A one-hour loan in Singapore sounds almost too good to be true. Is it really possible to legally obtain approval for a loan and receive the funds that quickly? For individuals who are in a tight spot and require cash urgently, you’ll be relieved to know that this is both legal and fairly simple to obtain.
In this article, we will explain what a fast cash loan is, how you can apply for one from a licensed money lender in Singapore, and what its advantages and disadvantages are. Read this guide first before applying for one so you can make the most out of your application.
In this context, the term ‘one hour’ here refers to the time between applying physically at a legal money lender’s office with all the necessary supporting documents and receiving the funds in cash or via a transfer to your bank account. Repeat customers at a reliable licensed money lender may even have their fast cash loans approved within half that time.
In comparison, loan applications at banks can be processed over several days, no matter if you’re applying for a short or long-term loan. Additionally, not all licensed money lenders in Singapore can approve loans and disburse the funds within an hour.
If you’re interested in a particular legal money lender, do check whether they are really able to approve loans within an hour before heading down to make an application.
However, borrowers need to ensure that they have an excellent credit rating to boost their chances of getting fast loan approvals and fund disbursals. Additionally, applicants who do not have all the necessary supporting documents with them may face some delays in getting their loan approved. This also applies to individuals with red flags in their financial records. These red flags include multiple late loan repayments, a large amount of credit facility enquiries, or bookings in a short period.
Here is a breakdown of the application process, but this may vary slightly across different legal money lenders:
All loan approvals begin with a thorough verification of the applicant’s identity. This helps the licensed money lender prevent anyone from impersonating others while taking a loan. Licensed money lenders accept the following identity documents as proof:
For Singapore Citizens and Permanent Residents
For Foreigners working, studying, or living in Singapore:
- Work permit/S Pass/E Pass
- Proof of residence (utility bills, rental agreement, etc.)
Please note that licensed money lenders in Singapore are not allowed to keep the original versions of any of the documents listed above. However, copies may be made for legal and documentation purposes.
Reputable licensed money lenders in Singapore would verify every applicant’s financial status in order to offer competitive rates, loan principal amounts, and contract terms. You can even obtain a one-hour loan deal that isn’t advertised if your financial capabilities are in top condition.
Please bring as many of the following documents as possible to support your application:
- Employment offer letter
- Signed employment contract
- Latest payslips and bank statements for at least the past 3 months
- Latest tax and CPF contribution statements
Again, please note that any licensed money lender in Singapore will not keep the original versions of any of the documents listed above. Additionally, do have your Singpass login details on hand to sign in to the respective portals and provide additional verification. Keep in mind that these should not be shared with any other individual or institution.
The income verification process above will determine the maximum amount of the one-hour loan that can be offered, its interest rate, tenure, and other additional fees and charges. All this information will be laid out in a formal loan contract.
Thereafter, a loan executive will explain each part of the contract to you. Do take this time to fully understand the loan contract and clear all doubts that you might have. Once you’re ready to proceed after speaking with the loan executive, you can sign the contract. The licensed money lender will keep one signed copy and you will receive another for your reference. The application and approval process for a one-hour loan is now complete.
Once the contract for a one-hour loan in Singapore is signed, the funds will be disbursed to you immediately. This can be done at the licensed money lender’s office, where the loan is disbursed to you as cash. Alternatively, you may opt for the money to be transferred to a Singapore bank account of your choice.
As with any loan from a legal money lender, there are advantages and disadvantages of a quick cash loan. Here are some important ones that you should consider.
|No credit discrimination||Relatively higher interest rates|
|Applicants with bad credit histories are welcomed||Relatively shorter loan repayment periods|
|Minimal documents are required (Singaporeans only need their NRIC and Singpass login details)|
|Simple application process|
|Quick credit assessment|
|Funds disbursed as cash or transferred to your bank account|
Dio Credit is an established licensed money lender in Singapore, having been in business since 2013. We are your best option for a one-hour loan in Singapore. Don’t take our word for it – speak to us today and get the cash that you need in your pocket within an hour.