Are you currently experiencing an emergency that requires quick cash? Is taking out a loan from a bank challenging due to your situation? If the answer is yes to any, you might want to consider getting an instant cash loan from a licensed money lender instead.
In comparison to banks, licensed money lenders usually approve loans faster, thus allowing them to provide financial assistance to people who are in need of urgent cash. If you are currently struggling to make ends meet, getting a fast cash loan can assist in solving your urgent financial needs.
As you are able to get them fast, an instant cash loan will allow you to solve your financial problems as quickly as possible. But what exactly is a fast cash loan? In what situations can you use such a loan? Read on to find out the answers to these questions.
What is a fast cash loan?
Fast cash loans are personal loans or salary loans that can be approved in as quick as ten minutes to just a few days. They are essentially instant loans meant for emergencies or unexpected financial responsibilities that you need to take care of, such as utility bills, medical bills, emergency trips, and more.
As they have a fast loan approval, they allow you to have immediate access to funds exactly when needed. This makes instant cash loans the ideal financial assistance for your emergencies. They are the perfect financial support, especially for the low-income earners and those with negative listings who have been rejected by conventional lending options.
Are fast cash loans legit?
Since fast cash loans ordinarily provide promising terms without asking for too much hassle, many people find their legitimacy suspicious and questionable. However, whether a quick cash loan is legit depends on the money lender.
Dealing with sketchy money lenders or loan sharks that usually charge shocking interest rates can get you into deep water, as paying very high interest rates on top of your principal loan can exhaust your financial resources. But if you are working with a reputable bank or a licensed money lender, you can have the assurance that your instant cash loan is legitimate.
How does a fast cash loan work?
A fast cash loan generally works just like a personal loan. Once your loan application is approved, you will get the funds deposited into your account, or you can choose to collect them immediately as cash. This is the main difference between instant cash loans and other kinds of loans – you have greater freedom to decide what you want to do with the money!
For example, if you take out a renovation loan, the funds will go straight to your contractor. You will not be able to use the money to pay for things not included in your renovation contract. On the contrary, you can do whatever you want with the money you receive from a fast cash loan, provided that it is legal.
Fast cash loans are unsecured loans. Therefore, you do not have to use your house, car, jewellery, or anything of value as collateral for the loan. As their name suggests, a fast cash loan has a quick loan processing time. If your application is successful, you will almost immediately get the money you need to solve your financial problems.
What are the common uses for fast cash loans?
Fast cash loans are mainly used to solve financial emergencies. While these loans are typically taken out by individuals going through emergency situations, the good news is that banks and licensed money lenders do not usually determine the loan approval based on the purpose of your application.
In other words, you have the freedom to decide where you want to use the money you will receive from an instant cash loan. Here are some of the most common uses for fast cash loans:
- Paying your regular bills.
- Medical emergencies.
- Home repairs.
- Car repairs.
- Urgent house
- Unexpected funeral expenses.
- Emergency travel.
- Debt refinancing.
What amount can you get with a fast cash loan?
Apart from getting your application for an instant cash loan approved, one of the things that would be best for you to consider is how much money you can borrow for a fast cash loan. Generally, the loan amount for quick cash loans depends on two major factors: your annual income and credit score.
If you have a higher annual income, you can surely obtain a bigger instant cash loan. This is because banks and licensed money lenders typically base your ability to repay your loan on your annual income. The higher your income is, the greater capability you have to repay your loan. Consequently, if you have a low annual income, you are less likely to get approved for high loan amounts.
Besides your annual income, your credit score also plays a vital role in getting your fast cash loan approved since it indicates the likelihood of you repaying your loan. The practice is that if you have a higher credit score, you are more likely to obtain a higher loan amount. Late payments and loan defaults will make money lenders hesitant to lend you high amounts of money for instant cash loans. Hence, it would be good to avoid doing certain things to ensure a good credit score.
Financial problems are inevitable for most people. While many individuals would perhaps wish they did not need to take out loans in emergencies, these instances simply cannot be avoided. And when you unexpectedly face these kinds of risky situations, a fast cash loan is your saviour.
However, when taking out an instant cash loan, it is essential to make sure that you get one from a trusted and reliable money lender. Loan sharks that charge incredibly high interest rates have become increasingly prevalent. Instead of helping you solve your financial issues, they can even push you into an endless cycle of debt. To be sure, only get your loans from the licensed money lenders listed on Singapore’s Ministry of Law website, such as Orange Credit – a Geylang money lender providing flexible, quick, and easy loans in Singapore with hassle-free loan procedures for individuals in need. Contact us today for more information.