Get the cash you need when you need it with Lendingpot Personal's emergency loans. From medical bills to unexpected car repairs, our fast and easy loan process can help you get the funds you need to handle life's emergencies. Apply now and get approved quickly.
A personal loan is cash that is disbursed by a bank, or moneylender and is paid back in fixed monthly instalments. It is an unsecured loan. This means that it is not a necessity for you to pledge any of your assets as collateral. To check for eligibility and calculate loan quantum, lenders would use your income level, repayment ability and history. The amount that you can borrow are usually higher in quantum (up to 10x your monthly income) and can be used for larger emergency expenses like funeral costs. Take note that when you default on this loan, it would reflect in your credit report and negatively impact your credit scores. Bad credit scores may affect your eligibility for future loans. As personal loans require you to repay the funds within a fixed time period, be sure that you do the repayment on time. This can help you to build a good credit history.
A payday loan is a short-term unsecured loan equivalent to your monthly salary amount, that can help you finance emergency needs like buying a new laptop. However, unlike personal loans where loan tenors can stretch up to 5 years, the term for repayment is usually until your next payday. Repayments are also done in full. To ensure that borrowers do not borrow more than they can finance, the lender would usually approve a loan amount that is within your payment capability which is based on the borrower’s income and credit profile. This type of loans are usually facilitated by moneylenders.
Credit card advance loan is another type of urgent loan. They are short-term loans that will help you to get cash instantly using the available balance in your credit card. The interest rates and credit card charges are usually higher than the normal usage of a credit card. The accumulation of interest rates will begin as soon as you withdraw or use the money, hence, it’s always best to be mindful of the usage of your funds.
Borrowers should look at their needs to decide what kind of emergency loans to pick. Consider whether the amount required is greater or lesser than your monthly income and whether the desired loan tenure extends beyond or concludes by the day you receive your salary.
Credit card cash advance should only be considered after you have exhausted all methods of getting cash. This is because, the interest and fees imposed may be relatively high and hard to keep track.
To start, there are two types of lenders you can obtain an emergency loan from. Namely, Banks and Licensed Money Lenders. Each with their own set of requirements you must fulfil to qualify for an emergency loan.
As a Singaporean, you’ll need to have a minimum income of $20,000 and foreigner, it usually starts from $30,000 a year. Further, not all banks extend loan for foreigners. Check the table below for the banks that you qualify for.
Extend loans to borrowers even if their annual income is less than $20,000 but loan quantum capped at $3,000. Additionally, all foreigners are eligible to apply for personal loans in Singapore if the lender has sufficient foreigner quota available.
Banks grant loans as fast as 15 mins, depending on your credit report, income and more. Loans from licensed moneylenders can be obtained within the day.
Take note that once application for bank is submitted, the disbursement may be immediate if you do qualify.
For moneylender loans, you will be able to view your offers before deciding and making an appointment with the lender.
It is encouraged that you take one loan at a time or borrow based on your affordability.
Depending on the available loan limit that you are entitled for, banks and moneylenders would grant you a loan depending on their credit criteria.
As long as you’ve been paying your current loans promptly, you may apply for a Debt Consolidation Loan to consolidate your loans with a specific lender on our platform.
Instead of a cash advance which charges interest rate starting from 28% a year, you can use your existing credit card limit to apply for a personal loan. This would be the fastest option as the provider have already approved on how much they were willing to lend you when the limit is extended to you. The final amount and result would still be at the bank’s discretion.
To avoid delays and any information discrepancy during application, it is better to use Singpass instead of keying it manually online. Since the information that is pulled out by Singpass has already been verified, it may cut short the loan processing time. For some banks, they would also provide an estimated loan quantum and tenor upon submitting Myinfo.
Every time you make a new loan application to a bank, the bank would retrieve your credit report and the enquiry will be recorded in your CBS. If multiple enquiries are made, the bank may see it as an indication that you are intending to take on more debt. For that reason, it may affect the chances of getting a personal loan.
It will be better if you apply for a personal loan from the existing credit card issuing bank as they already have your records. Choose 1 or 2 banks that you can apply to from the list above.
One of the factors that loan providers would look at before extending a loan to you would be your Credit Bureau Score or Moneylenders Credit Bureau score. These two reports would show your repayment history, the amount of credit you use, any outstanding loans, etc.Once you have decided on a suitable emergency loan, ensure that payments are made promptly to avoid future difficulties of obtaining a loan.
With just 1 application using Myinfo which takes less than 3 mins, Lendingpot will connect you to multiple lenders at once. You can compare the terms that the lenders offer and choose an offer of your liking.
You may contact the lenders directly for this arrangement.
There would be late payment charges incurred. We would suggest making your payments promptly so that there wouldn’t be late payments or bad records shown on your Credit Bureau and Moneylenders Credit Reports.
No, Lendingpot’s loan matching service is free. There would be no fees incurred to you.
We’re happy to answer your queries.