Are you going through a situation that requires immediate cash? If yes, you might want to consider an immediate loan in Singapore. The funds can help you to address your current financial needs because they are released fast. But how does the loan work? Can you get more than $3,000? Dig in and get firsthand information!

How Does Immediate Loan in Singapore Work?

An immediate loan in Singapore is like a personal loan in many aspects. After making an application and it gets approved, the cash is deposited in your account, and you are free to do as you wish with it. Like a personal loan, urgent loans in Singapore are unsecured, meaning that you do not require collateral to get the application approved.

As the name suggests, immediate loans are approved within a short time. Then, the cash is deposited into your account almost instantly so that you can handle the issue at hand immediately. Some of the common uses of immediate include:

  • Car repairs

  • Refinancing debts

  • Unexpected funeral costs

  • Medical emergencies

  • Meeting extra wedding expenses

  • Home repairs

  • Urgent remodels

The good news is that banks are not interested in determining how you will use the cash, which means you are free to use the cash as you wish. However, note that just like other types of credit, there are many considerations to factor in before getting an immediate loan. For example, how much can you borrow? Are you able to repay the loan on time?

How Much Can You Borrow with an Immediate Loan in Singapore?

Now, to the big question that many people have been asking, "How much can you borrow with immediate cash loans in Singapore?” The total amount that you can get is dependent on a number of factors, including the following:

Annual Income

Credit Score

Other Current Debts

  • Banks base your ability to repay the immediate loan in Singapore on the annual income. The higher the income, the more you can borrow.

  • They may also set their own limits for individual customers. For example, some banks or financial institutions will be willing to approve a loan up to 5 times or six times the monthly income of a person with an annual income of at least $20,000.

  • A credit score is a four-digit number given by the Credit Bureau Singapore (CBS) and is used to highlight the creditworthiness of a borrower.

  • The higher the score, the lower the risk of default and the higher the amount banks can approve an immediate loan in Singapore.

  • To get a high score, you need to ensure that all the debts are paid on time. Other factors that are used to calculate the score include inquiry data, account delinquency data, and recent credit.

  • In addition to creditworthiness, banks also want to know how many other debts you are servicing.

  • The more other debts that you are servicing, the smaller amount the bank may be willing to approve for your immediate loan.

Requirements for Immediate Loan in Singapore: Age and Documents

The requirements for immediate loans in Singapore vary based on the bank you are working with. The general terms for the loan are that you need to be 21-70 years to be eligible to apply for the loan. Furthermore, most banks require you to have a minimum of $30,000 per annum. So, if your income is less than $20,000, the chances are that banks will reject the application. Therefore, it will be a better idea to apply for a loan from a financial institution.

If you are a Singaporean, you can only borrow up to $3,000 if your income is less than $20,000 per year. However, those with an income of more than $20,000 can borrow up to 6 times their monthly salaries. This is why financial institutions have become the new go-to options for most Singaporeans.

In addition to the age requirement, you also need to have the right documents to get an immediate loan in Singapore, including:

  • Income statement

  • Proof of residence

  • NRIC

  • Credit report (the bank gets this directly from the credit bureaus)

What if the Immediate Loan is Rejected?

When applying for an immediate loan, it is important to appreciate that it is possible to get rejected. Therefore, it is a good idea to have some alternatives in mind. Here are some alternatives you might consider:

Taking a Secured Loan

Use Credit Card Advances

Borrow From Family and Friends

  • Secured loans are easier to obtain than unsecured immediate loans because they are protected by collateral.

  • Collateral helps to lower the risk, so most banks and financial institutions will be willing to approve a secured loan.

  • Credit card advances allow you to take out actual cash. The amount you withdraw is added to the main balance like with regular transactions.

  • Credit advances may come in handy in emergencies, but they are typically attached to a high interest rate.

  • Consider borrowing from family and friends as they are less likely to attach interest to the cash they lend you.

  • Make sure to pay up the cash they lent to you as soon as you can to avoid damaging the relationship.

How to Apply for an Immediate Loan in Singapore through Lendela

Immediate loans in Singapore can be an effective way to meet unexpected emergency costs. However, from going onto different banks’ websites and reviewing the requirements to making individual applications, the process of getting an immediate loan the traditional route can be long and tedious. That’s where Lendela comes in to help.

Lendela is a loan comparison website created to help make loan applications easy. Instead of taking hours, days, or weeks trying to study and fill out loan applications, Lendela reduces all of that to a few minutes. In addition, we use matching-making algorithms that help identify banks and financial institutions that are likely to approve your specific loan application.

Moreover, Lendela only works with trusted banks and financial institutions that are operating under the regulations and laws of Singapore. This means you are sure of sending applications only to legal loan providers, avoiding loan sharks completely. Check the main steps required to apply for an immediate loan in Singapore with Lendela.

  1. Visit Lendela's website to submit an application

  2. Get multiple offers from different banks and financial institutions

  3. Compare your options and select the preferred offer

  4. Book an appointment online with the selected bank to sign the loan agreement

  5. Sign the loan agreement, and the money is released to your account

Apply for an immediate loan in Singapore online now.

When faced with an urgent need for cash, do not get stressed because many loan providers are willing to come to your rescue by providing the money in a ransom and allowing you to repay in instalments. An immediate loan in Singapore helps you to access the funds quickly, but you need to avoid loan sharks and select the best possible loan with good terms. This is why you should always use a loan comparison site for faster processing, transparent comparison and higher approval rates.

Key Takeaways

  • Immediate loans are unsecured loans with fast approval time that can help you get funds immediately to meet a wide variety of financial needs.
  • How much cash you can borrow with an immediate loan depends on various factors including your annual income, credit score, and other current debts. However, if your immediate loan is ultimately rejected, it’s always a good idea to have an alternative plan in mind.
  • Using a loan comparison site like Lendela can help make applying for an immediate loan in Singapore fast and easy. In just a few easy steps, Lendela can provide you with a list of personalised pre-approved offers from trusted banks and financial institutions.