Are you scouting for a fast loan? Not sure where to look, what to look for, or who to ask? You’re not alone. Although the number of Singaporeans opting for fast loans has shot up in recent times, many remain skeptical of the validity of these quick financial solutions. So if you’re pressed for cash, and you need a quick financial fix, here are five “hidden secrets” you should know before taking a personal loan.

1. Interest for a fast loan isn’t always high

We’re sure you’ve heard financial horror stories of how interest rates crippled people’s finances or ruined relationships. Such scary tales are partly responsible for the bad reputation personal loans have. Yet, high interest isn’t a standard identity badge for all fast loans in Singapore. For example, at Galaxy credit, the amount of interest you pay is tied to your credit score, income status, and general repayment capacity. This means that interest isn’t pre-determined but rather calculated based on the information you provide and the type of loan you need. The cherry on top is that Singapore’s Ministry of law spells out that licensed money lenders can’t charge an interest rate that exceeds 4% p.a.

2. Interest rates are just the tip of the iceberg

When applying for a fast loan in Singapore, don’t fixate your mind on the interest rates. Sure, these rates play a crucial role when calculating the long-term cost of the loan. Nevertheless, they only offer a glimpse of the bigger picture. While evaluating the loan agreement, pay heed to minor charges such as closing fees, repayment fees, and processing fees. This way, you’ll have a more accurate mental figure concerning how much the loan will cost you every month.

3. You can get Scammed

When it comes to seeking fast cash, the possibility of getting duped isn’t far off. The thing is, not all “licensed money lenders” that table their offers are genuine. Some will take advantage of your financial yearning and rip you off mercilessly. To rat out the trick stars, you’ll need to develop a keen eye when choosing a money lending company to secure a fast loan from. 

 For instance, the most obvious indication of fraud is anyone who offers a deal that’s too good to be true. They promise you a hefty amount without checking your credit history? Scammer. They’re asking you to make an initial payment to facilitate loan approval? Scammer. The lender doesn’t have a secure website or proof of address? S-C-A-M-M-E-R. 

As a rule of thumb, any trusted online lender should be registered under the ministry of law. You should also look out for any sense of urgency in their tone. If they’re using language such as “offer expires today,” to lure you into their quick cash scheme, they have something up their sleeves. To be on the safe side, conduct your own due diligence and trust your guts.

4. You can Still Access a Quick Loan as a Foreigner in Singapore

Living alone in a foreign country is a steep curve to trudge. Add the reality of being broke in this expensive city; it can get grim very quickly. But the good news is, you don’t have to be a Singaporean to access quick cash from Galaxy credit. We offer affordable foreigner loans to expats, foreign students, and legal immigrants who are striving to make something out of their experience here. 

Our eligibility criteria for foreigners is also simple and straightforward. If you’re over 21 years, have a valid Singapore work pass, proof of payment, proof of residence, and a full-time job, you’re in!

5. You can apply for a Quick Loan without a Salaried Job.

This one misconception perpetuates cynicism among non-employed, potential borrowers. Contrary to popular belief, you don’t have to be on the payroll for you to access a fast loan in Singapore. Unlike banks, Galaxy credit has a flexible metric for assessing those who meet our requirements. As much as consistent income is a key determinant of how fast you’re approved, it doesn’t have to hail from a permanent staff position. Freelancers, entrepreneurs, and retirees are still part of the fast loan equation.

This one misconception perpetuates cynicism among non-employed, potential borrowers. Contrary to popular belief, you don’t have to be on the payroll for you to access a fast loan in Singapore. Unlike banks, Galaxy credit has a flexible metric for assessing those who meet our requirements. As much as consistent income is a key determinant of how fast you’re approved, it doesn’t have to hail from a permanent staff position. Freelancers, entrepreneurs, and retirees are still part of the fast loan equation.

6. You can still get a loan with bad credit.

Got a bad credit report, and you need quick cash? Don’t be discouraged. At Galaxy credit, we believe in second chances. By taking five minutes off your time to contact us, we’ll listen to you and guide you towards the best personal loan for your financial situation. 

As you can see, getting fast cash-Singapore isn’t difficult, but it can go downhill quickly. 

Hopefully, this article has shed light on some of the grey areas that were preventing you from seeking a swift financial solution.