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As soon as possible’ – How fast can a moneylender in Singapore approve a loan?

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Depending on how urgent your need for cash is, ‘as soon as possible could mean within an hour or within a day to you. Every moneylender in Singapore advertises ‘fast loans’ but does their description match these expectations?

Our post today takes a closer look at the semantics of fast loans in Singapore. We help you understand what lenders mean by the term and the simple steps you can take to accelerate the approval process for your next loan.

What is a fast loan?

A fast loan is one of the many easy loans Singapore residents can apply for. What sets it apart is the focus on giving a borrower the cash in as little time as possible after they make an application.

Most lenders will be able to give provisional approval to an online application within a few minutes of receiving it. So, the instant loan approval Singapore applicants want is indeed a possibility. However, that is only the start of the formal loan application process.

Because the local moneylending industry is so strictly regulated, all licensed moneylenders must still follow through with additional procedures. These steps involve verifying the applicant’s identity, ensuring that their financial and income information is correct, and completing the necessary paperwork.

If everything is in order, the borrower could have the loan cash in their hand within less than an hour. If this speedy approach is what you need, the next section covers the elements of a good loan application with a moneylender in Singapore.

Applying for a quick cash loan in Singapore

Every legal money lender in Singapore is committed to good customer service, and part of that is fast approval. Their hands are tied by the local laws regulating moneylending.

The first of these is identity verification. When you make an online application for an easy loan in Singapore, the loan officer takes your information at face value. This includes your name and, more importantly, your residency status. The latter is relevant because it affects the maximum loan principal that can be approved.

Singapore Citizens and PRs are eligible for:

  • Up to $3,000 if they earn less than $20,000 a year
  • Six times their monthly income if they earn more than $20,000 a year

Foreigners are eligible for:

  • Up to $1500 if they earn less than $10,000 a year
  • Up to $3,000 if they earn between $10,00 and $20,000 a year
  • Six times their monthly income if they earn more than $20,000 a year

This leads us to the second important criteria that need to be verified – the applicant’s income, which can also be a time-consuming process. You can help it along by having all the right documents, including:

  • NRIC/FIN card/passport
  • SingPass (to enable login to IRAS and CPF websites for verification) 
  • Proof of income (employment letter, offer letter, etc.) for at least the past 3 months

The lender may also perform a credit check as part of the application. If you have existing debt such as a mortgage, bank loan, car loan, credit card, or overdraft, bring along all the relevant paperwork for them as well.

Good practices for a quick cash loan in Singapore

As we have seen, the main reason for a delay in loan approval is not the lender but the legal requirements that have to be met. In this respect, you can help the process go faster.

Firstly, be honest in your application, whether you are submitting it online or in person. Inconsistencies will only cause confusion, which will inevitably lead to more delays.

Second, know what documents are needed for the application. Without all the right information and paperwork, the process is not just delayed but your loan request may even be rejected.

Finally, make sure to organise all the necessary documents systematically before you present them. Clear and orderly paperwork makes it easier for the loan officer to understand your situation, assess your suitability, and process your application for final approval.

The best-case scenario for instant loan approval in Singapore is with a Singapore citizen who has a strong and consistent employment record, a range and variety of debt with no defaults, and where all the information provided matches the documents. In such cases, the lender may finalise the approval process within half an hour.

Always make sure you can recognise the signs of a licensed moneylender in Singapore. They will help you get your cash loan quickly and safely, too.