An urgent fast cash loan is a facility that is very beneficial to a large number of applicants in Singapore. This type of loan has unique features that do not apply to most of the other types of loans.
Urgent fast cash loans are very suitable in cases of emergencies. For many Singaporeans, this type of loan has enabled them to handle financial crises that would otherwise not be resolved.
Once an applicant receives funds through the urgent fast cash loan, he or she needs to be careful to repay the loan within the stipulated time since they all tend to be short term.
Some of the advantages of taking an urgent fast cash loan are given below:
1. No collateral needed
Many Singaporeans do not have assets that can be used for collateral when it comes to applying for credit facilities. For many lending institutions, collateral is kept as a security to be used in case the borrower defaults in paying the loan.
However, the licensed lending institutions that offer urgent fast cash loans do not need collateral. This is truly a great advantage because a large number of Singaporeans who may not have been able to access funds due to lack of collateral will be able access this type of loan.
This fast cash loan is very useful, especially in emergency situations and therefore the advantage of getting it approved without collateral is very significant.
2. Quick and efficient approval process
When one applies for any loan such as a personal loan, car loan, and education loan, the approval process is very long and complicated. However, with the fast cash loan, one can get an approval in a very short time.
The funds are disbursed to the applicant’s account within hours of the approval. This is a great advantage of this type of loan because the applicant is able to sort out the financial crisis within a very short time.
3. No need for good credit history
Most lenders will require that one has a good credit history before they endeavour to extend any credit facilities. This requirement tends to disqualify several Singaporeans who may have a bad credit history for one reason or another.
For urgent fast cash loans with the top licensed moneylenders in Singapore, they do not require one to have a good credit history. This is a great benefit to those who need cash but have an unfavourable credit rating. The lenders tend to look at other requirements apart from the credit history to ensure that the borrower repays the loan.
4. Stress reliever in times of emergencies
A financial emergency can be a source of real stress. One can be totally paralyzed in a situation where there is a crisis such as a medical emergency, and there are no funds to handle the situation.
There may be no other sources available for the borrower to access quick cash, and this can lead to stress that could result in health problems. The urgent fast cash loan provides great relief and reduces stress substantially because the applicant is able get immediate funds to solve the emergency quickly and efficiently.
5. Convenient online application
One can apply for an urgent fast cash loan conveniently using the online platform. This avenue saves a lot of time because the applicant does not need to go to the lenders’ offices physically to apply for the loan.
It also saves the borrower the hassle of standing in long lines while waiting to fill in the application forms.
This is a great advantage because the borrower can apply for the loan from the comfort of his or her home or at any other location, even if it is far away from where the lender’s offices are located.
6. Less documents needed
In the normal procedure for applying for loans, most lenders require several documents from the applicant. Some of these documents need to be originals and not all of them are easy to obtain.
The applicant may be forced to go through several inconveniences to try and obtain all the documents required by the lender to apply for the loan. The urgent fast cash loan requires very few documents, less than half of what would be required for other loans.
This enables many Singaporeans to successfully apply for this type of loan.
7. Comparisons can be done
Urgent fast cash loans are offered by a large number of licensed moneylenders in Singapore.
The applicant is able to conveniently do comparisons of different licensed moneylenders online. This is a great benefit of this type of loan because the borrower can do a detailed comparison of all the institutions offering this service before making a decision.
The applicant will be able to get maximum benefits on the loan by choosing the lender who gives the best terms and conditions, which include favourable interest rates and suitable repayment terms.
8. Fees and interest charged
The fees and interest charged by licensed moneylenders for this type of loan are regulated by the Ministry of Law in Singapore.
It is illegal for the licensed moneylenders to charge more than the legally allowed rates, and this protects the borrower from exploitation.
It is only illegal moneylenders who tend to charge exorbitant rates of interest on loans. The applicant should be careful to borrow only from licensed moneylenders who are keen to follow the laid down rules concerning interest rates and fees chargeable.
9. Application can be done at any hour
A borrower can apply for the urgent fast cash loan at any time of the day or night. This is because the application is available online and therefore, the applicant is not limited to filling in the application during working hours.
If the applicant was to make the application physically at the lender’s office, then he or she would be limited to doing it only when the offices are open. The application of fast cash loans can be done at any time of the day or night, even when the lender’s office is closed.
10. Tracing can be done
The borrower is able to use the online platform to trace his or her outstanding debt and also details on when the next payment is due. The lender can create an online account for the borrower where all the details about the fast cash loan will be updated.
The borrower has the convenience of following up on all the payments made and updates given on his or her loan from the comfort of his or her home. There is no need for the applicant to physically go to the lender’s office to get these details.
11. Privacy of the loan application
An applicant can apply for the fast cash loan confidentially without any third party knowing about it. The online platform provides a very private avenue where a borrower can be confident that his application for the loan will not be made public.
This is an advantage because matters of finance tend to be very sensitive and most applicants prefer to keep such details private.
The urgent fast cash loan has several advantages that have made it a very popular credit facility in Singapore.
A borrower can apply for this type of loan with the full expectation of receiving all the benefits named above.