An emergency can come at any time, and you might need some quick cash. This is where instant money comes in to save the day. When you get an instant loan, it helps to solve any urgent financial needs.
An instant cash loan is basically like a personal loan. Once the loan is approved, you get the cash immediately. Unlike other loans like mortgage loans that will go to the purchase of the house or any other needs. Instant money gives you the freedom to choose what you will do with the cash.
They are also unsecured like the fast loans, and you don’t have to use anything like your car, house, or any other things of value as collateral. Once the loan is approved, you will get instant money immediately.
There are other reputable loans that you can get such as personal loans, short-term loans, unsecured loans, cash advanced loans, business loans, entrepreneur loans, SME loans, Loans for Expatriates, and COE renewal car loans.
Circumstances That Will Need An Urgent Loan
Instant loans are essential when you need money urgently. Some circumstances include:
- Bill payment
- Home renovations
- Urgent remodeling
- Car repairs
- Medical emergencies
- Refinancing debts
- Funeral expenses and much more
The needs are many. However, if you find that your needs might require more money, it is, more logical to consider getting a better loan package. Just like fast cash, if you want to get instant money, they will check your annual income and credit score.
Why Do The Credit Score And Annual Income Matter?
When you approach a financial institution for any loan, they will check your annual income and credit score first. This is because they can’t just give you money haphazardly without knowing how fast you can pay the loan.
In the case that you want a higher loan, you need to have a higher annual income. The lenders tend to base your ability to pay a loan based on your annual income. If they see you have a low annual income, they will think you won’t be able to pay the loan on time.
Your annual income will determine the cash that you can get. Your credit score also determines whether your loan will get approved. When you have a higher credit score, it will also increase your loan amount.
Your credit loan is determined by your utilization pattern, recent credit, account delinquency data, credit account history, available credit, and much more. In the case that you have ever had any late payment or loan defaults, your credit score will be affected. Also, having too many loans can bring down your credit score.
The Alternatives To Instant Loans
Getting an instant loan can seem like the best alternative when you are in dire need of some money. However, before reaching that point, you can consider first getting a loan from those near you. Other than getting a loan from a bank or licensed moneylender, there are other alternatives.
1. Borrow from friends and family
In the case of an emergency, you need to first consider getting some money from your family or friends. It is unlikely for your loved ones to charge you interest. Even if they charge you any interest, it won’t be too high. However, even if you get a loan from your loved ones. Make an effort to pay it back on time.
2. Credit Card Advances
Other than instant money, you can also consider getting credit card advances. However, once you get some cash into your credit card, it will be cut to pay off the loan. Moreover, the interest for credit card advances tends to be a bit higher than for normal instant money. The more money it incurs, the harder it will be to pay it off. This can be the last option.
3. Getting A Loan From The Pawnshop
The other option is giving up your valued possessions as collateral. You can use valuable items that can provide you with enough money that can cater to your needs. The pawnshop tends to give you a quick cash loan without any paperwork.
Therefore, it won’t affect your credit score. However, make sure you pay back to get your collateral returned to you.
Why You Should Consider Getting Instant Money In Singapore?
1. Fast Approval Rate
An instant loan has a fast approval rate. You just need to provide the essential documents and details needed. If your documents are in order, you will get your instant money fast. Just ensure you go through all the loan terms before you go to the next step. You can collect the money as cash or get it disbursed to your bank account.
2. High Approval Rate
It is so rare for your instant money request to be rejected in Singapore. Therefore, you are assured that you will get all the information in time.
In most cases, the licensed moneylenders don’t focus too much on your credit score as banks. If you show proof of good income, then you will get your instant cash fast.
3. Flexible Repayment Terms
Also, when you get instant money, you’re assured of flexible repayment terms or duration. You won’t feel the pressure of the loan payment. With the flexibility, you will be able to choose the right loan tenure that won’t strain your finances.
Also, on tradition credit there are valuable resources that you can read to ensure you are making the right decision. You will get the loan fast and save on time of too much paperwork.
When you want to get instant money in Singapore. You can consider compiling all the needed documents, then approach the specific financial moneylender. Just ensure that you use the money for the right purpose and pay on time. This will reduce the interest rate that will incur overtime.
Also, remember to use the cash for the right need and not for fishy means. Also, try your best to only get a loan that will fit all your needs. In other cases, you can choose another loan type. All the best as you access instant money.