Short Term Loans

Short term loan – The Best Choice For Unforeseen Circumstances

Require cash instantly? Have you considered taking a short term loan?

What Is A Short Term Loan in Singapore?

The short term loan Singapore is like any other loan; what makes them different is that they have lower loan amounts starting from $500 up to $3500. Besides this, short term loans are usually unsecured, and the repayment time is comparatively less. The repayments are made monthly or on payday as the loan tenure generally lasts from a few months to a year.

The repayment amount includes the processing fee and interest. The process is not time taking means you will get the cash as soon as you apply with all the required documents. Short term loans are the best and immediate support for your needs.

Types Of Short Term Loans

Short term loan come in various forms; let’s look into each type to understand better.

  • Merchant Cash Advances

This type the lender loan the amount to the borrower, and the borrower gives the lender access to his credit facility. Each time a borrower sells something to his customer, a certain percentage is taken by the lender till the loan is paid.

  • Line Of Credit

If you face cash flow problems, then a line of credit is the most suitable option for you. One plus point of the line of credit is that you won’t be charged with interest until you withdraw the money.

  • Payday Loans

These are short term emergency loans, easy to access. But the drawback is that these loans are to be paid in one lump sum when the borrower’s payday comes, and also, the interest rates are high.

  • Bridging Loan

These types of loans are considered when you are looking to buy something. For instance, you are looking to buy a new car, but your old car has not been sold out yet, you will go for such loans in that case.

  • Invoice Financing

This type of loan is based on business account receivables. The lender loans the money to the borrower and charges the interest based on invoices that remain outstanding. When the invoice gets paid, the lender first takes his interest which is charged on loan.

What are the Pros of Taking a Short Term Loan in Singapore?

  • Convenience

For short term loans Singapore, requirements and credit checks are lenient, thus making it easier to get cash in times of need.

The application process offered by lenders is quick and simple as there is no collateral, so the risk of losing an asset is zero.

  • Flexible

You can choose the repayment procedure according to your flexibility, i.e., weekly, monthly, or paydays. It helps you in managing your payments.

  • Easily Accessible

The application for short term loans is available online so that you can apply for the loan at any time.

  • Fewer Credit Checks

The lenders providing short-term loans do not focus on your credit score, so even if you don’t have a good credit score, the chances of approval are great.

  • Immediate Cash Flow

If you are running a business and running out of money, short-term loans are to-go options to improve your cash flow.

What are the Documents Required for Short Term Loans?

Following documents are required:

  • National registration identity card (NRIC)
  • SingPass
  • Payslip

With the following documents, you can get easy access to cash in unforeseen situations.

Why Consider A Short Term Loan?

There can be any situation where you urgently require cash, either it is to meet personal needs or to meet business needs. What to do in such situations where you can’t wait but require cash instantly? One solution is to go for a short term loan in such cases.

It is an extremely attractive option, especially for small businesses that are not yet eligible to apply for a bank loan. Like other loans, there are no restrictions in using the money in the case of short term loans, and lenders will lend you money despite your credit score.

Note: You are not eligible for the loan if you are under 18 or a student.

Why Choose Us?

At Lucky Credit88, we will discuss the short-term and everything you need to know about it to make a quick decision. Short-term loans are best for both, i.e., business and personal needs. After all, the purpose of a loan is to fulfill your cash needs, and with short-term loans, you can get instant money. For in case of emergency of cash, always opt for short-term loans in Singapore.

Are you ready to apply for a short-term loan? Apply now and get money in the next few minutes!

If you have any queries, please contact us.

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Eligibility Criteria For Short Term Loan?

Find Out Who Can Qualify For a short term loan In Singapore?

  • permanent, part-time, or contract-based job
  • Self-employed can also apply
  • Be able to show proof of your income
  • Age above 18 years

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