Instant cash loans are ones that you get on short notice to meet urgent or unplanned financial needs. These loans are available from various financial institutions as well as individual money lenders in almost every country and Singapore is no exception. The availability of cash on a short notice is a boon for many as it presents an opportunity to get out of their financial problems quickly. The biggest benefit of instant cash loans in Singapore is that the borrowers don’t have to mortgage any of their assets or even maintain a good credit score to avail the loan.
However, instant loans come with some catches, like a higher interest rate and shorter repayment terms. Usually, borrowers pay off these loans as soon as possible, so it becomes a lot easier for companies to recover their loans. Even though instant cash loans in Singapore look easier to pay off, they aren’t suitable for all situations.
In this article, we will look at some of the financial situations that can be resolved using an instant cash loan.
Emergency Medical Bills
People in Singapore, like anywhere in the world, are caught off guard during emergency medical situations. It’s often challenging to arrange adequate amounts of cash on a short notice to pay off doctors’ fees, surgery costs, medicines, hospital admission fees, and other associated costs. This is a classic situation that is easily handled by availing an instant cash loan. Cash loans take care of the medical costs without worrying or running from post to pillar for a traditional loan. Short term loans, small enough that it can be paid off on your next payday, is the best way to handle a medical emergency.
Cash Crunch in Business
Businesses, small or big, need cash to carry out day to day operations smoothly. It often happens that business owners don’t have enough cash to meet urgent expenses like purchasing raw materials or making payment to debtors. It has also been observed that businesses go through a cash crunch when they pay wages to workers. Now, a cash crunch can be easily overcome by availing instant cash loans. Private lenders or banks can offer such loans at higher interest rates to business owners at a very short notice. Usually, it doesn’t take more than 24 hours to process such loans, so you can expect to meet your urgent financial needs within a day.
Purchasing luxury items and goods
This situation applies to those who find themselves short of cash while purchasing luxury items and goods. Credit institutions have provisions to provide instant loans to these people for purchasing items generally of high value.
Other conditions, which may demand the need for instant cash loan include meeting credit cards debts and making investments, visiting places during vacations and payment of debts from gambling.