A need for extra cash can never be predicted. Fortunately there are many sources of quick cash when you need it. The good thing is that you can shop around for the best loan terms before getting into a contract.
Moneylenders are the quickest source of cash when pressing need arises. There are many licensed moneylenders in Singapore. You just have to know what kind of short term loan you are looking for and what terms are favorable to you.
Types of short term loans
There are several kinds of short term loans that you can access depending on your moneylender;
This is a loan for employed people. Your wages or salary acts as a guarantee for the loan. These loans are issued for a period of up to 31 day, when salaries are paid. This is the easiest loan to apply for as many moneylenders will be satisfied enough with proof of employment and/or a regular pay slip. It can be processed in a period as short as within hours.
Low Income loan
This is another type of loan cater for people who income are lower and cannot meet bank loan criteria. If you do not meet the Banks minimum income criteria, you are not able to take up a loan form them. Moneylenders on the other hand are taking a market share of this group of people but loan amount usually will not be very high. The application is easy and approval is almost guaranteed in many cases.
Personal loans are offered under varying terms for repayment period and interest rates. You can negotiation for different terms when applying for a personal loan. This is one of the most flexible term loan you can find.
Instant cash loan
As the name implies, this loan is similar to all the loan stated above and approved in a very short time, usually in under 1 hour. This loan will mostly be issued for an existing customer who has proven to be reliable in payments, and whose payment ability is guaranteed, for example by a pay slip. The interest rates for this kind of loan are also high. The payment period is usually less than 30 days.
The amount you can access for an unsecured personal loan will depend on how well you can show the ability to repay with your income or with a strong credit history. Whatever your cash needs are, you have several choices for short term loans. Look around for the best terms.