How much you can borrow?
|Borrower’s annual income||Singapore Citizens and Permanent Residents||Foreigners residing in Singapore|
|Less than $10,000||$3,000||$500|
|At least $10,000 and less than $20,000||$3,000|
|At least $20,000||6 times monthly income||6 times monthly income|
There are a number of benefits to these types of loans, but there are also some important things you should consider before you get one. Below is a brief introduction to the cash loan industry and how you might be able to utilize this type of thing.
Introduction to a Cash Loan
For many different things, such as restaurants or stores, cash is either a requirement to a cheaper option. Companies do not always like to pay for processing fees to large companies so they prefer to take cash if you have it available. For this reason you can consider getting a cash loan that will help you to pay for these types of things.
Nonetheless, this type of loan of cash is also used as an expression for the payday loan industry. There are many benefits of getting these types of loans. First of all, it is much quicker than getting different types of loans from a bank or other institution. Also, there are fewer checks into your financial history that might be a red flag and not allow them to offer you a loan.
These benefits make a cash loan a good option for people who really need some fast money to tide them over.
Benefits and Drawbacks for Cash Loans
There are many different benefits and a few drawbacks for cash loans that you should remember before you get one. First, you will be able to get the money quickly and painlessly as mentioned previously. This will help you out in a number of situations, but it is just more convenient as well. For times when you really need money in order to pay the bills or get out of a poor situation, the cash loan is always a good choice. It may not be easy to make, but it is better than what might happen if you don’t have the money.
If you are preparing to get a cash loan, you should also take into consideration one very important thing. Even though the money is far more convenient and the checks are more lenient, the interest rates might be a bit higher. In many cases the lenders have to recuperate their losses from people that never pay or declare bankruptcy with higher interest rates from people who actually do have to pay them back. This might not be such a great situation to be in, however it should be a function of the market value not necessarily based on anything else.
If you need money quickly then search for a cash loan. Even if you have to pay a bit of extra money for this type of thing, you will still benefit overall.
Almost all budding entrepreneurs have at some point or another found that they need to gather capital either to pay their bills, or to carry out expansion of their company. This was simple in the past, you could just hop off to a bank and ask for a loan. However, due to the global economic crisis, banks are incredibly reluctant to lend. This is part of the reason why many companies are failing, they simply cannot obtain the credit they need to keep going, or to expand their company to generate even more profit.
The main reason companies use Business Loans is to help keep afloat in the short term. There are plenty of companies out there who know they can survive if they got through the next couple of months. They know they have invoices to be paid, but they aren’t due yet, and therefore they cannot pay their suppliers. A business loan enables the company to pay off any outstanding money that they owe, this reduces the chances of the company ‘failing’, and all the business needs to do is remember to pay back the loan!
As a business owner, you have probably made ‘bad’ decisions for your company which has ended up causing a substantial loss. A business loan enables you to pick up the pieces and dive back into your business again, and hopefully this time you can succeed with a different idea. Without a business loan there is a good chance that you could simply be left without a business, certainly not something that you want right?
As mentioned previously, the business world is expanding at a rapid pace. Your competitors will constantly be trying to get ‘one up’ on you in order to steal some of your companies turnover. It’s fair to say, if you aren’t moving forward in the business world, you are moving backwards. Another of the reasons why people take out business loans is to help them expand their operations which will allow them to generate more profit. For example, companies could buy new machinery, or develop a brand new website designed to pull in some customers. You may even just want to run a particularly hefty advertising campaign. All you need to do is take out a business loan!
There are two types of business loan, and the one you choose will depend on the circumstances that you are in.
The first type of loan is a secured business loan. This means that the money you borrow is secured against your property. Generally you will be able to borrow much more money in these circumstances, and the interest rates are much lower. However, if you fail to pay back your loan you can end up losing your property.
The second type of business loan is an ‘unsecured’ business loan. You don’t place any collateral upfront, which does mean that the interest rate is going to be higher. You will also be able to borrow less money and have a shorter repayment term. The benefit of this loan however is that they are incredibly quick to apply for, in fact, all it will take is an online application form.
If you own a company, then don’t forget about the idea of a business loan. You may be going through success at the moment, but you never know what is lying around the corner. If you do have a bit of trouble at your company right now, then a business loan is just what you need to get your company back on its feet and generating money again.
All of us have had a time when it seems that we have more money to pay out than we actually have. Whether this is because an unexpected car repair came out our way, or one bill was particularly large that month. We know that if we can get to our next payday everything will be fine. However sadly though, bills won’t hang around and wait to be paid. The people you owe money to will want it now, and if you don’t pay them then there will be ‘bad notches’ on your credit score as well as untold masses of ‘late payment charges’. All of which are going to put you into a worse position that before. Covering these unexpected bills is perhaps one of the main reasons why people choose to opt for a payday loan.
Another of the reasons is that Payday Loans are incredibly fast to obtain. If you go to a traditional lender such as a bank it can take up to a month to be approved for a loan, certainly not something that you want right? After all, those bills are due now, not in a month’s time! You can fill in the application for a Payday Loan online, it only takes a couple of minutes. Approval is generally instant, which means you can have the money sitting in your bank account within 20-30minutes.
Many of us need to borrow only a small amount of money to see us through. Banks only give larger loans, most of the money we won’t actually need. This means that you are in essence going to be paying to borrow money that you don’t need to ‘see you through’, and this is going to end up being expensive. With a payday loan, you only borrow what you need to.
Perhaps the biggest reason why people obtain Payday Loans however is because they involve minimum credit checks. The majority of people that get themselves into ‘financial trouble’ have less than savoury credit histories, and that means they are going to find it incredibly difficult to obtain money from traditional lenders. However, with minimum credit checks in place, they will find it a complete breeze to obtain money from a payday loan company.
The main reason why people turn their nose up at Payday Loans is because they see them as expensive. However, they really aren’t. The costs of a Payday Loan are going to be much lower than the costs you will have to pay out if you missed a payment! Missing a payment could result in loss of income (if your car breaks down and you can’t travel), late payment charges, and of course, bad notches on your credit history. Do you really want all of that?
As you can see, a Payday Loan is incredibly useful for almost everybody out there. It helps you crawl out of your financial hole in a much quicker frame of time, and of course, helps combat any charges that are coming your way if you end up missing a payment. All you need to remember is ensure that you pay back the loan on time. Just fill out the online application form today, and you could be kissing goodbye to your financial stress within a few short hours.