Cash emergencies often strike without warning. They could occur at the worst of times, leaving you helpless and desperate. The good news is that if you need an urgent loan and you reside in Singapore, there are many options that are open to you. Some of the most popular urgent loans Singapore include personal loans, instant cash loans, payday loans and cash advance loans. These can be offered by institutions such as banks and organisations, or even by private loan lenders Singapore.
One thing that most urgent loans Singapore have in common is that their interest rates are high. The logic behind this is the fact that often, no collateral is required when applying for these loans. As such, they are considered high risk loans hence the extremely high interest rates. Sometimes however, time is more critical than money, which explains why people opt for these loans despite the prohibitive interest rates.
Types of Urgent Loans in Singapore
1. Instant Cash Loans
Instant cash loans Singapore are some of the most popular urgent loans in the country. With these loans you can borrow a sum of money to repay on your next payday. Your salary determines the amount of money you can borrow. You can generally borrow up to four months of your monthly income, although there are lenders who only allow you to borrow up to two months of your salary. If you are unsure which loan services suits you, you may get in touch with a money lender to find out more.
The only thing you need to have in order to qualify for this loan is proof of an income. There are no collaterals required, and your credit scores are irrelevant. You will however be required to provide details about your identification, your phone number, street address and your bank account to your private loan lenders Singapore. This instant Cash loan can get you out of tight monetary situations fast and quite conveniently.
2. Personal Loan
Although generally not regarded as an emergency loan, a personal loan can function as any other kind of emergency loan. With this loan you can borrow up to four times your monthly income. You need no collateral, and your credit scores don’t count. The greatest advantage of personal loans is that the repayment period is spread out over a period of time, and the interest rates are fixed. This makes it easy for you to plan your repayment with ease, especially because you pay the same amount of money each month.
3. Payday Loans
As the name implies, these are loans that you can borrow up to your next pay day. The amount of money that you can borrow under this loan are relatively small, and the interest rates are quite high. The duration for which you can borrow this money is only up to thirty days, if you need a large amount, it can be separately discussed regarding the repayment dates. On the bright side however, borrowing this Payday loan is a fairly uncomplicated process, and the approval rates are quite high. You can even get your approval within hours, which is a huge relief when you need money urgently.
Conclusion
If you need money urgently, there are many types of emergency loans that you can choose from. Take time to consider the pros and cons of each loan so that you can settle on the most convenient loan. Also, be sure to consult with private loan lenders Singapore and to compare various interest rates before you settle. All in all, emergency loans can go a long way in helping you out of tight situations, so do not hesitate to apply for one.
