Introduction
If you’re looking for a quick, simple, and easy way to get cash, then a cash advance loan could be the solution.
Cash advances are simple to apply for online, and they have lower interest rates than other types of loans.
So if you need money fast and don’t want to deal with all the paperwork involved in applying for other kinds of loans – like mortgages or personal loans – then read on!
What is a cash advance?
Cash advance loans are short-term loans that you can use to cover emergency expenses. These loans usually have smaller loan amounts than traditional installment loans, and they’re usually paid back in a lump sum.
They’re also typically due in full within a short period, such as one year. However, many lenders offer long-term loans that can be used for any purpose. These loans can last 20 years and are often used for home ownership or refinancing.
How much can I get with a cash advance?
You can get a cash advance for as low as S$5 and as high as S$50,000. The amount of loan you can get depends on your income, credit score, and credit history.
To find out what amount of loan you can get with a cash advance in Singapore, first calculate your monthly income using this formula:
- Add up all sources of monthly income (e.g., salary).
- Multiply the number by 20% to calculate your total disposable income – this is the amount you have left over after paying off all your monthly bills such as rent or mortgage loans.
Next, use this calculator to determine how much money you need to pay back annually if approved for an unsecured personal loan from DBS/POSB at 12% interest rate in Singapore dollars.
Where can I get a cash advance?
Cash advance loans are similar to payday loans but are also known as cash advances. They come with a hefty interest rate, and it is best to borrow money from a friend or family member if you need instant cash.
If you have no other options, there are some reputable cash advance companies in Singapore like Wonga, that offer short-term lending services.
To get a cash advance loan in Singapore, you will need the following documents:
- Proof of identity (ID card)
- Proof of residence (electricity bill or bank statement)
Proof of income (latest pay slip or bank statement) Cash advance loans are convenient and easy to get, but they have a high-interest rate, and it may take some time for your money to be released.
It is also important to remember that cash advance loans are unsuitable for long-term financial relief.
If you are looking for a long-term solution to your financial problems, it is best to get a personal loan. A personal loan will allow you to borrow more money than a cash advance, and it will come with lower interest rates.
What is the interest rate for a cash advance loan?
Cash advance loans in Singapore are unsecured personal loans. This means the borrower is not required to provide any asset as collateral to obtain this type of loan.
Instead, cash advance loans can be used by those with bad or no credit history and those who do not own real estate or other assets that could serve as collateral.
Cash advance loans generally have a shorter repayment period than other types of personal loans due to their smaller amounts.
For example, while an installment loan may require repayment after one year or more every month, a cash advance loan may only need repayment within two weeks or less if you pay $100 per day (which would be 2% annual percentage rate).
Approval time for a cash advance loan in Singapore.
If you are applying for a cash advance loan, it is important that you have all of the documents required to complete the application. This will allow your lender to process your application quickly and efficiently.
The processing time generally varies depending on the lender and their requirements. However, it is recommended that you check with them beforehand regarding their turnaround time so that there are no surprises when they approve or reject your request.
The approval time also varies depending on whether you live in Singapore, Australia, America, Canada, or England and Wales (UK). To make sure that no mistakes are made during this process, please read our tips below:
- Make sure that all of the information you provide is correct and up to date
- Include all supporting documents, such as proof of income, employment letter or contract (if applicable), identification card, and passport
- Do not send in any duplicates or copies of your documents; only send original copies
Conclusion
In conclusion, a cash advance loan is a great way to get fast cash in Singapore. By applying online, you can get approved within minutes and have the funds deposited into your bank account within one working day. This makes it ideal for unexpected expenses or emergencies that require urgent funding.