What Makes a Singapore Money Lender Worth Approaching

Posted by GeorgeVelvet on August 3rd, 2015

The need for some extra cash can arrive any time of the month, regardless of how well you plan your investments. You could as well have the money divided in small banks allotted for their pre-determined expenses, but things might turn untoward without a sign of warning. A Singapore money lender should be your destination in such a situation.

Luckily, there is no dearth of money lenders in the Singapore market and each has a unique loan scheme to offer. But, as a loaner, you need to look out for a Singapore licensed moneylender organisation that meets certain specifics. Read on to be an informed applicant.

Instant or Near-Instant Approval

For the object of marketing, lenders often advertise their cash loan services with the instant approval feature. Honestly speaking, instant approval is a feature reserved specially for low or no-risk clients. The lenders look through your papers and the more assured they are of your financial stability, the sooner they approve the loan.

If you happen to have a rather poor credit score because of IVAs and CCJ with a less-than-classy income figure, then you need to find a lender that makes quick approval. Quick in this case means approval within at least 24 hours. That would be counted from the moment of deposition of the application. Normally cash and payday loans are taken by people who are in urgent need of money. What is the point of going to a lender that takes more time than you can afford to process the loan?

Very Basic Criteria

These loans are taken by seekers who do not have a very impressive profile as a loaner at the present moment. Or else, they would have gone for a bigger personal loan to nurse their financial exigencies. So, you need to find a provider that has the least requirements.

Some providers scrutinize the credit scores, but make approvals for even those with very low numbers. You need to find a lender who is not stringent with the credit score. Also, you will need to provide a dossier of papers evidencing your present income and your ability to repay. The thinner the dossier is required to be, the more convenient it is for the loaners. There are providers who are not overly sceptical and they make the most obvious choices for seeking a cash advance.

Secured and Unsecured Loan Options

As a loaner, you should have the choices. Secured loans are for those who can produce an asset as a collateral deposit equivalent to the amount of money sought through the loan. Unsecured loans are for those who have nothing to spare and are simply borrowing an amount from the bank on good faith. Just letting you know, secured loans have a lower rate of interest in comparison to unsecured loans.

Wondering which Singapore money lender to approach for a small amount of cash loan? We are one of the most reputed names among Singapore licensed moneylender organisations offering loans on lenient terms.