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Are You Looking for a Convenient Loan in Singapore?
It only takes around 30 seconds to apply. Receive a loan from a licensed money lender in Singapore within 24 hours.
Every once in a while, we need cash right away. Fortunately, loans are there to give you peace of mind.
Consider this: personal loans come in handy beyond emergencies. It helps you get things off your plate sooner or increase your productivity overall.
Whether you want to send cash to your kids studying abroad, pay your house rent, or to fix a minor car issue, a personal loan will always help you out when you need it the most.
And if you are applying for a personal loan online, it is vital to choose the best reputable licensed money lender in Singapore.
Cash Mart Pte. Ltd
Licensed Moneylender | 170/2016
- 277 Balestier Road, Singapore 329726
- +65 6397 4111
- RISK FREE all our loans are covered with a 7 days service guarantee unconditionally.
- TRANSPARENT borrow with assurance because you see all your costs up front with no nasty surprises.
- COST EFFECTIVE save on interest when you make an early settlement without incurring any penalty fees.
The Ultimate Guide to Find the Best Personal Loan in Singapore
Since its independence in 1965, Singapore has rapidly grown into Asia’s economic powerhouse.
Now, the Economist Intelligence Unit named Singapore as the reigning most expensive city in the world. For five years, the city-state has consistently held the top spot surpassing New York, Los Angeles and Tokyo.
Simply, our cost of living consistently gets higher.
Then, there is the fact that people have always been ready to put cash on the line for convenience, well-deserved overseas vacation, and personal investments. Needless to say, the growing trend of swelling needs and desires has propelled personal loans in Singapore into a booming industry.
What is a Personal Loan?
Personal loans are defined as cash loans that are relatively smaller in amount compared to a mortgage. It even has a shorter term that can be paid within weeks up to a few months.
It’s flexibility instant cash at a very low-interest rate and the fact that it is usually multi-purpose makes it a perfect option for Singaporeans in need of extra cash. From home improvements to pursuing higher education, you can always apply for a personal loan.
Why Do Singaporeans Apply for a Personal Loan?
Whether you urgently need extra cash or you are too paiseh to borrow from the people you know, you can get a personal loan and use it for various purposes.
Extra fund for home renovation
Just bought a new home? Congratulations!
However, since you have surely spent a huge amount of cash to pay for your home’s downpayment, your savings is fast depleting. But you have bought an empty home and would need minor renovations before you can finally move in.
Add to that, home renovations tend to be more expensive than what you have originally planned for. Naturally, you would not want your kitchen or part of your home half complete. Fortunately, a personal loan can cover the needed costs to get the job done on time.
Furniture and appliances
Fridge suddenly broke down?
Aircon needs servicing to save on electricity?
Perhaps your couch has caved in.
Or you are now ready to move into your newly renovated home but you have no furniture.
You can use a quick cash personal loan to purchase the furniture and appliances that you need to make your home cosy for your family.
Take a long-awaited vacation
Finally reached your goal for emergency funds?
Even if you can, having extra cash does not mean that you should use it to pay for your overseas vacation.
Extra savings in your bank account for emergencies can give you peace of mind. You do not have to use it up for your vacation even if you are completely capable of doing just that. You can get a loan and pay in instalment rather than using up your savings.
The last thing you’d want is to get into an emergency situation while on vacation and not having extra funds to get out of that sticky situation. Heard of the young Filipino couples who were unable to catch their flight back to the Philippines? They got stock in Tokyo since they did not have any cash left to buy new plane tickets.
Have a great time during your holiday knowing that you’ve got money in the back. Then pay your personal loan in instalment.
Avoid credit card cash advance
You may need cash right now but you should avoid getting a credit card advance like a plague.
Credit card cash advance may be convenient since it lets you withdraw cash anytime from any ATM with the use of your credit card. But most cardholders are unaware of the exorbitant processing fee and the high-interest rate charged daily until you settled the cash advance in full.
Get a personal loan from a licensed money lender in Singapore and you will be sure that the interest rates will be highly competitive. All the applicable fees are highly regulated as mandated by the Registry of Moneylender.
Settle your wedding expenses
It’s no longer surprising that weddings are expensive nowadays. Couples save up for more than a year and then painstakingly create a wedding budget plan. But most of the times, there will be hidden expenses that will only surface a few days before or on the day of the wedding itself. Being able to get a quick cash personal loan to cover sudden expenses can give you relief from anxiety on the big day.
In case you want to buy a wedding ring. The most practical way is to use a personal loan instead of your credit card. Personal loans from licensed money lenders in Singapore have a capped interest rate at 4%. A credit card has an interest rate of 24% annually.
Pay for car repairs
Let’s say you backed to a concrete post which dented your bumper. Don’t bother your insurance provider is you do not have collision coverage.
But in case you do have collision coverage, you may end up just paying for the repair yourself instead of filing a claim.
For a minor car repair, you should get a quick repair estimate. If the repair cost less than the deductible or the amount needed to trigger your benefit, then you will need cash.
