Despite your best efforts, there may still be times when you find yourself faced with an urgent need for cash. Instead of stressing out over events that are likely out of your control, knowing your fast cash options can help you decide what makes the most sense for your situation.
A bank loan can help, but you will only be able to get one if you meet the many eligibility requirements of a personal loan. Also, you may need to wait a few days before you can get your loan, which may cause you further anxiety.
If you’re looking for fast cash loans in Singapore but would rather not deal with a bank, there are also alternatives such as licensed money lenders, pawnbrokers, or even car dealers.
Keep reading for practical (and legal) ways to get fast cash in Singapore.
#1 Personal Loans
Banks aren’t the only ones who offer personal loans; you can get one from a licensed money lender, too, making them one of the most common types of loans in Singapore.
Licensed money lender personal loans are unsecured loans that you can use in any way you deem fit. Because they are unsecured loans, there is no need to put up something of value as collateral. Also, the requirements aren’t as strict as with a bank loan—only a minimum credit check is required, for instance – which means they are easier to get.
For these reasons, licensed money lender personal loans are a highly flexible and convenient option for those looking for fast cash in Singapore. In particular, look out for fast cash loans in Singapore, which can be approved in as little as 20 minutes.
Advantages: Generally easier to qualify for than a bank loan.
Disadvantages: High interest of up to 4% per month, plus up to 10% admin fee.
#2 Payday Loan
Licensed money lenders also offer payday loans, which are a type of short-term unsecured loan designed to help bridge shortfalls in your budget until your next paycheck.
Here’s how a payday loan works: Say you’ve run out of money and it’s still a few more days until your salary is credited. An emergency crops up and you need money to deal with it right now. This is where payday loans can come in handy as a convenient solution for borrowers looking for quick cash loans in Singapore. However, the short repayment period means you should be confident that you can afford the repayment before taking one out.
Advantages: Convenient and fast option to solve the month-end shortfall.
Disadvantages: High interest of up to 4% per month, plus up to 10% admin fee.
#3 Pawn Shop Loans
It might sound strange, but a pawn shop loan is a type of loan in Singapore you can consider. A pawn shop loan allows you to trade in items of value and receive cash in return. Unlike selling your items to another party, you can get back the item you pawned by paying to redeem your pledge. You can do this in one lump sum, or over several instalments.
Alternatively, you can also choose not to redeem or extend your pledge—which has a validity period of up to six months. This will then allow the pawnbroker to sell or auction off the items you formerly owned as they see fit.
In this way, pawn shops can be used to generate a loan for those who are looking for fast cash in Singapore. There are also no credit checks required, as the loan is based solely on the value of the pawned item.
However, this also means that how big a loan you can get will depend on what items of value you have on hand.
To better understand what pawning entails, learn about the basics of pawning from the Singapore Pawnbrokers’ Association and get a pawn shop loan with ease.
Advantages: Allows you to convert valuable items into cash, with the option to get your items back. Also, no credit checks are required.
Disadvantages: Requires you to have items of value in your possession. Also, pawn shops may not offer you a fair value for your items, and interest is charged on your pledge.
#4 Cash Out Car Financing
For car owners, cash out car financing may be another option to consider. This involves refinancing an existing car loan to release some of the equity in your vehicle as cash.
Let’s say your car is worth S$80,000 and you have a balance of S$20,000 in your car loan. You can approach a dealer to refinance your car loan for up to S$80,000 to pay off the remaining S$20,000, and take the difference of S$60,000 in cash (the “cash out”).
Of course, this means you’ll now have a loan of S$80,0000 to pay off, but if used carefully and with good planning, cash out car financing (also referred to as a car cash out or car loan cash out) can be a reliable way to get fast cash in Singapore.
Advantages: Can generate large sums of cash, depending on how much equity you own in your car.
Disadvantage: Extends your financial commitments, so it requires planning.
Can You Pawn a Car for Cash in Singapore?
No, you generally cannot pawn a car for cash at a pawn shop. However, car owners may be able to access cash through car refinancing or a car cash out arrangement as discussed above, depending on their vehicle and financing terms.
Which Is the Best Way to Get Fast Cash in Singapore?
There are several options available to those in need of fast cash in Singapore, but each has its characteristics, benefits, and drawbacks.
Whether you need fast cash loans in Singapore, a payday loan, a pawn shop loan or a car cash out arrangement, the option you choose will depend on your circumstances, including how much you need to borrow, what valuables you have, and how much you have paid into your car loan.
For most borrowers, the most flexible choice would be a personal loan or payday loan from a licensed money lender; these do not require you to trade in your valuables or own an asset and neither do they require credit checks to apply.
Before choosing between the different types of loans in Singapore, consider how much you need, the total cost of borrowing and whether you can comfortably manage the repayments.
Synergy Credit offers short-term, unsecured loans that suit a wide range of needs and purposes. Apply now or talk to our friendly consultants about our low-interest fast cash loans in Singapore today.
