Immediate Cash Loan
When we are faced with emergency situation that need immediate cash, and borrowing from friends and relatives are not an option, we can try to take immediate cash loan from licensed lenders instead.
It is no surprise that Singapore loan marketplace is a competitive environment, this is good news to borrowers because lenders will try to offer more perks on their loan packages. Nowadays, it is not much difficult to apply for immediate cash loan. There are online and traditional options available, you can select whichever method is your preference.
Do a search online and you will find a number of moneylender websites. Browse through them and you will see information on their offered loans, the requirements for application and other details. Check if the website provide the lender’s license number to ensure that they are legitimate. If it is not provided, you can send an inquiry for verification.
Compare the immediate cash loan rates from various websites to know which lender offer the best loan package. Some key points you need to remember when selecting a moneylender is listed below:
- Interest rate – this is one of the most important factor when selecting a lender to borrow from. Banks’ rates ranges from 4%-8% for short-term loan, this is roughly a period of 6-12 months. Their rates are different since they have higher requirements. For moneylenders, the Ministry of Law has already imposed a cap of 4% per month of effective interest rate for loans taken on 1st of October 2015 onwards.
- Repayment period – this is also an important factor in choosing a lender. Depending on your fiscal capability, a short-term repayment period may or may not work. Assess your financial situation carefully and decide whether a short-term or a long-term is best for you.
- Additional Charges – similar to the newly implemented effective interest rate, additional charges that a moneylender can impose for loans taken on 1st October 2015 onwards can consist of only the following:
- a fee not exceeding $60 for each month of late repayment;
- a fee not exceeding 10% of the principal of the loan when a loan is granted; and
- legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.
Refer to the Ministry of Law website for guidelines and further information on the prevailing law in Singapore moneylending.