How to Get an Instant Loan from a Licensed Money Lender
The availability of an instant loan from a licensed money lender is a comforting solution when you urgently need cash.
Usually, whether it is an impromptu repair for your car, or a long-overdue debt from a friend that needs to be settled, there are times when we need money urgently.
Therefore, this post will discuss obtaining a same-day loan effortlessly if you are financially stranded.
Learn What is an Instant Loan
An instant loan or same-day loan is precisely what it appears to be. It is a loan approved and remitted on the day you request it.
While large banks typically take days or weeks to advance loans, Singapore-licensed money lenders are known to move quickly. Thus, they are a go-to option if you desperately require cash.
But always remember that same-day loans are often short-term. So, before you apply, ensure you have a payback strategy.
Ways to Apply for an Instant Loan
1. Check Your Eligibility
You don’t wake up one day and apply for a same-day loan without preparation. So, it would be wise to determine the eligibility criteria first.
Usually, licensed money lenders in Singapore will often require you to:
- Be at least 21 years old.
- Have a steady income (employed, self-employed, or freelance).
- Be a Singapore citizen, Permanent Resident, or be a valid work pass holder.
Some money lenders may consider your credit record, but don’t worry if it is terrible. Licensed money lenders are more understanding than banks and can still approve you.
2. Get the Documents You Need
For convenience, have documents in hand beforehand before application. Licensed money lenders will ask you to provide:
- Your NRIC or passport.
- Evidence of income using most recent payslips or bank statements
- Provide evidence of address using a utility bill or tenancy agreement.
Preparation of documents in advance will save you time and will have your application approved instantly.
3. Choose a Licensed Money Lender
This is the most crucial step. In Singapore, it is best to transact with licensed money lenders to avoid falling into the trap set by loan sharks.
Therefore, you can check whether a lender is licensed on the Ministry of Law’s official list of licensed money lenders.
Importantly, when choosing a money lender, ensure they are good, have reasonable terms such as a reasonable interest rate and clear repayment schedule, and have positive customer reviews. A suitable lender will not only lay out the interest rates, charges, and loan conditions to you in black and white but also in a manner that you will understand what you are getting yourself into.
4. Apply for the Instant Loan Online or In-Person
All the top money lenders licensed in Singapore offer a straightforward application process. You can apply online on their site, scan your documents, and receive feedback in hours.
Alternatively, you can even personally visit the lender’s office.
Notably, both procedures are straightforward. Just provide them with what they require, submit your papers, and sit back and wait for them to approve you. Provided everything is in order, the money will be in your account by the end of the day.
5. Read the contract document
A same-day loan is a financial commitment, so you should be as upfront as possible about the terms. This will prevent any surprises later on.
Therefore, take a minute to read the loan contract carefully before signing. Check the interest rate, payment schedule, and fees. If something seems off, don’t hesitate to ask the lender to explain.
6. Receive Your Money
When your loan is granted, your cash will be credited to you instantly. Lenders usually deliver the money in various modes, such as direct deposit.
Therefore, choose the most convenient option, and you will receive the money you need to solve your financial issue without inconvenience.
7. Pay on Time
The final thing to do is pay back your loan on the stipulated date. Not doing so can lead to default charges and affect your credit score.
Importantly, paying within time not only spares you from these charges but also instills faith in the lender about you, and that comes in handy in case you may ever require quick cash in the future.
If you cannot pay, remember that many licensed money lenders are willing to work with borrowers to adjust repayment plans. Don’t hesitate to contact the lender as soon as possible.
Final Thoughts
By following the above steps, you will find it easy to obtain a same-day loan from a Singapore-licensed moneylender.
Notably, at SKM Credit, we’re here to assist you hassle-free through life’s unexpected financial hurdles. We’ve got you covered if you require a quick personal loan to see you through financial difficulties. Apply with us today and enjoy a hassle-free, same-day loan service designed for you.