Depending on how you see it, a bank can also be an online money lender since consumers can technically apply for loans over the internet. However, traditional banks aren’t the only option for people looking for quick cash loans. There are quick, legal online money lenders that can lend you a helping hand if you know where to look.
Read on to learn more about online money lenders, and where and how exactly you can get financial help quickly via money lenders in Singapore.
What’s an online money lender?
As its name suggests, an online money lender is a lender that lets you easily apply for loans via the internet.
You can also make quick and easy loan enquiries 24/7, wherever you may be, by filling up online loan application forms.
Are licensed money lenders considered online money lenders?
Licensed money lenders that allow you to fill up online loan application forms or online loan enquiry forms are considered online money lenders.
Many of the best online licensed money lenders in Singapore also integrate technology into their business, allowing borrowers to submit their loan applications seamlessly online with the use of Singpass — this lets borrowers retrieve necessary information (e.g. CPF statements, NOA, personal information, personal particulars, etc) quickly via MyInfo.
Additionally, licensed money lenders can do credit assessments or give you an in-principle loan approval online.
Completing these steps online certainly helps to shorten your entire loan application journey. All you need to do after that is visit their office for physical verification and contract signing. Your loan can be disbursed immediately in cash or via bank transfer.
Take note that licensed money lenders in Singapore are not allowed to disburse loans remotely!
Are instant money lenders a scam?
Not all instant money lenders are a scam. Many of the best-in-class licensed money lenders in Singapore can approve your loan and have the funds disbursed to you by cash or bank transfer within 30 minutes — but only if you walk into their office to apply for the loan and armed with all necessary documents. These money lenders are considered instant money lenders.
For the uninitiated, licensed money lenders are registered with the Ministry of Law’s Registry of Moneylenders — they have to abide by all the various rules and regulations to operate their money lending business.
On the flip side, beware of illegal money lenders that promise remote instant cash loans without the need for credit assessment or face-to-face verification. They typically solicit loans through SMS, WhatsApp, and social media platforms or build fake websites meant specially for scamming victims. These so-called instant money lenders are definitely a scam and should be avoided at all costs.
Do instant licensed money lenders disburse fast cash loans on the spot?
Yes, as illustrated above, instant licensed money lenders can disburse fast cash loans on the spot (give or take 30 minutes) if:
- You are eligible for the loan,
- You have all the necessary documents required for the loan, and
- You walk into their office to apply for the loan during business hours
Do 24-hour quick online money lenders exist in Singapore?
The short answer is no, 24-hour quick online money lenders do not exist in Singapore because licensed money lenders do not operate their offices 24/7. However, their websites run 24/7 so technically you can apply anytime, though you still need to go down to the money lenders’ office premises to complete the application process as stipulated by the law.
How long do quick money lenders take to approve, verify, and disburse loans?
While most quick licensed money lenders strive to respond to your loan enquiry within the same day or even an hour, feel free to book a same-day appointment if you need an extremely urgent cash loan. Visit the licensed money lender’s office during the hours in which they are open for business.
Bring your identification documents, proof of income, proof of employment, etc to ensure the money lender can approve, verify, and disburse your loan as quickly as possible — within 30 minutes in most cases.
Beware if a money lender promises you can get your loan anytime remotely, they are likely illegal money lenders or loan sharks posing as licensed money lenders!
Do money lenders open on Sunday?
Yes, some licensed money lenders are open on Sunday. Here’s a quick look at some of the top licensed money lenders in Singapore that happen to be open for business on Sunday:
Where to find quick and reliable licensed money lenders in Singapore?
With so many licensed money lenders in Singapore, how do you find one that’s quick and reliable?
A smart way would be to use CompareSing’s free service to get loan quotes from the best online licensed money lenders in Singapore. It’s easy and quick — a godsend for borrowers in need of urgent cash loans.
Simply fill out the online form, wait for licensed money lenders’ loan quotes, and compare!
