A time comes in everybody’s life when there is need for extra cash to handle unforeseen bills. Nowadays, it is increasingly becoming difficult to get extra cash despite the fact that problems seem to knock your door every now and again. Many people suffer depression when in tight financial situations. Financial emergencies cannot wait or just go away. You have to act fast and the best solution is getting a fast cash loan.
The scary word loan instills fear to a lot of people even the toughest corporate tycoons. This is because traditional loans are characterized by a lot of complications like filling in documents and waiting quite long for approval from the lending company. No one seems to understand that your financial woes will not wait for you. Do not despair; apply for a fast cash loan. In fact, do you know you can apply for the loan online?
Well, online fast payday loan applications are fast and convenient. You stand to get instant service. You no longer have to wait in long queues for several hours without even the guarantee that your application will be approved. Take for example; if it is a fast cash loan application, your loan approval might be immediate which means that any unforeseen emergencies can be looked after.
What if I have a bad or no credit? Can I still get approved for a fast cash loan? Banking institutions always perform credit checks on loan applicants and if you have a poor credit, you can rest assured that your loan application will never be approved. This is not the case when it comes to fast payday cash loans. Singapore lenders who offer these loans require no credit checks. This means that whether you have a good or bad credit history, you are still eligible for a fast cash loan as long as you fulfill the basic requirements.
Just like any other loan, the borrowed money must be paid back inclusive of the accrued interest rates. When you consider the interest rates charged on traditional loans, you might think twice regarding applying for a loan. On the contrary, fast cash loan attracts a low interest rate which is good news for fast cash loan borrowers.
If you are unsure about your requirements and capabilities, the internet can be your great source of help. Once online, visit the various websites of reputed money lenders in Singapore to evaluate their fast cash loan services and interest rates. Compare and contrast different lenders and you will find the best lender to suit and provide for your cash needs.
In Singapore, borrowing money from a moneylender is perfectly legal. Moneylenders are licensed to carry out their trade by the Registrar of Moneylenders. The license allows them to function like a credit facility in a bank. They are allowed to lend money to clients and charge an interest on the repayment.
The license obtained by moneylenders in Singapore allows the Registrar of Moneylenders to regulate the trade. There are several restrictions imposed by the license.
- Moneylenders must pass a test so as to obtain the license. A registered moneylender has therefore undergone training and meets the standard set by the government to operate.
- The amount that the licensed moneylenders can loan out is limited by the law. There is a set upper limit and moneylenders must not exceed this limit if they want to retain their licenses.
- The amount charged as interest is also controlled by the law. An upper limit for interest on loans is set by the law. Moneylenders are allowed to charge interest not exceeding these limits.
- Any fees charged by the moneylender must be within the law. Moneylenders are restricted to charging only those fees that are listed by the Registrar of Moneylenders.
The license provided to moneylenders ensures that moneylenders operate like other legitimate financial institutions. In fact, many moneylenders in Singapore strive to ensure that they have a positive reputation and therefore ensure that they follow the law to the letter.