A personal loan is an unsecured loan that you can use for pretty much anything you want. Be it for a medical emergency, family holiday, a brand-new car and whatnot. With some licensed moneylender providing quick application process, the probability of getting instant loan approval is much higher too.

Acquiring a personal loan is a great way to boost your cash flow to get past a short-term financial emergency. For example, if you find yourself with a credit card debt, you can consider paying it off with a personal loan which usually has a lower interest rate. Take note that a personal loan isn’t the same as a debt consolidation loan, though. To give you a gist, a debt consolidation loan refers to when your total interest-bearing unsecured debt amounts to a total of 12 times your monthly income.

So, if you are interested in taking up a loan – you have to fully understand what are the requirements needed before you apply for a fast loan. To help you make the right decision, then here are three questions to ask yourself before proceeding to the next step.

1. Can I do without a loan?

Often, the boundary between a ‘want’ and a ‘need’ can overlap. If obtaining a personal loan is something you want, then perhaps it’s time to reconsider. If it falls under a ‘need’ category, then question yourself if you really need it now. If you do need it, but you don’t necessarily need it urgently, then you might be able to do without a loan.

Think if there are any alternative sources of income to consider, such as borrowing money from a family member or close friend instead. Another option is by requesting for your salary in advance from work. It’s always best to explore your options!

2. Am I able to pay it back?

Is paying back your loan within your financial capability? If not, then it’s best not to otherwise your loan will end up snowballing.

If it’s your first time applying for a loan, don’t get caught up at the possibility of getting a quick loan. Instead, read the terms and conditions of the contract thoroughly. For any doubts, clarify them with your moneylender! Take into account the additional payments you’d have to make, such as interest and late fee. One tip is by thinking of how much left you have to spend each payday, after deducting the amount required to pay off the loan.

3. Does this loan package suit me?

There are many forms of personal loans available. Source around and consider your options to see if there’s a loan package that perfectly suits your unique circumstances. For example, an education loan is catered towards covering tuition fees, and might even offer an advantage as compared to a general personal loan.

Conclusion

If your answer is no, yes and yes respectively, then go ahead with getting the loan! Either way, it’s best to speak to a professional with rich expertise as they’d be able to advise you according to your circumstances and financial needs.

The licensed moneylending industry isn’t as featured in broadcast and traditional media due to strict regulation policies. For more information, create an account with Easyloan today! We provide factual information about all things pertaining to loans and licensed moneylenders in Singapore.

A personal loan is one of the most commonly acquired loans in Singapore, and it refers to taking an unsecured loan from a financial institution or licensed moneylender. This is because personal loans can be used for many purposes, such as renovating your house to purchasing a brand-new car and more.

However, obtaining a personal loan with instant loan approval in Singapore is dependent on various factors, such as the borrower’s income, credit score, etc. For example, having a better credit score increases your chances of getting your loan request approved. To ease the process of getting a personal loan, here are four tips!

1. Familiarise yourself with common terminologies

When going through the terms and conditions of the contract, you might come across languages that may seem somewhat foreign. Here are the three most common terms:

• Interest Fee: This is the amount that the lender will charge you in exchange for providing a loan. It will usually be shown as a consolidated amount per year, even though it’ll be applied monthly to your repayment amount.
• Monthly Installment: The amount that you need to repay per month is referred to as the monthly instalment, and it includes the principal amount and interest fee. The frequency of monthly payments required along with the amount needed per month will be determined at the start of the loan – and it also differs depending on your moneylender.
• Processing Fee: The processing fee is the amount charged by the lender for carrying out the work needed to provide the borrower with the loan. It can be charged based on a percentage of the loan or at a fixed rate and is usually paid at the start.

2. Consider the amount of money to borrow

Based on your monthly income, consider how much you need to borrow. Often, a higher amount of money borrowed would lead to a higher interest rate paid per month. So before you apply for a loan, calculate how much you’d need to repay after obtaining the loan, and determine if you can manage it.

3. Choose a loan that suits your needs

There are four types of personal loans available: unsecured loans, secured loans, medical loans and debt consolidation loans. Base your choice on your situation and take your time to ponder upon which is the right fit for you.

