Clementi Moneylender | Synergy Credit

Types of financial loans in Singapore for when you need cash fast!

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Occasionally, you are faced with an unexpected crisis – perhaps you need to settle an expensive hospital bill, or you lack the cash to pay your rent. When you consider taking financial loans from the bank, you’ll have to be prepared for a long and tedious process to get your money. This is when people turn to quick loans in Singapore. Here are some of the types of financial loans available when you need cash fast.

What are fast cash loans?

Fast cash loans are typically offered by various licensed money lenders in Singapore. They are short-term loans that can be taken up by individuals who are in urgent need of cash due to emergencies and unforeseen financial crises. Depending on the licensed money lenders, an individual can apply for a quick loan without going through the hassles of paperwork and long waiting time. You can apply for loans in Singapore anywhere and at any time and will be able to receive cash almost instantly should you meet the requirements.

Types of Fast Cash loans:

Personal Loans

A personal loan is an unsecured loan in Singapore taken by an individual to cover the costs of their urgent needs, not limited to settling bills. An unsecured loan is a loan that does not require any collateral like a car or a house. Therefore, licensed money lenders in Singapore approve unsecured loans based on the borrower’s creditworthiness (e.g. their ability to pay off debts on time).

Personal loans in Singapore have generally low interest rates and a flexible repayment term of up to 12 months, therefore giving borrowers more freedom to deal with their financial emergencies.

Payday Loans

A payday loan in Singapore is a type of short-term financial loan that is intended to be repaid within a month, or when the borrower’s next paycheck is received. The loans can be for a small or large amount of money, and they are debited straight into the borrower’s bank account eliminating the inconveniences of paperwork and long lines at the bank.

You can borrow up to 6 times your monthly earnings from licensed moneylenders in Singapore. The loan is then repaid with interest over the course of several weeks rather than months or years. The payday loan interest rates differ from one moneylender to another.

Title Loans

Title loan in Singapore is an alternative for those who are unable to get credit (e.g. bad credit score) any other way and need cash fast. Car Title loan is a short-term loan that is secured by the borrower’s vehicle title as collateral. You will definitely need to own a car or have equity in it – basically have your name and home address on the car title.

However, while title loans get you quick loans in Singapore, these loans come with exorbitant interest rates and costs. They are high-cost, short term cash loans with greater interest rates and charges than traditional payday loans. There are risks and penalties to not being able to repay a loan, just as there are with any other sort of borrowing. If you do not make timely payments, or you fail on the loan entirely, your lender may take drastic measures such as repossessing your mode of transport.

Pawn Shop Loans

Pawn Shops accept valuable items such as jewellery, branded bags, and even electronics as collateral for quick loans in Singapore. Pawnbrokers are more likely to accept pledges with high potential of being resold.

Typically, pawn shops give you 6 months to repay your loans. Each time you fulfil a partial payment, your 6 months reset, extending your repayment time. The interest payable grows with each month by 1.5%. As such, your interest is 1.5% in the second month, 3% in the third month, 6% in the fifth month, and so on. After 12 months, your interest rate is 18% of the remaining loan amount, and you’d probably be better off surrendering your pledge. Therefore, you can choose to pledge your gold bracelet for a sum of cash but if you are unable to pay off your loans quickly, you might risk losing your valuable item.

Things to note before taking fast cash loans

When you require fast cash loans, first consider your needs and your ability to pay them off. Make sure that you research the money lenders you want to borrow from, and ensure that they are on the list of licensed moneylenders in Singapore. With a licensed money lender like Synergy Credit, there is more leniency and understanding of your financial situation, so they can offer more accessible and affordable loans to suit your needs regardless of your credit history. Contact us today to learn more about our offers!

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