Financial emergencies happen irrespective of our income level and sources. You might be an entry level employee, new entrepreneur, or a part time working student, financial emergencies occur to all of us. There might be a sudden medical condition to be addressed or a utility bill overdue for long, we need cash immediately to attend to these issues.
When we face a financial emergency, the questions of where to get immediate credit, how to get it and who to approach for urgent credit plague us.
The first and immediate idea we get is to approach a bank for loan. But banks usually do not offer loans to individuals having an income of less than $30,000 per annum, who are categorised a low income group. Secondly, banks only offer secured loans. It means you need a property or an asset to be used as a collateral security against which you will be granted a loan. And the value of your asset should be more than the loan amount you wish to apply. This is a cumbersome process and takes a long time as you have to complete all the formalities and legal procedures. Banks also perform a stringent credit assessment before sanctioning loans. If your credit score is below average then your chances of obtaining loans are nearly zero.
In this scenario, the money lenders come to your rescue. There are a number of Money Lender Singapore for Low Income groups who offer low income loans, personal loans and payday loans among other categories.
The credit assessment policies followed by these lenders are not very strict and allows for a leeway for minor discrepancies in your credit score. The entire process of obtaining credit is very fast and simple to enable you to get instant cash to attend to your urgent financial needs.
The loan application process is simple and you can fill a loan application online or through phone. Then you need to submit a few basic documents like your personal identification, payslip among others. And they immediately sanction your loan depending on your earnings and repayment capacity.
This may sound simple but always remember to conduct a thorough research on the background of moneylender you opt for or else you will be in the danger of approaching loan sharks. These people might offer you big loans without looking at your earnings but later harass you with higher interests and late payment charges.
The best option available to save yourself from fraudulent unlicensed moneylenders and get a good deal for your credit requirements is to log in Easycredit.com.sg and find a detailed information of various lending companies and also compare deals offered by them.