Sometimes, unexpected events are bound to happen where you need money right away. These emergency situations are unavoidable.
If you are in Singapore’s retail heart, which is Orchard Road, you might be looking for some quick options where you can borrow money. However, borrowing from a friend or a relative may not always be a good idea. Therefore, you may end up borrowing from banks or from a money lender.
But, when it comes to obtaining quick personal loans, opting for an Orchard Money Lender proves to be an excellent choice. Legal lenders like Crawfort ensure fast approval, with loan applications processed in just 8 minutes.
How Does Instant Cash Loan from Orchard Money Lender Works?
Instant loans from a licensed lender are unsecured loans that don’t require collateral such as a car, house, or jewelry. Also, it lives up to its name, “instant loan” or “urgent loan,” by boasting a remarkably short processing time. Similar to a personal loan from a legal lender, once your application is approved, you promptly receive the funds, addressing your financial emergencies swiftly.
In fact, you can get approved in just minutes, and you’ll need to collect your money the same day of your application. Borrowing this type of loan from a lender is much faster than getting a personal loan from the bank.
Discover more about the differences between borrowing from a licensed moneylender and the bank here.
Moreover, this can be used for various types of financial emergencies and unexpected events. You may use instant loans in paying for medical emergencies, monthly bills, home repairs, car repairs, funeral expenses and many others.
This sets it apart from other types of loans. For instance, in a renovation loan, the funds are allocated to your contractor and cannot be used for expenses beyond the renovation contract, such as purchasing new furniture. Urgent loans provide the flexibility to allocate the funds according to your needs.
Who Is Eligible To Apply For An Urgent Loan?
To qualify for a quick loan from a licensed lender, you must meet certain criteria. Applicants must be at least 21 years old and fall into one of the following categories: Singaporean citizen, a Permanent Resident, or a foreigner with a valid Singapore employment pass, S Pass, or Work Permit. Verification documents, such as NRIC, passport, or work permit, are required.
To qualify as a borrower, one must be employed, which includes individuals working in full-time salaried positions, part-time employment, and self-employed occupations like cab drivers, freelancers, and similar professions.
How Much You Can Borrow From a Licensed Money Lender In Orchard Road?
Unlike banks, you can borrow for an urgent loan even if your annual income is less than S$20,000. For PR and Singaporean citizens, you can get up to S$3,000, if your annual income is less than S$20,000 and 6 times your monthly income if you are earning at least S$20,000 annually.
Foreigners residing in Singapore can get up to S$500 for annual income of less than S$10,000. Also, they can borrow up to S$3,000 if their annual income is at least S$10,000 and less than S$20,000. Moreover, they can get up to 6 times their monthly income if they are earning at least S$20,000 annually.
Annual income | Singapore Citizens and Permanent Residents | Foreigners residing in Singapore |
Less than S$10,000 | S$3,000 | S$500 |
S$10,000 – S$20,000 | S$3,000 | S$3,000 |
S$20,000 and above | 6 times of monthly income | 6 times of monthly income |
Source: Ministry of Law
Advantages of Opting For A Fast Approval Loan
Taking urgent loans has various benefits:
- Fast Approval. They typically receive approval within a day, and with certain licensed money lenders, approval can be granted within a few minutes, ensuring prompt access to funds.
- Easy Application Process. Applying for an instant loan online is remarkably straightforward. By completing a simple online form, you initiate the process. When contacted by the loan officer, present the necessary documents at their office for quick verification. Upon signing the loan contract, you can anticipate receiving your loan proceeds on the same day.
- Immediate Cash or Bank Transfer. Securing an urgent loan with fast approval is a seamless process. While a brief face-to-face verification at the money lender’s office is required before approval, once completed, the cash is either handed to you or deposited to your bank account within minutes. The entire process is efficient and hassle-free.
- Access to Loans Despite Poor Credit History. Even individuals with a less-than-ideal credit history can obtain an easy personal loan online through legal money lenders. This makes legal lenders a convenient and legitimate option for those seeking a quick solution to short-term financial challenges.
How to Apply for an Urgent Loan?
Navigating the process of applying for a quick loan from a legal lender is a straightforward endeavor. Here are steps on how you can apply for a fast approval loan:
Submit Online Loan Application
Applying for a fast loan is a straightforward process through their website. Start by entering your details, including citizenship, monthly salary, and desired loan amount. Most money lender websites will prompt you to log in via SingPass, automatically populating your application with data from government agencies.
Afterward, upload the required documents for your loan application. Once submitted, expect to receive your application results via SMS within minutes.
Head down to Moneylender Office For A Face-to-Face Verification
Upon approval, visit the lender’s office for a face-to-face verification, this is to finalise your loan process.
During the meeting, the lender will review the loan terms and contract with you in person, addressing any questions you may have. You have the option to receive your approved loan in cash or have it disbursed directly into your bank account.
Need Money Urgently?
If you find yourself in the Orchard Road area with urgent financial needs, Crawfort has your back. We can provide quick solutions for your immediate loan requirements, ensuring approval in just 8 minutes. Ideal for addressing various emergency expenses, we’re here to assist you promptly.