and more stable. Only take the loan if it is totally your last resort.
Borrow only what you need
This is an unsecured short-term loan. You should decide how much you need and only borrow what you need. Never take more than you need although it is ultimately very tempting to do so.
The repayment period and plan
You will always be able to afford a bigger loan and the money lender will surely want you to take more. But you must look at your commitment and how much you can payback per month. Look at the payback schedule before deciding. This must be done in accordance to your budget and affordability.
Fast Approval loan providers in Singapore
You will find various companies offering fast approval loans around Singapore. Some banks do offer these packages although the application process is more tedious. Among the companies are as below.
Cash Mart
Among the most established registered moneylenders in the country. They have been around since 1969 that offers many packages including fast approval loans. Eligibility is you must be a Singapore citizen above 21 years of age with a permanent employment. Application is very easy where you can apply online, go through the verification process and get the cash.
Credit Matters
Very easy to apply for this loan as you only need to do so online with very attractive rates. The company states that the interest is between 1 and 4% per month and the status will be known within 1 hour after application.
Credit 21
Quick and easy application process, you can fill up the form online and get cash advance as soon as your application is approved.
EZ Loan
You can borrow up to SGD5000 and provides this as an unsecured loan which means there is no need for collaterals or security to guarantee anything. As long as your financial income allows it, there should be no problem getting the loan approved in the shortest time possible.