A fast cash loan, or urgent cash loan, is the type of loan that is meant to help if you need money quickly. People find themselves in situations in which they need quick money all of the time, for various reasons. Now, if you are thinking of applying for this type of loan, you probably know that you have two options: applying online, and applying in person. But, what’s the difference? Which one would be a better choice for you? This article discusses this topic!

What Exactly is a Fast Cash Loan?

A fast cash loan in Singapore is short-term lending method, typically used for emergency expenses. This type of loan often ranges from around $100 to $2,000; but, depending on the country, and the lender, the sum could be potentially higher. You must repay the loan withing a couple of weeks, ideally until your next payday. You must know that a fast cash loan in Singapore has a higher interest rate and all kinds of fees that other type of loans don’t have. If you are in need of quick money, this could be a good option, but you must be aware of these facts. Before getting a loan, make sure that there is no other way for you to get that money.

There are many scammers in this industry, and you must be very careful not to fall into their trap. Know that a licensed lender will never call and try to get you to get a loan; or message you on WhatsApp, or other similar platforms. And, while it might sound tempting to borrow from an unlicensed money lender, it’s not worth the risk. You are putting yourself and your financial situation at risk. Especially if you need money for an emergency, you cannot afford to lose money, or to pay ten times that amount afterwards.

What Emergencies Can be Fixed by an Urgent Cash Loan?

If you are thinking of getting an urgent cash loan in Singapore, you might be curious if your emergency is a common, or even valid one. A medical emergency is the most common reason why people get an urgent cash loan in Singapore. You might need to make an unplanned visit to the doctor, or the hospital; maybe you have a dental emergency, or you need to buy medication. All of these might be expensive, and if you don’t have any savings, you need some Plan B. Rent or utility bills are another common reason. These are payments that you surely want to make, and if you don’t have the money, there aren’t a lot of things you can do.

Imagine you are driving to work, and all of a sudden your car breaks down. It was an unexpected event that you don’t have money to fix, and you need your car to go to work daily. And, everyone knows that fixing a car can be very expensive. And, as we are talking about repairs, home repairs can also be expensive. The integrity of your home is as important as that of your body, so you must make sure that you and your family are safe. Some other common reasons would be:

·       Funeral costs

·       Temporary job loss

·       School fees

·       Legal expenses

The Online Application Process

One of the biggest benefits, and reasons to why people in Singapore decide to apply online, is the ability to apply from anywhere, at any time. Often, applying can take around 5-10 minutes, with many lenders approving in less than an hour. The process is very fast and stress-free, which is what many people need nowadays. Then, many online lenders operate constantly, so it doesn’t matter if it’s midnight or Saturday, you can still apply. Another pro would be the fact that you can compare loan offers. You can check and read reviews about multiple lenders, and choose to borrow from the one that offers you the best deal.

The paperless process makes the whole thing even more appealing. There is no printing, or other complicated things, everything is digital! The fact that the whole thing happens digitally is great if you don’t live in an area with lenders. You can just find one online, and get it over with! At the same time, the chances of getting scammed while applying online is way higher than with physical applications. If you are having any issues, there’s no one to help you or answer your question. And, the last con would be that you cannot know for sure if the website, and therefore your data, is secure.

The In-Personal Application Process

One of the biggest pros of applying in person, is that there is a person in front of you that can answer all of your questions. You can discuss your financial situation and get some valuable advice, get clarifications, and negotiate the terms of the loan. In Singapore, some lenders might even approve your application then and there; and you can leave their office with the money in your hand. Also, if you have a more complex situation, or you are not sure about this step, discussing with someone might help. For many people, it’s easier to discuss with someone face-to-face, as they understand everything better. Not everyone loves the internet!

The most obvious con is the fact that you have to go there, physically. Offices have certain working hours, that might not work with your working hours. If you are living far, you might need an entire day off to get there, apply, and then get back home. And, one of the cons of having to discuss with some in person, is that they might trick you. They might convince you that you need to borrow more money, or similar things. You might feel pressured to accept certain terms, or pay for additional services that you don’t need.

Conclusion

There are many reasons why you might need a fast cash loan, and there’s nothing wrong about that! But, make sure that you are informed, and that you are choosing the best application method. If you know that you are the type of person that can easily crack under pressure, you might want to apply online. But if you have some questions, and think you can handle the upselling, apply in person!

Publication: 13 May 9:07