When you need cash from a licensed money lender in Singapore, the first consideration that comes to mind is documentation. This is a hindrance when you need an emergency loan for issues such as medical bills. However, you can get an instant loan Singapore from a legalized money lender without all these hurdles.
Applying and getting fast cash is a process that can take even less than an hour and this has contributed to the popularity of these loans. There are many lenders out there but before you start searching, it is crucial to know what might be required from you. Here is a brief overview;
Like all other legal financing institutions, instant loan providers in Singapore require you to have a checking account through which your money will be sent. This account should be operational because they might also require a bank statement.
If you reside in Singapore, then you require a copy of both front and back of your NRIC card or a passport. For a foreigner you need a valid passport and an employment pass with at least 6 months validity. These requirements are required under the Moneylenders Act and if originals are asked for, they will not be retained under any circumstances.
These are the most critical documents when applying for a fast cash loan because they show how eligible you are for the loan. In essence, a money lender needs to know you are in a position to repay. It also helps you borrow what you can pay.
You will be required to retrieve about one year’s CPF contribution history statement. If you are self-employed you must provide a Notice of Assessment or income statement for several months. You can easily assess this using your IRAS or SingPass PIN.
All these documents are readily available and in fact, most personal loan providers will help you download them from their branch and approval is done on the spot. Other lenders offer online services where you get an immediate loan after emailing or faxing your documents to them. This saves you both time and money. Borrowers feel more secure when dealing with a licensed moneylender in comparison to one who is not.
When looking for fast cash, remember to research keenly before picking a money lender. Ask around for references and visit comparison websites to read reviews about the type of service each offers. Remember to also check its licensing by the government as it is required under Singapore financial laws.
With this hindsight, you now know there is a solution in an instant loan during an emergency. Do not let any urgency derail your life while a solution is just a click away.