Borrowing money from banks or other financial entities was exasperating in the past. But thanks to the improved technology platforms and legal scenario in Singapore, the online money lending industry is now spreading its base. Fast cash loans stand amidst the most trending credit facilities for Singaporeans.

The loan claiming process is now much more straightforward than one can imagine. Traditionally banks were the only source of obtaining secured loans. However, over time, there are newly licensed money lenders coming up that are providing loans with much ease.

 

When should you consider Borrowing loans from a licensed Moneylender?

• When you are unable to meet the intricate needs of the banks:

Yes, let’s be practical. The chances are that your loan application with the bank might get rejected, or you might end up getting a lesser sum in contrast to what you were assuming. The eligibility requirements of the banks are always very high. Consequently, this might create a need to look for other sources. Licensed moneylenders are thus a great option in this scenario.

• Conducive in situations where you might need money urgently:

God forbid if you ever get stuck in an emergency situation and are in urgent need of cash, you simply cannot sit and wait for your loan to get approved by the banks. Fast cash loans are specifically for emergencies like urgent hospitalizations. Many money lenders can provide you with quick cash loans within a few business days in these situations. Thus, considering licensed money lenders could be a great help during this time. Therefore, you can make up your mind and consider licensed money lenders as potential loan providers.

Tips on getting a fast cash loan from a Moneylender

Here we have a few tips that can help you walk through the process of obtaining a fast cash loan effortlessly.

 

Be ready with the required documents before you apply.

When applying for a fast cash loan with a licensed moneylender, you need to have certain documents ready for verification. No money lender will offer any loan without the submission of essential documents. If any money lender claims to give you money with documentation, it is a red flag that they might be indulging in fraudulent activities. So, always beware. You will need different forms of identification for applying for this loan. They could be any form of ID, Singpass, or any document considered a form of identification. The licensed money lender can also ask for employment proof and income proof. It will enable the moneylender to gain assurance that you can repay the debt timely. He will be more comfortable giving you the loan if you have a full-time job. Based on these things, you will get a fast cash loan approval. 

 

Know how to spot an illegal Moneylender

Here are a few things you must consider even before applying for a loan from a Money lender.

• Check if they are licensed or not. A non-licensed moneylender could turn out to be a scam.
• Suppose the moneylender is withholding your original identification proof. No rule requires moneylenders to retain the borrower’s original personal identification documents with them. If a moneylender demands you for this, then this is a clear red flag.
• Beware of situations where a moneylender is not making a formal contract or keeping the contract with them. Firstly, always insist on a valid contract for your transaction. If the moneylender refuses this condition, then do not trust them. As a borrower, you have the absolute right to demand a copy of the contract. Moreover, you must keep a copy of the agreement with you.

If you look for the red flags beforehand, you will be safe and secured. Always check before you apply for a loan facility from any moneylender.

 

Make sure you sign the complete loan contract and get a copy. 

Now, there is a reason why we are stressing more and more about the contract. If you do not get a contract signed with your moneylender, there are chances that your transaction can get considered as fraudulent activity according to Singaporean law.

Hence, to avoid any sort of illegal transaction and seamless loan application, always ensure a fair contract. Read the drafted contract terms entirely before you sign them. Also, duly retain a copy of the agreed contract for yourself.

With these simple steps, you can get your fast cash loan with ease. Moreover, you can obtain a loan safely and securely.

 

When in doubt, always ask

If this is your first time applying for a fast cash loan, you will have to tackle tons of questions. Curiosity can prove beneficial in such scenarios. Always ask your moneylender about all your queries. Don’t shy out. Make a resolve to clear all your doubts. All reputed moneylenders like ABM Creditz in Singapore always offer the required assistance. If you have any questions regarding any part of the contract, be it a need for collateral or interest rates, they shall address it appropriately. Some money lenders accept collaterals of lower amounts, while others need substantive collaterals. You can even come across moneylenders who offer loans without collateral. It depends mainly upon the loan amount. Be upfront and ask. It is always better to clear your state of confusion and then sign the contracts.

 

Avoid moneylenders who don’t treat you with respect.

The prospective moneylenders must treat you with respect from the initial stage. In contrary situations, chances are they might indulge in any illicit activity afterward. At times, moneylenders might even try to intimidate you or treat you in an unkind way. This attitude is a clear sign not to choose them. Move on to better choices.

Entrust AMB Credits to address your loan troubles

If you are looking for a Fash cash loan, then you’re at the right place. At ABM Creditz, our team provides reliable and fast cash loans to all our clients in a hassle-free way. We stand among the eminent licensed moneylenders of Singapore. Our outstanding track record is a testimony to this reputation.

Borrowers can claim fast cash loans with our firm in 3 simple steps. We have a staff of experienced professionals available at your service at all times. So, head over to our website, browse our credit offerings, and apply for a loan today!