You have a pressing bill to pay, and there seems to be no other option than to borrow money to meet your financial needs. Although you are close with your college friend, or your parents are always there for you to support you, there is this uncomfortable feeling that prevents you from approaching them for a personal loan. Moreover, if you are thinking about borrowing a big sum of money, then this makes it even tougher for you to just ask your relatives or friends for such.
Then again, what options are left for you? When a tough financial crisis hits, how can you get yourself out of deep water without going through an awkward experience with your loved ones?
Seeking the Help of a Financial Institution
When money is a little tight, you have your choice to go to a bank or a licensed moneylender for your financial concerns. Naturally, there are documents and requirements to accomplish, and the amount of paperwork largely depends on where you choose to obtain a loan.
Banks can be very strict when it comes to providing a loan. You can expect to go through a long and tedious waiting process once you have submitted your requirements. Credit checks are always in place, and you have to offer sufficient proofs of your income, employment, and capability to pay the loan off. It may take a couple of weeks for them to evaluate your documents and send you a feedback. The difficult part – there is no guarantee that your application for a loan will be approved. There are cases when loan applications are denied, which can be very disheartening and stressful to anyone who needs the money fast.
As for a moneylender in Singapore, there are usually less requirements that you need to provide when you apply for a loan. If you can prove your employment and income status, and you have valid IDs and proofs of residence in the country, then you should be good to go when applying for a loan. This significantly takes all the stress out when it comes to getting the extra money you need, particularly when your emergency expenses just cannot wait any longer.
At present, lending institutions are becoming more and more reasonable when it comes to providing loans to clients. In fact, the finance industry has undergone various changes in terms of its policies to cater to the demands of the public. Thus, there is a tougher competition between one moneylender or bank and another. This has result to better rates and repayment terms that are appealing to customers. Since the challenging economy has led to more people having difficulties with their finances, coupled with a sharp decline in job vacancies and stagnating wages, so is the stronger need for a dependable source of emergency funds. Otherwise, not having sufficient cash can further result to financial woes that add to the stress level of the average person with a meager salary and rising expenses.
Benefits that an Instant Cash Loan Offers
In Singapore, people can select from a wide range of loan options. But among the most popular ones is the instant cash loan. It is the most appealing to borrowers since this guarantees them of a fast response from the lending institution, so they can get the amount they need without the long wait. It is also worth noting that moneylenders and banks issue this loan type, although it is sometimes called in different names such as a cash loan or personal loan.
Regardless of the name used as a term for this type of loan, you can expect a number of benefits from receiving additional source of funds to meet your expenses. The following are among the advantages that you can expect from an instant cash loan.
1. Quick Response
Quite the appropriate term for this loan type, an instant cash loan is indeed fast to obtain. It does not take weeks before you can receive feedback from the moneylender or bank, so this eliminates the waiting time that make you feel more worried about meeting your financial concerns. The main reason behind the speed is the fact that there is minimal credit checks done by the lending company. There is also no need for collateral, as this is an unsecured type of loan. So, even if you are struggling with your credit rating, or you have no major asset that can be put up as collateral, this does not mean automatic rejection for you.
Moreover, you can receive a quote or an estimate for the amount you can borrow. It all depends on your monthly income, which you can indicate in your email to the lending institution. Do not be surprised if you receive a response on your loan request within a day or two after contacting the lender. This is how fast and efficient it can get when applying for an instant cash loan.
2. Easy to Acquire
With the modern technology working to our advantage, the whole process of taking out a loan has also become effortless. In need of fast cash? Simply go online and check out a reputable moneylender that offers this loan option. You no longer have to drive to a moneylending office or bank to make it happen and wait for an approval.
To make it even better, you can check out multiple moneylenders online and request for a quote. The next thing left for you to do is to evaluate the quotes provided and select the best one that matches your needs. After all, this is the smartest way to guarantee you of a great deal for the loan you are applying for.
Once you have receive a response from the lender, you can expect to get a copy of the contract that you need to sign before the money is sent to your account. This is indeed much more convenient that having to submit an enormous amount of paperwork only to get denied by the lender. Just make it a point to read the contract details thoroughly, ask questions for clarifications, and make sure everything is explained well to you before you sign the agreement.
Generally, you are entitled to receive as much as 4 months worth of your income. But this is still on a case to case basis depending on numerous variables such as your monthly income, existing debts, and your employment status.
Limitations of an Instant Cash Loan
At the same time, there are a few things to be aware of before you apply for an instant cash loan. Here are among the areas to look into:
1. Lack of Control
Since instant cash loans are easy to obtain, some people get into the habit of overspending and taking as many loans as possible while overwhelming themselves with payments to settle each month. Always remember that it takes discipline and control when you have some money in your hands. Otherwise, you may only get into constant debts from acquiring a materialistic attitude. So, plan your purchases or the purpose behind the loan application to avoid getting sucked into the habit of splurging and spending nonchalantly.
2. Payment Concerns
If you delay your loan payment, you can expect to receive penalties for it. This is why instead of settling the principal amount borrowed and the interest rates, then are other charges that you worry about. To prevent these, plan ahead of time where you are going to use your money and never even borrow unless it is ultimately necessary.
Overall, an instant cash loan can save you from too much stress and constant worrying about your finances. So, if you are strongly in need of extra funds for your emergency expenses, a practical solution is an instant cash loan. You can use the money for your urgent expenses without having to go through a tough loan application process. Just be sure to indicate required details in the application form truthfully and have your requirements ready to get a prompt and favorable response from the moneylender.