Loan

Everything You Need To Know About Cash Loan In Singapore

In life, there are moments when you are low on cash for one reason or the other. An emergency of sorts crops up, you are short on cash to buy a new car, or simply want to renovate your house. Most of the time, waiting until when you have the cash you need is not an option. For instance, you can’t wait until when you have sufficient cash in case of a medical emergency or if your car breaks down.

This is where cash loans play a very important role. The good thing is that lenders in Singapore are willing to lend you money between SG$1000 to SG$5000 to sort out unforeseen financial needs that crop up when least expected. With the corona pandemic pushing most Singaporeans into difficult economic conditions, cash loans have played a vital role in keeping people afloat during these trying times. Dive in to learn more regarding cash loans in Singapore.

Cash Loans Singapore: What Are They?

A cash loan is an unsecured form of credit advanced for a short period by lenders in Singapore upon review and subsequent approval of an application made by a borrower. Unlike secured loans, you do not need any form of collateral when applying for a cash loan in Singapore.

Owing to the high-risk nature of this type of loan, they attract high-interest rates hence making them only favorable when you need cash. There are different types of cash loans in Singapore.

  • Micro Loans

From the name, this is a very small loan that is taken to service small bills (think along the lines of utility bills, groceries, etc.). They usually have a very short repayment period as well as a relatively low-interest rate.

  • Payday Loans

Payday loans are taken and repaid on the next payday. Of course, it is repaid together with the pre-agreed interest and fees.

What Are The Benefits Of Applying For Cash Loans In Singapore?

Perhaps the topmost benefit of going for cash loans in Singapore is the fact that you have the freedom to use the cash advanced however way you deem fit. Once the cash loan is approved, there are no restrictions on how you can use the cash. You can use the cash to go for a vacation, repair your car, and everything imaginable you can think of. Other benefits of going for cash loans in Singapore include:

  1. Fast loan approval
  2. Provides a good fodder to improve your credit score over time
  3. A short repayment period means you can clear it pretty fast
  4. No collateral required
  5. Paperwork not as intense as when you are going for a personal loan

How To Go About Applying For A Cash Loan In Singapore

When you are constrained financially, you want to apply for a loan and have it approved fast. This is what cash loans in Singapore promise. However, the process of applying can be a bit challenging considering you have to compare many lenders and settle for one that offers the best terms.

Do you have to go through all these? The answer is no. Lendela exists for this very purpose – to make your loan application experience seamless. Lendela does all the legwork for you. Lendela compares different lenders based on the information you’ve provided, shortlists the ones they believe are best suited for you, you choose one you like, they book an appointment on your behalf, and once you sign the loan agreement, money is deposited in your account. Impressive, right? What are you waiting for? Let Lendela help you get the cash loan you need at competitive interest rates hassle-free!

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