Emergencies do not come after intimating. They strike abruptly when least expected. Whether it is a car breakdown or medical urgency, you need urgent cash to deal with them. Situations get worse when the money at hand is not enough.
So how do you find a source from which you can get instant, quick cash? Friends and family are one option, but what if they aren’t available or can’t help you?
The news of relief is that there are several readily-available credit options in Singapore. An instant loan in Singapore is one of the most optimum credit solutions.

In this guide, learn everything you need to know about an instant Singapore loan.

Get an Instant Loan in Singapore
Steps to Get an Instant Loan in Singapore
Moneylenders in Singapore have a few simple requirements to provide borrowers with an instant loan. It’s helpful as one in need of urgent money can get instant cash easily.

Here are the steps to get an instant loan in Singapore:

1. Approach a Certified Moneylender
The first step is to look for a moneylender with a certified license. Borrowing money from a licensed lender is crucial to avoid any fraud.
Licensed lenders have an easy and fast lending process that will save your time and energy during your emergency problems.
If a money lender asks for registration fees or hesitates to share location or contact details, be wary of them. They can be loan sharks that are operating illegally in Singapore.
2. Look for a Company With a Good Reputation
A good reputation means they have offered satisfactory services to people. The Internet is your best friend to learn about a company’s reputation. A quick Google search will list their past clients’ testimonials and reviews. If they have bad reviews, you will know.
A company with a good reputation guarantees you receive the cash you need. Also, it offers better payback plans for the future.
3. Support Your Reasons for Borrowing
Gather all the credible information that increases your chances of getting a loan. If you are not aware, ask your financial advisor or lawyer to help you with it.
Supporting the reason is crucial to convince the lender that you need a loan and will pay it back as agreed.
Also, it is important to be genuine and tell the truth about your borrowing reason and the time to repay it.
4. Apply for an Instant Loan
Here’s how you can apply for an instant loan in Singapore –

● Visit the website of your shortlisted lender to submit the application form.
● Once you get the pre-approved offers from the lender, review them.
● Choose the one with the best terms and conditions and amount.
● Head down to your money lending company in Singapore, sign the instant loan contract and receive money instantly.

Common Mistakes to Avoid While Applying for an Instant Loan in Singapore

1. Misinterpret Your Ability to Repay the Loan
Like any other credit, when you take an instant loan, its defaults cause severe implications. Therefore, failing to interpret how you will repay the loan increases the risk of default. Due to it, your credit score will get hampered, and your chances of getting loans in the future will diminish too. Even the financial institution that gives offers to you will charge high-interest rates.
2. Getting Trapped by Loan Sharks
These illegal players in the loan market charge high-interest rates and use abusive methods to get their money back.
For this reason, you should avoid borrowing from loan sharks and work with trusted loan lenders.
3. Ignoring the Significant Impact of Default Unsecured Loan
Although instant loans in Singapore are unsecured, and your assets will not get auctioned if you default, the damage is severe. It will hurt your credit score, which is severe damage to your creditworthiness.
If your credit score is poor, future loan applications will likely be rejected.
4. Not Considering Other Debts
When you apply for an instant loan, you must factor other debts into your budget. For instance, if you have a student loan and mortgage, you might want to consider setting aside more money for these two debts. If you do not take into account these additional obligations, your monthly payments might increase.
Before applying for a loan, you must think about your monthly budget. It will help you determine how much money you can allocate for the new loan.
Ways to Use an Instant Loan in Singapore
After loan approval, you can use an instant loan in Singapore as your wish. Here are some common ways you can use your approved instant loan –
● To settle medical emergency bills.
● To pay for car repairs.
● To meet the funeral budget costing.
● To pay for home repairs.
● To meet the unexpected cost of an event.
● To pay holiday expenses.

These instant loans in Singapore come with more flexible repayment terms and lower interest rates, allowing consumers to manage their finances. When the need arises, it’ll be easier to access these funds than before and still be able to meet other urgent needs. No one wants to run into a cash crunch right when something important comes up.

Ensure you make the right choice by taking an instant loan in Singapore with Oasis Credit. Our loan solutions are affordable, safe, and secure. Apply now to settle your finances according to your needs in the required time.