There are times when you do not have enough money in the bank but there are bills that need to be paid. In such situations, one of the better ways to get instant cash is to get a loan from a legal money lender. There are quite a few reputed legal and licensed moneylenders that offer instant loans provided the borrower meets the eligibility requirements when applying for the loan.
These moneylenders offer a variety of different types of loans including payday loan, personal loan, foreigner loan as well as business loan. Singaporeans, work permit holders, permanent residents, foreigners as well as S-pass holders are eligible for personal loans.
Loans from such moneylenders are of great help to people who are in a financial bind and need to get instant cash to tide over their financial emergency. As far as the requirements for these loans is concerned, anyone above the age of 21 and gainfully employed is usually eligible for these loans.
Most lenders require the applicant to provide proof of income and as well as a proof of address and some other identification to apply for these loans. Foreigners are also eligible for these loans and they need to provide their work pass, bank statement, appointment letter, rent agreement and some other documents to apply for these loans.
While these personal loans are offered at a short notice, the interest rate for these loans tends to be competitive.
Most of the moneylenders allow applicants to apply for loan online on their website. In other words, if you need cash, you can apply for a loan at any time and you are not required to pay any application fees to apply for such a loan. Also, people who were not approved earlier are free to re-apply.
Overall, there are a number of advantages of getting money from a legal money lender in case of a financial emergency. The application process takes less than 10 min and in most cases, the loan is approved within 48 hours. Also, most lenders allow borrowers to extend their loan in case they do not have enough money for paying back the loan on time.
While there are a number of such moneylenders, it is important that you search online to know more about the reputation of the lenders before applying. You should also thoroughly read the terms and conditions of the loan to ensure that you will be able to abide by the terms and conditions and will be able to repay the loan on time to avoid unnecessary fees and interest.