Then, there is another reason why some people avoid filing for a claim.
Your insurance company may award bonuses when you do not file any claim for a certain period of time. Some insurance companies give discounts while others offer the chance of having pre-existing conditions covered. It can save you a lot of money. So when you can, just use a personal loan for now.
Make a time-sensitive purchase
Been checking out a big-ticket item that you have always wanted. What if it was suddenly put on sale on limited time? You need to grab the chance and pay at a lower cost. If you do not have enough cash. You can easily get fast loans in Singapore before you lose your chance.
Sudden expenses will come your way when you least expect it. Bills can surge without warning. Missing your bills’ due date can cause a disaster. You can’t afford to get your services cut off or the additional charges due to its penalties. So simply get a loan to settle your bills.
Is there a fast loan approval in Singapore?
Banks and traditional lenders take 3 working days to process a personal loan. Once you get an approval, it will take another 5-7 working days to get your personal loan disbursed.
What if your emergency cash need can’t wait a few days to get settled?
Apply for a quick online personal loan.
Online personal loans from the licensed moneylenders in Singapore are considered as the fastest cash loans readily accessible both to Singaporeans and foreigners.
Getting a Quick Online Personal Loan in Singapore
Getting a personal loan now is more simplified than ever. No more complicated loan process that takes days.
As technology brings more convenience to our daily lives, the lending industry has also found a way to bring personal loans near to the borrowers wherever they are.
It’s faster and more convenient!
Gone are the days when you need to visit various lenders to ask for their requirements, interest charges and a quotation.
Simply can go online and search for a licensed online money lender in Singapore.
Step 1: Sign up and wait for a call from the loan manager.
Step 2: After getting approval in principle, you can visit the lender’s office and discuss your loan with a loan manager. You will also have to present your identification documents (photocopy of NRIC), proof of income/CPF Contribution Statement, and proof of billing.
Step 3: Sign the loan agreement and collect your cash. Your loan will be sent to your bank account within 30 minutes from the time you have entered the lender’s office.
This means you no longer have to leave your home just to shop around for the best loan offer.
How Much Can I Borrow Through Online Personal Loan in Singapore?
Secured loans have loan amount based on their pledged collateral.
For unsecured personal loans:
If your annual income is less than $20,000, you can get a loan as much as $3,000. If your annual salary is more than $20,000, then you can borrow as much as times your monthly income.
This loan amount is the total maximum amount that you may borrow across licensed money lenders in Singapore at any time.
Your annual salary is $10,000. Then your total maximum loan amount is $3,000. Consider that you got an unsecured personal loan worth $1,000 from a moneylender A. You can still get a personal loan from another moneylender but the amount you can borrow will only be up to $2,000.
What is the Maximum Interest Rates Money Lenders Can Charge for a Personal Loan in Singapore?
The maximum interest rate a licensed money lender in Singapore can charge is only up to 4% per month. This cap is applicable to any type of personal loan regardless of the annual income of the borrower.
Take note that the computation of the interest charge is based on the amount of principal remaining after deducting the total payments made by the borrower which are appropriated to principal.
The late interest change is also capped at 4%.
How to Find an Online Money Lender in Singapore?
If the best personal loan in Singapore is fast, convenient, and flexible, then you can surely get it from a licensed online money lender in Singapore.
The Ministry of Law and the Registry of Moneylenders strictly regulates the money lending industry in Singapore to prevent borrowers from caught into a snowballing debt. This is why you have to ensure that you are getting a loan from a licensed money lender.
Licensed money lenders are required to give every loan application due process. This is why you will definitely need basic requirement documents. If an online money lender does not require any documents, then this is a red flag that you are dealing with a loan shark.
To know that you are getting a loan from a legal money lender, you need to check these hints:
- Get a loan only from a cash lender which is included in the official list of licensed money lenders in Singapore. The list is constantly updated by the Registry of Money lenders. You can find a copy of the list in the Ministry of Law website.
- Licensed money lenders do not send unsolicited SMS and emails unless you give your permission to get a quotation from them.
- They are prohibited from doing advertisements outside their company office.
- Legal money lenders will never ask for you to provide your SingPass over the phone or through an online form.
- You should not fax your documents. You need to take them personally to the lender’s office.
- Legal money lenders will never ask a borrower to pay an upfront fee in cash. Processing fees are usually deducted from the principal loan amount.
The best online money lenders also have a user-friendly website where you can find all the information you will need before signing up.
Mobile Loan Application
Want to try getting a loan online?
You can now start your loan application with your mobile phone.
Online money lenders in Singapore have integrated their application form on their websites. You can use your mobile phone to sign up in a money lender’s website anytime even while at home or at the office.
It will only take five minutes!
You will immediately receive a call or an email once you get an approval in principle. A professional yet friendly loan manager will help you continue your loan application.
If you need a personal loan today, you can easily get it from an online money lender in Singapore.
Here at Best Loan Review, we will only recommend the best loan you deserve.