You may be wondering where you can get money when you face an emergency. At that time, even friends and family members may not be in a position to bail you out. Thus, the only solution to your urgent need is online lenders. Borrowing from friends and families is easy for they don’t conduct a thorough background check of your history. The debt doesn’t attract any cost for it’s free of interest.
However, getting credit from online lenders will attract more requirements. Online lenders will take into consideration the annual income, and you will be expected to pay yearly interest and incur processing charges. The article will highlight the criteria for selecting short-term lenders. It will also provide you with five companies in Singapore that will be happy to assist you in securing a short-term credit facility.
Criteria for Selecting Lending Companies
Singapore has over 150 registered lenders and several loan sharks purporting to be money lenders. Thus it is difficult to distinguish the reliable from scammers, especially when you’re desperate for cash. We have done a tough job to isolate the top 5 leading companies. These lenders had to meet the following criteria.
- They must have Positive Reviews. Online ratings and reviews will give you feedback about a given company. These reviews are written by customers who were either satisfied or unhappy with the lenders’ services. However, remember that you may not have a similar experience with other borrowers.
- Easy Application. One reason you prefer online lenders over the bank is that you want to avoid bureaucracy. Thus a suitable lender should have little documentation and a simple application process.
- Flexible Credit Terms. The lender should have extensive lines of credit, unsecured and cash advances to cater to different needs of their customers. They should have a flexible repayment plan as well as encourage early repayment by eliminating penalties.
- These Lenders should appear in the Moneylenders’ Registry that is provided by the government. They should be licensed and not have a history of license revocation due to underhand dealings. You search for these companies in the Ministry of Law databases to see if there are no significant complaints from customers or scam alerts.
- The Lenders have been in Existence for Several Years. Thus, they have adequate experience in lending money and have built an excellent reputation for not charging high rates. The trusted online lenders provide their customers with educational materials about savings and debt management for they care about their customers.
Licensed Online Lenders in Singapore
- Lending Bee is a firm that offers short and long-term credit facilities both online and at the branches. The lender will give you a credit of up to $100,000 for consolidating your loans or a lower amount for your emergencies. The lender has vast experience, is equipped with knowledge and skills of addressing customers’ needs, thus providing personalized credit packages. For that reason, you can submit your application online as well as track the status of your loan at any given time. As a result, the company helps its customers to monitor the progress of their investments, thus helping them to avoid later repayment penalties.
- Katong Credit has seen tremendous growth in the past decades due to being founded on attributes such as integrity and trust. A borrower with a poor credit history may face a challenge when seeking credit in Singapore. First, the banks automatically reject applications from such borrowers or require them to pay expensively for any credit facility they receive from them.
However, Katong Credit Company helps you to access loans irrespective of your score. This lender ensures that its customers can enjoy its services beyond what is provided by its competitors. For that reason, this financier processes its loans in a short period, gives you a custom-made credit line that suits your circumstances and has one of the easiest eligibility criteria.
- 365 Credit Solutions is ideal when you have an excellent score, and for that reason, you’ll enjoy low interest. The firm doesn’t penalize you for early repayment. Its goal is to guide you repay your debt on time; thus, they give you interest rebate when doing so. They will also restructure your debt when you experience challenges sticking to the monthly schedule.
- GM Creditz is a firm with several positive reviews, while most of its borrowers are repeat customers. Thus the company serves borrowers with different financial status irrespective of their credit history. This lender is different from others in the market since it can process your application even without a credit report. It’s ready to advance some cash for you to sort your emergencies, or long term for it can stretch its policies to serve you. Although the firm adheres to laws established by its regulators, it can extend its requirement to accommodate your requests while still complying with the law.
- Horizon Credit provides solutions to its borrowers that are tailor-made to suit their needs. Thus, the company will offer you convenient and fast solutions. The main objective of this lender is to provide you with quick cash when you need it. The company abides by the guidelines provided by the Ministry of Law in terms of repayment and interests. The financier is the best option when you need fast and short-term credit because it processes all its applications very fast, debt consolidation and has straightforward eligibility requirements. Additionally, its services are transparent, convenient and fair.
The Bottom Line
You want to have easy access to money when you face an emergency. Online lenders offer a solution for they can process an emergency loan in a few hours or days. However, you want to deal with licensed firms with positive reviews from happy customers. There are five best places you can visit when you want quick cash. Lending Bee, 365 Credit Solutions, Katong Credit, GM Creditz and Horison Credit are ideal firms that can process your loan in Singapore. Also, you may visit A1 credit their credit lines are flexible and are willing to listen to you.