In life, there will be occasions where you need extra cash to pay for something urgent. This could be to cover expenses for a wedding, or to make a medical appointment. In such a scenario, you may consider getting a cash loan singapore from a licensed money lender to meet your financial needs. Unlike banks, licensed money lenders usually have less strict requirements for their loan applicants and can grant approval even if you have a low credit score. However, you should be careful as there are also shady moneylenders out there that prey on the vulnerable. To avoid them, stay away from moneylenders who advertise their services via flyers, emails, WhatsApp messages and SMS, as they are likely to be loan sharks.
To qualify for a cash loan in Singapore, you will need to provide several documents such as your NRIC and income statement. Having a steady source of income is one of the best ways to prove that you can repay your loan, and it is also what most licensed moneylenders look at when they assess your application. Hence, you should bring as much employment documentation as possible to your moneylender, including payslips, CPF contribution records and tax refund statements. In addition, you should also bring your latest bank statements and proof of any alternate income sources, such as alimony, child support or disability payments from insurance companies. In addition, you should avoid paying off your loan late as it will hurt your credit score and could limit your future borrowing options.