Applying for an instant loan? Here’s What You Need to Know

February 21, 2019

Need instant financial assistance? Learn how to navigate the loan application process with ease. Discover tips for choosing trustworthy lenders, leveraging SingPass MyInfo for speedy approvals, and understanding interest rates to safeguard your financial health. At Friday Finance, a licensed moneylender in Singapore, we offer stress-free loans with competitive rates, flexible repayment options, and rewards for on-time repayments. Start your application today for a hassle-free borrowing experience.All too often, unfortunate events compel us to seek emergency financial assistance. We can turn to banks and other financial institutions for help, but they also have a vested interest in protecting their bottom lines. This has the potential of turning what is supposed to be a quick process into a long drawn-out affair.

In this article, we present a few hacks to facilitate your instant loan application, with some tips on how to ensure you come out of the experience with your financial health intact.

Limit the Number of Applications You Make

If you are applying for an instant loan from a licensed moneylender or a bank, a request for your credit report is made, followed by a note of enquiry on your file. This means that if you apply to several institutions at the same time, your file will indicate this.

When licensed moneylenders or banks notice all these enquiries, it informs them that you’re taking on more debt, and you’re more likely to default on payment.

To avoid this situation, stick to one or two lenders that you trust; if you are dead set on a bank, do your research and learn about their interest rates and terms. If you prefer the faster process associated with moneylenders, research, consult reviews, and make sure they are registered in a list of licensed moneylenders compiled by Singapore’s Ministry of Law.

When Speed is of the Essence, SingPass MyInfo is Your Friend

In an emergency where time is of the essence, prioritise lenders that offer instant loan approval.

How does it work? Lenders integrated with Singpass MyInfo can extract all the information necessary to process a loan within minutes of a borrower submitting an application.

When all the necessary steps and documents are signed and fulfilled, the funds will be sent to your account within the same day of your application.

Understand Interest Rates

While instant loans are meant to remove you from a sticky situation, sometimes it isn’t worth it if it cripples your financial health. This is why it is critical to understand the interest rates as well as the terms of repayment.

Interest rates are a term that most recognise, but these rates can take on different forms or shapes.

At the fundamental level, you have basic interest rates, which most people are familiar with. Then you have monthly interest rates, annual interest rates, and effective interest rates.

Take some time to learn the differences between each; it will help you make informed decisions necessary for your financial health. Read our guide to learn more about interest rates.

Final Thoughts

Instant loans don’t have to be stressful. In fact, at Friday Finance, we have made it our mission to make getting a loan stress-free.

We offer competitive rates, on-time repayments rewards such as 50% refund on administration fees, loan protection insurance for individuals who take up unsecured loans, flexible repayment, and more.

Helping you achieve financial wellness is good for you and good for us.

To start your application, click here.