The good news is that the answer to this question is “yes”. When someone wants To borrow money, it is generally safe to assume that they need the loan quickly. Many pawn shops in Singapore can announce a loan approval fast, but how fast is actually “fast”?
Find out how you can make the process even faster and easier for yourself.
How fast is it?
the best money lenders in Singapore allow you to start the online loan application process. This is usually done through a form on their website or by contacting them via email with your details.
A loan officer then assesses your loan eligibility, along with the relevant interest rate and terms based on this information. This process can be completed in a matter of minutes.
However, this only gives you provisional approval. At this point, the lender has no way of verifying whether the applicant has told them the truth.
This is important because the loan principal, interest rate, and loan term all depend on the applicant’s credit rating and income. This information can only be confirmed once the lender has the opportunity to verify the relevant documents in person.
The second part of the approval process begins when you visit the lender with these documents. Depending on the complexity of your financial situation, it can be completed in one hour or several hours.
The third and final step in the process is the money transfer. This step is almost instantaneous, whether you want to have the money in hand or have it transferred to a bank account.
Thus, in addition to the time it takes you to get to the pawnshop in singapore, you can certainly get your money the same day you apply for the loan. The total time between submitting a request and receiving the money can be as short as an hour.
Get your loan approved faster
The best scenario for loan approval in less than an hour is unsecured. Here are the top three factors that affect how long the process takes and what you can do to make it as fast as possible.
Have the correct identity papers
The first step in formal loan approval is to verify that the applicant is who they say they are. This prevents fraud when a person is struggling with a debt they did not ask for and where they did not receive money.
The most essential document to present is your NRIC or FIN card, but a passport is also acceptable.
Have the right personal finance documents
Just as important as establishing your personal identity is verifying your current financial situation. For this, you will need to present your recent bank statements (up to 3 months in normal cases) as well as the CPF tax and contribution statements. You may also need your SingPass for immediate confirmation.
Newly employed applicants must also submit a letter of offer or letter of employment from their employer.
Other documents may be required for different loans. For example, a debt consolidation loan involves other creditors and existing loans. You will also need to bring all the documents relevant to those debts that you are trying to consolidate into a monthly loan in Singapore.
(The approval of the debt consolidation loan depends on how quickly your current creditors share the relevant information with your new lender)
One of the common mistakes people make when trying to To borrow money is to embellish the facts in their application. This may be due to embarrassment or an attempt to get a larger loan or better terms. The result is inevitably the opposite.
All the best money lenders use a very thorough verification process. If they find any inconsistencies between what you claim and what the record shows, they may be reluctant to continue. Forget the quick loan, you risk having your application rejected outright.
Regulation of the money lending industry has made it simple and straightforward to obtain a monthly loan in Singapore. By following the simple steps we have outlined above, you won’t just get your loan approved today, but maybe even within an hour!
Posted on August 7, 2021