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How fast is a fast cash loan? How long does the process really take?

Getting a fast cash loan in Singapore is often described as a fast, seamless process. But how true is this?  How fast is a fast cash loan in Singapore? If that is the question lingering in your mind, you are at the right place. In this article, we provide an answer to any questions you may have about the loan acquisition process in Singapore.

1. Determine the kind of fast cash loan you need

Before approaching any lender, the first question you should ask yourself is this: why do I need this loan? The most common purposes served by instant cash loans in Singapore include medical emergencies, student emergencies, home renovation, or wedding expenses. Having a solid reason will help you stick to a budget and approach a lender who specializes in what you’re looking for.

2. Get your Documentation in Order

With your ideal fast cash loan in mind, the next step should be acquiring the necessary documents. And while these may vary from lender to lender, there are some similarities. Ideally,  a fast cash loan requires minimal paperwork and documentation. First, most lenders will expect you to provide evidence of income and employment in the form of payslips and CPF contributions. Some moneylenders may also need you to provide billing proof that shows your residential address, a valid SingPass, and an employment letter in case you’ve been recently employed. 

In case you are self-employed, you need to provide a notice of assessment showing trade income and accounting and corporate regulatory authority (ACRA) alongside your ID card, Billing proof, and valid SingPass. Armed with these documents, you’ll be in a good place to be eligible for a quick cash loan.

3. What Else Will You Need?

Besides proper documentation, other requirements to access fast cash in Singapore are that you should be at least 18 years old and a resident of Singapore. Some moneylenders however offer a special fast cash loan bundle for non-residents. As long as you have the right documentation and are operating legally in Singapore, you have nothing to worry about. 

Finally, you’ll need a good credit score for you to access the best fast cash loan rates. A credit grade of AA or BB fits the bill. However, you can still acquire instant cash with a bad score, albeit at higher loan rates.

4. Applying for the Loan

Generally, a fast cash loan has a quick application process compared to traditional bank loans. For a traditional bank loan, you’d have to visit the bank during working hours and on a working day to get the loan. Not to mention the long queue you need to make before accessing a teller. What’s worse, you go through all this only to receive your loan weeks later. 

 Fast cash loans on the other hand are seamless! Thanks to technology, you can apply for your quick cash online. A simple online search will direct you to a string of money lenders that offer different types of instant cash in Singapore.  How convenient is it that you don’t need to take a day off from work or even leave the comfort of your house to get a loan? Some fast cash moneylenders can also be contacted via the phone number on their website or you can simply shoot them an email in case of queries.

5. How long is the process of fast cash loans in Singapore?

A fast cash loan can be approved on the same day as long as you have provided all the necessary documentation. Always ensure your papers are comprehensive to avoid any inconveniences and delays. Once your documents are received and confirmed to be legit, your loan will be processed and a contract sent to you for signing. As a rule of thumb, ensure you read the contract carefully before appending your signature. Remember,  a contract is binding and you can be sued in case you fail to meet any terms of the loan. Once you sign the contract, you will receive your loan! How fast is that?

Conclusion

Even though getting fast cash in Singapore is quick, convenient, and less stringent compared to bank loans, ensure you conduct a background check on the moneylender you want to take the fast cash loan moneylender you want to take a loan from. Ensure the moneylender is registered with the Registry of Moneylenders in Singapore. Also, ensure you understand the terms of the contract you are agreeing to avoid legal consequences that may occur in case of a breach of contract.

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