Taking care of monthly utility bills or paying for emergency medical care are not the only reasons people apply for an instant loan in Singapore. An instant loan can be a very handy option if you find yourself in a particular financial emergency situation. Payday loans or instant loans can give you a rapid injection of cash when you run out of money and have nowhere to go. The process is very fast and unless you have a very bad credit, you are likely to get an instant loan approval within minutes or hours.
Let us explore the top 5 reasons people apply for an instant loan:
One of the most common reasons people apply for an instant loan is to deal with an emergency medical situation. Accidents, illnesses, and sicknesses are part of life and usually come uninvited. According to the latest survey, a worker with a family of four members usually ends up spending $ 8000-10,000 per year on medical care. If you and your family members are not covered under a comprehensive health insurance, dealing with any medical emergency situation will always leave you stranded in the middle of the road. An instant cash loan can help you deal with such surprise costs.
Another common reason people apply for an instant loan is to take care of emergency repair bills. It can be a plumbing emergency, car repair or maintenance, HVAC system repair, or any other kind of surprise bill that you never imagined will pop up before you had your paycheck in your hands. There are some repair emergencies that you cannot afford to delay for even a single day as they would hurt your life badly and may cause more damage to your home or your life. Before you get your monthly salary check to deal with such unexpected repair bills, you can always rely on instant loans.
Credit Card Payments
You may be surprised to know that people use instant loans to pay for overdue credit card payments, which at times can be a smart move. There are many smart people living around you, who know how important it is to build a good credit rating and they are ready to go to any length to make sure their credit score is not damaged. A single late payment can hurt your credit score badly, under such circumstance you can always apply for an instant loan and use the money to pay for the credit card payment in time.
People max out their credit cards, empty their bank accounts, and shed their pockets during various seasonal holiday events that come and go throughout the year. When you run out of cash and you do not want to miss a great deal, you can always apply for an instant loan.
At a time when the job market is very tough, you can find yourself out of a job sitting in your home applying for the other. No matter how hard you try, that money that you have saved for rainy days will end and you will soon be in need of more money to take care of bills. Under such circumstances, many unemployed people look towards instant cash loans to make the ends meets during troubling times.