The good news is that the answer to that question is ‘yes’. When someone wants to borrow money, it is usually safe to assume that they need the loan in a hurry. Many moneylenders in Singapore may advertise fast loan approval but how fast is ‘fast’ really?
Find out how you can make the process even faster and simpler for yourself.
How fast is fast?
The best money lenders in Singapore allow you to begin the loan application process online. This is usually through a form on their website or by contacting them via email with your details.
A loan officer then assesses your eligibility for the loan, and the relevant interest rate and terms based on this information. This process can be completed within a matter of minutes.
However, that only gives you provisional approval. At this point, the lender does not have any way to verify whether the applicant has told them the truth.
This is important because the loan principal, the interest rate, and the term of the loan are all dependent on the applicant’s credit score and income. Such information can only be confirmed once the lender has a chance 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 within part of an hour or take several hours.
The third and final step of the process is the transfer of money. This step is virtually instantaneous, whether you want the cash in hand or have it transferred to a bank account.
So, besides the time it takes you to travel to the moneylender in Singapore, you can certainly get your money on the same day you apply for a loan. The total time between making an application and receiving the money can be as little as one hour.
Get your loan approved faster
The best-case scenario of loan approval in less than an hour is not guaranteed. Here are the three main factors that affect how long the process takes, and what you can do to make it as fast as possible.
Have the right personal ID documents
The first step to formal approval of a loan is verification that an applicant is who they say they are. This prevents fraud where someone is saddled with a debt that they did not apply for, and where they did not receive any money.
The most essential document for you to show 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 standing. For this, you will need to show your recent bank statements (up to 3 months in normal cases) as well as tax and CPF contribution records. You may also need your SingPass for immediate confirmation.
Applicants who are newly employed should also present an offer letter or letter of employment from their employer.
Other documents may be necessary for different loans. For example, a debt consolidation loan involves other creditors and existing loans. You would also need to bring any paperwork relevant to these debts that you are attempting to consolidate into a monthly loan in Singapore.
(Debt consolidation loan approval depends on how quickly your current creditors share the relevant information with your new lender)
One of the common mistakes people make when they attempt to borrow money is to embellish the facts in their application. This may be out of embarrassment or an attempt to get a bigger loan or better terms. The result is inevitably the opposite.
All the best money lenders use a very thorough vetting process. If they find inconsistencies between what you claim and what the record shows, they may be reluctant to proceed. Forget about a fast loan, you may have your application rejected outright.
The regulation of the money lending industry has made it simple and straightforward to get a monthly loan in Singapore. By using the simple steps that we outlined above, you won’t just have your loan approved today but possibly even within the space of an hour!