Tips on getting a quick credit loan
Are you in need of cash urgently? Well, there are various places where one can acquire a quick credit loan. It might be a bank, moneylender, a friend, or even a relative. Some of the reasons one may need cash urgently might be sorting a medical bill, paying for tuition fees, paying the house or business rent, boosting the business, or even for a wedding among many other reasons.
In Singapore, you can acquire quick credit loans from licensed moneylenders. SU Credit Ltd is an example of a licensed money lending company that can offer you as an individual a quick credit loan.
Tips to guide an individual on getting a quick credit loan
Various tips are meant to guide an individual who is planning to get a quick credit loan. These tips include:
1. Having the necessary documents
You could be applying for the loan either physically or online. It is advisable to have hard copies as well as soft copies. If you have only hardcopy documents, you will be limiting yourself from applying for loans online. The necessary documents are:
- The income tax statement
- Identification card
- SPF statements
- Debt-to-income ratio
- Original payslips of the recent 3 months as well as their copies
- Documents that will prove your residential address
- An original and photocopy of a filled guarantor form
It is advisable to have both the original and photocopies of the documents both hardcopy and softcopy.
2. Knowing the terms and conditions
When planning to apply for a quick cash loan, you should read all the terms and conditions. This is to make sure that you will understand what you are getting yourself into. Before signing the contract, one should also ask about the things he or she is not sure about.
This is meant to avoid future misunderstandings with the moneylender. You should also calculate well the amount of interest you will pay as well as your monthly amount. It is your responsibility as the client and borrower to know and comprehend all the rules placed by the moneylenders.
3. Having a good creditworthiness
Creditworthiness means a client being trustworthy to give a loan. You should show that you are willing and responsible to manage the loan you will receive. It is also up to you to show the moneylender that you can handle the given repayment period. Creditworthiness also helps one acquire business loans easily. Here are ways one can develop a creditworthy character:
- Maintaining a good cash flow
- Paying the invoices in good time
- Getting a secured credit card
- Clearing bills on time
- Having a good business credit score
4. Doing an online application
As the name goes by quick credit loan. It means that the money should be acquired as soon as possible. Online loan application is known to be a very fast exercise that saves time. If you have all the required documents in softcopy form. The application will be processed within a few hours and you will get your loan the same day.
5. Getting a pre-approved offer
When in need of a quick credit loan, you may have the option of getting pre-approved offers. This is possible if you do it with a familiar moneylending company that you have a relationship with. These pre-approved offers are quick to process.
Types of loans offered by SU Credit Ltd
This kind of loan can be used to cater for anything. One can use it for educational purposes, medical purposes, marital purposes, business purposes, and also to sort bills. With this moneylending company, one does not need to give his or her private property as collateral. We agree with the client on the appropriate repayment period. We have friendly interest rates that we believe clients are capable of handling.
2. Business loan
This is a special type of loan meant to assist entrepreneurs and businesspeople. A business loan could cater for purchasing business equipment, inventory, sorting the business bills, increasing the capital, and sorting the salaries and wages. Creditworthiness does matter in this type of loan. There are two examples of business loans which are long-term loans and short-term loans.
3. Unsecured loans
One can acquire a loan to pay up for another loan. With this kind of loan, you do not have to give out collateral to get the loan. Instead, the interest rate is quite high to compensate for that. Unsecured loans help increase your credit integrity thus it will be easy for you to get loans from banks or any moneylending institutions.
When in need of money urgently, do not make the mistake of applying to many moneylenders at the same time. The more applications you do at the same time the more you raise suspicion and may get declined in all. When getting a loan, please make sure that you will be in a good position to pay it back to avoid misunderstandings.
Beware of loan sharks too. These people tend to con you and can even harm you and your family. Their deals are too good but think twice. It is recommended to research well when looking for a legit moneylender. Client reviews will help you judge whether the moneylender is good for you or not. It is essential to note that creditworthiness matters a lot. Try as much as possible to get a good reputation in the loaning industry.