4. Weigh your options between the various licensed moneylenders

Different moneylenders offer different loan requirements. Before committing yourself to a loan from a moneylender, you should research the different licensed moneylenders available and go for the one with the most favourable terms.

Consider carefully before agreeing on any contractual term. Ask the moneylender questions if you have any doubts. You can even get a lawyer to help read through the terms in the contract. Once you’ve settled on your preferred moneylender, clarify what documents are needed so you can prepare them for a fast loan process. Usually, the basic documents required are a copy of your NRIC, pay slips and proof of employment.

Conclusion

We hope the tips listed above would be of great help to you. If there’s anything else you’re unsure about, feel free to contact our friendly team at Easyloan. Better yet, sign up for a membership and discover the wide range of benefits we have in store once you create an account!

Cash emergencies strike when you least expected, giving little or no time to go through the tedious process of saving yourself from traditional money lenders. When least expected, that is when emergencies strike the hardest. Such unexpected occurrences can significantly affect SMEs as most of them are always caught unprepared, leaving the proprietors on crossroads.

This is because most of them are not credible for loans from traditional lenders as they lack the security to guarantee the loan or have a bad credit history. Are quick cash loan in Singapore the solution? Should SME owners resort to loans or find other possible ways to solve their issues? Here’s what you need to understand when applying for fast cash loans.

When to Apply for A Fast Cash Loan

When Unexpected Emergencies Strike

At the heart of every SME owner in Singapore, they wish for things to happen as planned. For instance, they seek to satisfy their customers’ and employees’ needs, but at the same time, seek to sustain their growing business. When catastrophes or any other unprecedented occurrences such as economic plunges, government curfews, or even disease outbreaks hits, losses are inevitable. SMEs have no other option but to opt for a Singapore fast cash loan.

Making Big Purchases

Growing small businesses require improvement of equipment and all other essentials. Such growth is made even harder in Singapore, where human resource can be expensive. Hence, embracing technology is inevitable. As such, buying costly machines that daily savings cannot obtain ensures that these fast cash loans can come in handy.

To Consolidate Debt

Servicing several loans at a go has always proven to be a challenge. It invites financial trouble. However, combining them by taking just enough fast loans and settling them is considered a wise move. SMEs are now able to create better and more favourable repayment terms, preventing them from closure.

Expanding to A New Place

Viable business ideas often form a huge chunk of new SMEs. When such ideas are actualized, and these businesses have picked up well, it provides room for expansion. At this point, taking fast loans is advised. The experience gained in the first business is crucial. Such expanded companies are most successful and, with time, become a self-sustaining business.

However, loans are not always the only solution to every financial crisis. There are several other practical ways that small business owners can overcome such problems. Here are a few possible ways.

When Not to Apply for A Loan

When Business Expansion is Not Advised

Developing a business is always considered a step in the right direction by many people. There are several considerations to make before arriving at this decision. For instance, the viability of expanding concerning the number of people. In Singapore, taking a fast loan to develop a successful Italian restaurant can be a risky affair since there are not many Italians in Singapore with difficulty to expand. Instead of growing a new business, it would be better to focus on your existing business.

During Bad Economic Times

Taking fast unsecured loans in Singapore when there is a financial plunge while the business is still sustaining itself is a disaster in and of itself. Repaying the loan can prove challenging, and can be the downfall of small businesses.

Conclusion

Loans are an essential component in the success of any business. At the same time, if taken without adequate planning, they can prove fatal and costly for SME owners. As a result, it is advisable to have good plans and consider all possibilities so as to avoid any eventualities. Always weigh all your options before deciding which type of loan you wish to take.

In most scenarios, quick loans can cover unexpected bills when you have no cash on you. Obtaining a loan in Singapore is often a tedious process that involves going through your credit profile. As such, when you require quick cash, you often need it as quickly as possible.

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The success of any business depends on the management, and growth is the only way to measure its success. For SME businesses, fast cash loans are critical to their success as they maintain much-needed cash liquidity, mainly when they are trying to expand. However, there are many risk factors that should be critically assessed before applying for a Singapore quick cash loan.

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