Struck by an urgent need for cash? An instant cash loan in Singapore will come in handy. The best part is that anyone is free to apply. But despite the application process for a cash loan in Singapore being straightforward, there’s no guarantee that your application will be accepted. So, if you are a first-time applicant or your application keeps getting rejected, here are Five Tips to help fasten your approval for an instant cash loan.
Do your research
The first thing you should do before applying for fast cash loans is to do your research. The market is flooded with money lenders, which makes it challenging to know who is genuine and who isn’t. Once you have sifted the chaff out, scrutinize the moneylenders you have identified. Take particular interest on the interest rates, the maximum loan amount they can offer, repayment procedures, and loan tenure. It’s also important to read reviews of their customers to get a clear picture of what you are getting into. The goal is not to settle until you have exhausted all your options. Once you have identified the moneylender who has the best rates, you can now call their customer care or visit their website to initiate the loan process.
Ensure you meet the eligibility criteria
Cash loan lenders have the eligibility criteria every person seeking credit must meet. The moneylender will mainly check your age, employment stability, income, employer, citizenship, etc. Some cash apps have more stringent eligibility criteria than others so ensure you go for the one you meet the requirements. Most fast cash loans lenders also dictate that you should not have taken a personal loan within the past six months to avoid increasing your financial burden. Once you have ensured you tick all the boxes, you can apply for an instant cash loan in Singapore. Providing you meet the set criteria not only increases the chances of approval but also ensures the process is fast.
Check your credit score
Another essential factor you need to check before applying for any cash loan in Singapore is your credit score. Once you know your credit score, you will have a clear picture of whether your loan application will be accepted. Your credit score is affected by a couple of reasons, including your loan repayment history, credit utilization, and the type of credit you have taken in the past. If your credit score is above 750, there are high chances your loan application will be successful. If your credit score is lower, you can take steps towards improving it by repaying loans and clearing defaulted loans. Loan rejections could make it worse, so refrain from applying for more cash loans, especially when they explicitly require a credit score of above 750.
Have a clear repayment plan
You don’t want a bad credit score, do you? Late repayment or failure to repay an instant cash loan in Singapore can impact your credit score negatively and therefore compromise your chances of getting fast cash loans in the future. Also, a moneylender will be more willing to lend when you have a clear repayment plan which shows your intention of repaying the loan. Ensure you have allocated at least 30% of your income to the loan repayment so you can be done as soon as possible. Visualize how the loan repayment will affect you so you can commit to a plan you can handle to avoid defaulting repayments.
Avoid too many loans applications
No money lender wants to give credit to a chronic lender. Avoid applying for fast cash loans from every moneylender you come across. Also, if you apply for an instant cash loan in Singapore and get rejected, do not apply for another one immediately. Every time you apply for a cash loan in Singapore and get rejected, you leave footprints online. Your future moneylender is able to find your financial records, and seeing too many rejections could affect their decision. Ensure you only apply for one instant cash loan at a time.
Conclusion
With the tips we have given above, you are guaranteed that your loan application will be successful. Ensure you are applying for instant cash in Singapore from a registered money lender to avoid unnecessary delays. What are you waiting for? Start applying for fast cash loans today!