How To Borrow Instant Loan In Singapore?
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Finance

How To Borrow Instant Loan In Singapore? 

In case you are going through an emergency and need cash immediately, it is best if you borrow an instant loan in Singapore. You can therefore look up instant online loan Singapore for meeting the requirements of urgent cash. It will enable you to solve all your problems as quickly as possible. Below we will talk about everything you need to know about borrowing an instant loan in Singapore.

What is the purpose of an instant loan in Singapore?

An instant loan is similar to a personal loan. Once you get your instant loan approval, your loan provider will deposit the money in your bank account. You can even select the instant cash option after your bank gives its loan approval.

The best thing about instant loans is you have the freedom to decide how you want to use your loan money. These are unsecured loans meaning that there is no risk of collaterals. It will further help you determine how to solve loan shark problems in Singapore. You can use your instant loan in Singapore to address the following financial situations.

  • Refinance debt
  • Car repairs
  • Paying bills
  • Household repairs
  • Urgent remodelling
  • Medical emergencies
  • Legal problems
  • Personal loan
  • Business downturn

Essential documents for borrowing instant loans in Singapore

After you go through your list of licensed moneylender in Singapore, you need to prepare your documents for borrowing an instant loan in Singapore. Some of these documents you will require to possess as a Singapore citizen and Permanent Resident (PR) are as follows.

  • Proof of residence such as utility bill
  • CPF statements, Income statements, Notice of Assessment
  • NRIC

Getting your documents ready beforehand will make you get your instant loan in Singapore quickly.

Are you eligible for an instant loan in Singapore?

Banks and licensed moneylenders in Singapore generally look at your financial history and credit scores. Moreover, the following factors will help them determine the approval of the loan amount you need to borrow.

Annual income

You can get a higher amount of instant loans in Singapore in case you have a higher annual income. It is because lenders look at your current annual income to assess your ability to repay the loan. So, they consider you will have difficulty in repaying off your loan if you have a low annual income.

Both licensed moneylenders and banks in Singapore will see your annual income to check how much loan amount you can borrow. Usually, banks and licensed moneylenders in Singapore let you borrow six times your monthly income. It will also enable you to find out how much money you can borrow to get approval from your respective loan provider.

Credit score

Your credit score is one of the important factors in getting your instant loan approved in Singapore. It indicates how much you are likely to repay your debt. When you have a high credit score, you will be able to avail yourself of a high loan amount.

There are things that can affect your credit score. These include loan defaults and late payments. Moreover, applying for too many loans can also make your credit look bad. As per the CBS or Credit Bureau Singapore, having a credit score ranging from 1000 to 1723 is poor. A credit score within this range will affect your chances of getting an instant loan in Singapore. But, licensed moneylenders in Singapore do not pay much attention to credit scores; rather, they focus on your present ability to make timely and regular loan repayments.

Who can borrow an instant loan in Singapore?

The requirements of application for instant loans vary in Singapore. For example, some banks require you to be at least 21, 60, or 65 years old to get a loan in Singapore. In addition, your annual income has to be somewhere around S$30,000 for getting an instant loan. For licensed moneylenders, you can borrow even your annual income is less than S$20,000.

Here is how much you can borrow depending on your annual income from licensed moneylender.

  • Around S$3000, if the annual income is lesser than S$20,000
  • Around six times the monthly income, if annual income is S$20,000 or more.

Getting instant loans from licensed moneylenders in Singapore

If banks in Singapore are not willing to approve your instant loan, you can get approval from licensed moneylenders. They are legal businesses and are recognised by the Ministry of Law.

How can you apply for an instant loan in Singapore?

You can apply for instant loans in Singapore- online and in-person.

  • Online

You can get instant loan approval by applying with the help of an online form.

  • In-person

You can visit the bank or the office of your licensed moneylender to get your instant loan.

Conclusion

If you need cash urgently, you can take an instant loan in Singapore. Banks and licensed moneylenders can provide loans six times your monthly income.

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