Unexpected financial expenses may be daunting, but you can always seek financial assistance from trusted moneylenders to help during the emergency. The requirements to borrow from a moneylender in Singapore are not too restrictive and it can be a credible financing option, especially if you need urgent cash or if you have a poor credit history, which may cause you to get rejected by banks. Here’s all you need to know about the requirements and processes for getting a fast cash loan in Singapore.
Moneylenders in Singapore need to be approved and licensed by the Ministry of Law before they can operate. Make sure you only opt for legal moneylenders to avoid paying unreasonably high interest rates. To make sure the moneylenders you deal with are legal, you can check their registration against this List of Licensed Moneylenders in Singapore.
You should also be aware of Singapore’s cash loan requirements before borrowing. Generally, licensed moneylenders understand that during emergencies, you cannot afford to wait for your fast cash loan application to be approved, therefore they tend to be quick and expedite their approval process to under 24 hours, as opposed to conventional financial institutions.
All you would need to do is fill up an application form. Next, you have to go to the moneylender’s office for mandatory face-to-face verification of documents. Once these formalities are complete, the loan is disbursed within a day (in most cases, within a few hours).
Finally, to get a fast cash loan in Singapore, you will need to have the correct documentation to prove your ability to pay back the loan. Whether you’re applying with a bank or a licensed moneylender, you’ll mainly need these two documents: your NRIC and income statement. In general, you should also prepare your CPF statement, a Notice of Assessment, and proof of residence or utility bills, just in case the moneylender needs additional information.
Process for getting a fast cash loan in Singapore:
- Fill up an online form
- Provide the necessary documents and in-person verification
- Get loan approval and access to cash within 24 hours
Eligibility for cash loans can vary depending on the type of loan you wish to take and the financial institution you choose. Banks are more stringent, as you need to have a minimum annual income of at least S$20,000 before you can apply for a loan. However, if you earn less than that, you’ll still be able to get a fast cash loan in Singapore from licensed moneylenders.
A licensed moneylender in Singapore would need a reasonable assurance that you’ll be able to pay back your loan before they accept your application. While banks look solely at your credit score from the Credit Bureau in Singapore (CBS), licensed moneylenders refer to the Moneylenders Credit Bureau (MLCB) Credit Report to determine your creditworthiness as a borrower. That being said, in addition to the MLCB Credit Report, a few licensed moneylenders would also check your CBS Credit Report for added assurance.
Other more important factors relating to your income can also be considered during the approval process, such as your employment status, annual salary, length of employment, and/or bankruptcy/litigation information.
With this information, you should have all you need to know to get financial assistance from legal moneylenders in Singapore. Get in touch with R2D Credit for a seamless and hassle-free loan application process.