What is a Fast Cash Loan? A fast cash loan is a personal loan that allows you to receive the money you need quickly. This type of loan has a shorter term of lending than banks. Typically, you can receive a fast cash loan within one day, and in some cases, you might get the deposit within minutes. Compare that to a traditional loan, which could take weeks or months for approval, and you can see why fast cash loans in Singapore are growing in popularity. Keep in mind that fast cash loans come with a short repayment period. Instead of taking years to pay back the loan, you should expect having to pay it back within a few weeks or months. Another thing to know is that with fast cash loans, there’s no collateral necessary. You only need a credit score.
How Can a Fast Cash Loan Help You? People will often choose to take out a fast cash loan when they are faced with a sudden financial emergency, such as an unanticipated medical bill, car repair, or home improvements. Generally, fast cash loans are great for when you need money fast. These kinds of loans are therefore best for short-term needs, such as covering a plumbing bill or something similar. Fast cash loans are not a long-term solution to financial difficulties. When you apply for a fast cash loan, you are applying for money to handle a specific situation, like a death in the family, which has created a crisis. Fast cash loans are tailored to your needs, helping ease the pain so you can move on with less stress. If someone in your family is suddenly laid off, a fast cash loan can help compensate for those missing funds. Even if you have a bad credit score, fast loans are more lenient. Many credit institutions will turn down those with poor credit or nonexistent credit, but a fast cash loan lender will have less strict requirements.
This is because the repayment period is shorter than a traditional loan. For example, Cash24sg has a repayment period of up to 18 months. The minimum repayment period is 2 months (61 days onward).
How Do I Apply? Many credit companies require you to visit a branch location to fill out the application so you can leave with cash in hand. However, Cash24sg understands that not everyone has the time to visit a physical location, especially when you might have an emergency to handle. That is why we offer a hassle-free online application that won’t even take 30 minutes of your time to complete. Some of the requirements for our fast cash loan application includes:
● Being of the legal age (21) or above for eligibility; ● You must have been employed for at least 3 months at the time of your application to ensure you have consistent income to pay back the loan; ● Have a decent credit score; ● Providing proof of employment or freelancing; ● Be available to speak on the phone with one of our consultants; ● Understand the terms of the loan agreement, such as fees, interest rates, and the repayment period; ● Have a bank account where the loan can be disbursed.