An emergency can happen at any time. When such a need arises you will, of course, need to remain calm and focus on finding a way of getting funds for your urgent financial obligation. This will put in a position to better weigh your options and choose the right solution for your financial challenge. Among your options, choose one that is easily accessible and feels safe for you.
The Singaporean Instant Cash loan
A registered moneylender would be the option for you to apply for a personal loan when you are in urgent need of fast cash. This is because loan processing is a lot faster than personal loans offered by banks. In Singapore, a loan company often offers short-term loans that can be repaid, either on a weekly basis or every month based on the repayment mode that is convenient for you.
In order for you to have an idea of the amount of money you can have access to, a loan calculator will come in handy to help you work out the number of months you will need to clear the loan taken and the interest rate charged.
You will also be able to work with moneylenders who process personal loans online. This application process is a lot faster and can take 30 minutes to 1 day to approve and disburse the loan amount to your bank account.
When taking this type of a loan, be careful to apply from a registered moneylender by confirming with the Moneylender’s Registry held in the Singaporean Ministry of Law official website.
Although moneylenders offer assistance when you are in need of fast cash, some loan sharks pretend to offer you financial help but only end up sucking on your finances. Ensure you are able to spot loans sharks to help you avoid being a victim of their scam.
Credit Card Cash Advance
This type of loan is easy for you to access as long as you have a credit card. What you will need is to key in a one-time PIN. This you can do from any of the affiliated ATM within the island to access cash. The withdrawn money is charged directly to your credit limit. Ensure you withdraw cash within your cash advance limit, which is often lower than your credit card’s credit limit.
The cash advance is only available to credit card holders whose credit standing is good. It means you need to be able to pay the monthly bills on your credit card on time.
Credit card advances are short-term loans issued by banks. Therefore, expect high-interests charges for you applied from the moment you withdraw the cash. Credit card advance interests often range from 28-29.9% each year.
The interest charged on a cash advance is compounding. Meaning, it is charged to the existing balance and not the principal amount already withdrawn. The longer the credit card cash advance remains unpaid, the higher the amount you will be required to repay. This can later affect your credit score as well.
Line Of Credit Or Credit Line
The line of credit is a cash pool that is readily available for an individual in need of quick cash. Like the credit card advance, you will be required to go to an ATM machine and withdraw the cash amount you want. This cash can be used anytime you require some fast cash and for any financial commitment and obligations, you may have.
How it works
You will be required to visit your bank and apply for a line of credit also known as a credit line. Your bank will then ask you to provide the necessary documentation for them to assess your creditworthiness. You will then be required to wait for several days to get your loan application approved.
Although you may be able to have access to instant cash, you will be required to first make an application for the loan, and then stay for some days for it to be approved.
Once approved, the bank will issue you with an ATM card. The card will enable you to access the loan amount on the line of credit account. You are able to have a loan of any amount without incurring a withdrawal fee. However, the loan amount attracts an annual fee whether you make use of the cash or not.
In order to qualify, you will be required to be creditworthy for a bank to extend this service to you. This is because the banks are at a high risk averse where loans are concerned. Some banks will require you to offer them some form of collateral while others will give this loan type to any of the bank’s longtime customers.
Personal loans are your best choice when having access to fast cash is concerned. For emergency situations, credit card advance is a convenient way to go but the inability to repay the loan amount on time can put you in serious financial distress.
The line of credit will require you to prove you are creditworthy as well as have an existing line of credit account for you to use it. Opening a line of credit account takes days while applying for a personal loan takes a few hours.
When applying for emergency cash, ensure you familiarize yourself with the limitations and benefits of the options available to you. It is advisable to first shop around to ensure you get the best solutions possible despite the emergency and the pressure it comes with.
Ensure you read through all terms and conditions of the loan type you apply for to avoid making mistakes. Even though you have an urgent need for cash, do not let the urgency of the situation lead to your financial downfall.
Above all, it is always advisable for you to have an emergency funds account. Despite the fact that finding ways of borrowing cash can be helpful in raising the needed cash amount, having ready cash savings is certainly more helpful in any situation.