Personal loan takes at least a couple of days to be approved and sometimes people don’t have that much time. This is true for example if cash for medicine is needed by a sudden accident or illness, a personal loan cannot solve this kind of problem but a cash advance loan can.
Requirements of Cash Advance Loan in Singapore
This do not require thorough credit checks or collateral which makes them very attractive for those who have bad credit or do not own a property. In fact, requirements for a cash advance loan are minimal; you just need to have a bank account and a job. Compared with all the requirements needed for applying for a personal loan, especially at banks, cash advance loans are a far more accessible financial option.
When time is an issue
When you don’t have enough time, nothing compares to cash advance loans. No bank or moneylender could ever approve up to $2000 in less than 24 hours, the time needed to fill and approve all the paperwork required for a personal loan takes far more than that. Cash advance loan in Singapore, on the other hand, are used to process loan request within hours. There are few requirements to check and before you know you get the money transferred to your account.
A cash advance loan is usually due by the time your next paycheck arrives. So you don’t have much time for repaying, nor have you, except in certain situations, the possibility to extend the repayment program. This loans are intended for an emergency situation, that being said, if you won’t be able to repay the loan you should use the time you gain to get approved for a more flexible personal loan, repayable in installments.
Cash advance loans carry a high interest rate, this is due to the fact that there is a very high risk involved for any moneylender. The truth is that moneylender lacks almost any guarantee that the borrower will be able to repay what he owes. To compensate this, moneylender charges a high interest rate, and offers a short period of time for repayment.