Oftentimes, unfortunate events force people to seek emergency financial assistance. Whether it is to pay for an unexpected car or home repair, to make up for a loss of income, or to meet a medical emergency, there are times when you have no choice but to obtain an instant cash loan. You can turn to a bank, financial institution, or money lender, but these entities also have a vested interest in securing their bottom lines.
As such, when you borrow money from a bank, financial institution, or money lender, there is a possibility that what is supposed to be a rapid process can turn into a long-drawn-out affair. To avoid this, it is important for you to know what you should do when you apply for an instant loan. In this article, we share a couple of effective tips to make your instant loan application a lot easier and more successful.
1. Limit the number of loan applications you make
If you are applying for an easy cash loan from a bank or a licensed money lender, they are likely to request your credit report and make an enquiry on your file. Essentially, this means that if you apply to numerous institutions at the same time, your file will reflect this. When a bank or licensed money lender notices all your enquiries, it informs them that you are taking on more debt and are more likely to default on your payment.
To prevent this situation from happening, it would be great to stick to only one or two money lenders that you trust. If you opt to borrow money from a bank, conduct thorough research and learn about their loan terms and interest rates. On the other hand, if you prefer the quicker process that comes with money lenders, it pays to do your research, look for reviews, and make sure that your chosen lender is registered in a list of licensed money lenders provided by Singapore’s Ministry of Law.
2. Understand loan terms and interest rates
Although instant loans are intended to help you avoid sticky situations and let you borrow money as soon as possible, they are sometimes not worth it if they consequently debilitate your financial health. For this reason, it is important that you understand the terms of repayment associated with your loan as well as the interest rates. Many people may recognise the term ‘interest rates’, but they are unaware that these rates can take on various forms and shapes.
At the integral level, there are simple interest rates, which are essentially calculated against the principal loan amount and never change for as long as you make your repayments on time. Aside from this, you also have effective interest rates, monthly interest rates, and annual interest rates. It would be good to take the time to learn the distinctions between these interest rates, as it will aid you in making informed decisions that are beneficial for your financial health.
3. Take advantage of SingPass MyInfo
In an emergency situation in which time is of the essence, you should prioritise money lenders that offer instant loans with fast loan approval in Singapore. To find this type of money lender, take advantage of SingPasss MyInfo – money lenders integrated with SingPass MyInfo can obtain all the information required to process a borrower’s loan within minutes of submitting their application. When all the essential documents and steps are signed and fulfilled, you can expect the funds to be sent to your account within the same day.
Conclusion
Instant loans are helpful for those who are dealing with emergencies and require quick financial assistance. However, to make sure that your instant loan application will be approved without hassle, it is important that you stick to a money lender or two, understand loan terms and interest rates, and maximise the benefits of applications or programmes like SingPass MyInfo. By doing these things, your instant loan application will surely be without stress.
Should you need an instant loan that comes with a hassle-free application process and fast approval, Orange Credit is the loan expert that can assist you! We are a trusted licensed money lender in Singapore offering a plethora of quick premium loans for different purposes, such as personal loans, payday loans, business loans, renovation loans, bridging loans, foreigner loans, and debt consolidation loans. For more information on our valuable loans, please do not hesitate to contact us anytime.
