When an emergency comes up, you will need to take up a cash advance to satisfy the immediate need. A cash advance is a loan that has minimal requirements during the application, and it is best described as an emergency loan.
Applying for this loan will require few or no documents for you to qualify. All you need to do is to follow the instruction on the type of cash advance you need to take. There are three types of cash advance; credit card cash advance, payday loan, and also merchant cash advance.
It is not that complex to get a cash advance from a reputable company in Singapore. You just need to be sure of the kind of needs you have and the amount that you need.
Step 1: Find The Best Lender
You need to get a cash advance from a reputable money lending company. This will make it easier to go through the whole process. Depending on which type of cash advance you want to take, you must discover a potential lender with all the requirements.
This will help you not only have the best lender but also have the best payment procedures. To identify the best lender, make sure you have a list of many lenders so that you can do the elimination method.
If you are taking a credit card cash advance, choose a financial institution that has the best offers and reasonable fees. If it is payday loans, consider the lender who respects you and also withdrawals the money after payday at the agreed date and time.
If you are taking a merchant cash advance, choose the one that considers your business.
Step 2: Identify The Scam Lender
This is probably the most important thing that many people forget. You are supposed to identify the scam lenders and ignore them as much as possible. Have your list of lenders so that you can choose the legit one.
In case you are in doubt, you should consult your attorney or check the ministry of law website, which has a list of legit lenders. It is important to have either a credit card cash advance, merchant cash advance, or payday loan from a legit lender so that you can enjoy the services for a long, due to their professional way of doing things.
The other reason for identifying the scam lender is so that you can have a smooth-running process when you are applying for it. Having done the two, you will now be able to know how cash advances work in Singapore
Types Of Cash Advance Loans.
1. Payday Loan
This is a type of cash advance loan that deals with your salary. You can only get this type of loan if you have a job. A payday loan cuts the agreed percentage amount from your wage. The borrower will have to give the authority for electronic withdrawal.
The loan is short term and the payment includes post-dated checks, direct debit, and also online payment. There are various stages involved in applying for a payday loan. They include;
● Spotting a favorable lender by having a thorough search online.
● Checking the status of the lender in terms of legitimacy to avoid scammers
● Read carefully the terms and conditions of that lender so that you can provide everything they need.
● Apply for the loan and wait for the cash to be disturbed
Following each stage with caution will help you get a loan as fast as possible. Payday loans are important because they will work with your wage and therefore, you will not get the pressure of debt officers since they withdraw their percentage by use of electronic means.
Credit Card Cash Advance
A credit card cash advance can be termed as taking a small loan from the issuer of your credit card. This type of loan comes in the form of a card where you are given a certain limit. You can withdraw the money from the ATM or even through the bank counter. The best way to use a cash advance is when you are only in need of an emergency.
Ways To Lower Credit Card Cash Advance
● Understand fully the transaction fee. This is something you should learn from the credit card issuer. Make sure you have full information on transaction fees from the bank issuing a credit card so that you can avoid unnecessary transaction
● Pay it as fast as you can. This is easy since the charges will start accruing when the interest starts immediately. It is therefore important to pay as fast as you can to avoid unnecessary charges
● Choose the lender with the best terms and conditions. Each bank has its way of operating, and it is advisable to choose the credit card issuer that has the best term when it comes to payments.
It is therefore important to follow the above three guidelines so that you can be on the safe side when applying for a credit card cash advance in Singapore.
Merchants Cash Advance
This type of loan is usually the best alternative for the business owner. It favors those business owners who do not have assets but have many customers using cards at their point of sales.
This type of loan is associated with how customers pay their bills to your business by use of cards. The advantage of taking this type of loan is that it is flexible in the fact that the borrower (business owner) pays after there has been a card transaction in the business.
You can pay merchants cash advance by the percentage of sales or by withdrawal from the bank (usually a fixed amount).
Conclusion
You do not have to worry when you have an emergency since you can choose to take a credit card cash advance, payday loan, or merchant cash advance depending on your area of specialization. The best thing about cash advance is that it favors the business owners and also the employed or self-employed people, making it a flexible loan in Singapore. All the best as you take up a cash advance in Singapore.
