The difficulties of adulthood are always hidden from view. To meet the many financial demands of modern life, people are always on the lookout for additional sources of funding.
Many people who need quick cash go to their local banks to secure a personal loan. However, if you are limited in your banking options, you may wonder if licensed moneylenders can assist you in times of financial need.
Getting a personal loan from a bank or registered money lender is possible if you need urgent funds for unexpected expenses or festive expenditures. As much as this may seem easy and quick, it begs the question, “how long does it take to get a personal loan from one of these financial institutions?”
How quickly can one expect a decision when applying for a loan at a legitimate financial institution? Following approval, how long does it typically take to get funds? Keep reading to find out!
How Fast Can Singaporeans Get Their Loans Approved?
The likelihood of getting a personal loan from a licensed moneylender versus a bank varies. It could be just a few moments, and sometimes weeks. Read on to learn how quickly a loan application at a Singaporean bank or with a moneylender would be accepted.
Licensed Moneylenders
When you apply for a personal loan with a licensed Singapore moneylender, you can expect a decision in minutes or, at most, a day. Due mainly to the employment of a tech-enabled algorithm, the approval times for most of these lenders are significantly reduced.
Personal loans from legitimate money lenders are also simple to apply for. To apply, you can fill out an online form. Applying will be a quick and painless process that won’t take more than a few minutes of your time. Therefore, regulated moneylenders can be a great option if you need a personal loan swiftly.
Banks
Bank approval times are often a few business days (some up to weeks). Their credit review process is more rigorous than average, so it takes longer to get approved.
Moreover, banks have a more drawn-out loan assessment procedure because they must carefully examine your application to ensure you fulfil their requirements and criteria.
How Long Does it Take to Acquire Funds?
The time it takes to get your funds after being approved for a loan differs across regulated moneylenders and banks.
Licensed Moneylenders
Certified moneylenders are well-known for their speed in disbursing loan funds, often on the same day an application is submitted. To get your loan proceeds after they have accepted you. Most times, you will receive the funds immediately after the loan application is approved or a few minutes after!
Banks
In contrast to licensed moneylenders, you may get your loan proceeds the next business day or within a few days. Funding times are typically determined by how long it takes to get permission. Credit applications are evaluated in various ways by various financial institutions. The time it takes to get your money from a bank can vary.
Overall Turnaround Time for Personal Loans in Singapore
As you have seen, compared to banks, licensed moneylenders have a significantly shorter turnaround time for the entire loan process. This is something you should keep in mind when in need of quick cash.
The turnaround time for loans from licensed lenders is generally between one and three business days. This is attributable to the fact that specific lenders have lower limitations and use technologies to assist in finalizing agreements. Therefore, we recommend working with money lenders to get your emergency money sorted!
What Factors Influence the Total Processing Time While Obtaining a Personal Loan in Singapore?
The amount of time it takes to process an application for a loan in its entirety is determined by the following aspects:
1. Source of Income
Moneylenders will check your earnings. If you have a regular pay check, the application process will go faster than if you are self-employed or can’t prove your income. This in no way discriminates against anyone. Simply put, the former provides the lender with a more leisurely time verifying the information.
2. Credit Score & History
To determine whether or not you are eligible for a personal loan, the lender will look at your credit score and creditworthiness. If borrowers have a poor credit score, their chances of being approved may be lower.
3. Preparedness
Your level of readiness has an indirect effect on the turnaround time. The time it takes to execute your loan application is directly proportional to your available data.
Effective Ways to Quicken the Loan Procedure in Singapore
No one likes waiting around for personal loan approval, especially if it takes too long. The following suggestions will help you apply for a loan more quickly.
1. Start by Checking Qualifying Criteria
Before putting pen to paper on a loan application, it’s a good idea to research lenders’ qualifying requirements.
2. Get Ready With All the Necessary Paperwork and Details
After ensuring you meet the prerequisites, you’ll need to compile the paperwork generally requested by the lending institution. When filling out an application, having accurate numbers, such as your annual income, can be helpful.
3. If You Have a Question, Be Sure to Ask It
Please inquire if you have any doubts about the required details and paperwork. To avoid waiting for an email response, you can contact the lender directly by phone or online chat.
4. Retain a Decent Creditworthiness
A high credit score is a crucial aspect that might shorten the time it takes to apply for a loan. You shouldn’t have trouble getting a loan if your credit is good. The financial institution might also give you a better loan deal with reduced interest rates. However, it might be challenging to secure a personal loan if you have a low credit score.
Having researched the offerings of both banks and licensed money lenders in Singapore, you now have a rough idea of ‘how long does it take to get a personal loan in Singapore’. Nevertheless, you may still be unsure which option is best for you. It is essential to keep in mind that not all loan options are the same. How much money you need and whether or not you can afford the loan are factors in determining the decision.
Avis Credit (SG) Pte Ltd is the best legal money lender in Singapore. If you need quick cash for personal use, contact them. They only take a few minutes to approve your request and make the money available to you. Apply for your personal loan with Avis today!
