Is There Such a Thing as Fast Cash? How Personal Loans in Singapore Can Help

It only makes sense that the first step would be to apply for the loan but, before getting into that, let’s take a look at the eligibility criteria required for these types of loans. Due to the nature of the loan being time-sensitive, the requirements to obtain a fast loan in Singapore are simplified to the bare minimum. Here at Monetium Credit, they can include, but are not limited to:

• Age (21 years old)
• Employment status (full-time or part-time)
• Identity proof (NRIC/Passport)
• Income proof (computerized payslip/bank statement)
• Residency proof (household bills)
• Employment contract (for new employment of less than 6 months)

Pro Tips to Know Before Applying for a Loan:

You can never be too prepared when it comes to loan application, which is why we are now going to give you a set of tricks and good practices you can consult before applying for a loan, in order for the process to go by smoothly.

Pro Tip No.1: Don’t Ignore the Importance Your Credit Score

You already know that your credit score is crucial in determining the rate of your loan. For this reason only, you might want to improve your score before applying for a loan. We’ve talked in the past about ways to apply for a loan with a bad score, but if time allows, it would be best for you to improve your score before applying. This can be done by keeping your utilization rate to a maximum of 30% to avoid giving the impression that you’re (too) reliant on borrowed money, it can be done by always paying your bills on time or it can be done by simply not opening too many lines of credit at once. If you’re interested in more ways to improve your score, you can consult our blog here.

Pro Tip No. 2: Keep in Mind That Credit Cards Are the Fastest Loans

Everybody knows that credit cards are one of the fastest ways to get hold of quick money. However, unlike personal loans, credit cards usually come with high interest rates and require immediate payment. You should not consider them a viable option unless you’re absolutely 100% certain you can meet the deadlines. If you have even the slightest doubt in this regard, then you should go for a fast cash loan, because these do come with lower rates. Not to mention that any credit card left unpaid will lower your credit card score, potentially risking your chances of obtaining a loan.

Pro Tip No. 3: Don’t Use the Services of Too Many Moneylenders

At first glance, going to multiple licensed moneylenders might seem like a good idea. You get to experience more options and you improve your chances of approval at the same time, but unfortunately, this option also comes with cons and they outnumber the benefits. Did you know that, by going to multiple moneylenders, you’re hurting your credit score?

That’s because every time you apply for a loan, the licensed moneylender will perform a hard credit inquiry , and that can attract temporary. Not to mention that going to multiple moneylenders kills a lot of time, time which we have seen is a scarce resource. Where do you add that not all moneylenders out there offer the option of an online application? If possible, try to reduce your options to one or two moneylenders and see which one of them is able to fix your issue faster. No need for you to invest multiple resources in contacting more options, it will only drain you and your credit score. 

Pro Tip No. 4: Make Sure You Meet the Eligibility Criteria

The formula is simple: if you don’t meet the criteria, your application will be, most likely, rejected. It is nothing personal, but it is technically impossible for the representative to approve a loan for an individual who does not meet the imposed criteria.

The best thing you can do to make sure you increase your chances of approval is to check multiple times the criteria and make sure you’re not forgetting or missing something. Especially when we’re in a hurry, we unconsciously forget things, which is why we need a second pair of eyes to look over our documentation.  

Pro Tip No. 5: Always Read the Terms of the Loan

A loan is a serious financial commitment that requires adequate amount of attention. If your application is approved, do not let the happiness of the moment distract you from one of the most important steps, the signing of the agreement.

Always look over the rates, the repayment period, the fees, and other terms and conditions. Ask your moneylender for more information if neededand remember, as per the regulations of the National Government of Singapore, they are required by law to explain to you everything in a way that you understand. Sign the contract only after you’ve fully understood its contents.