Cash Advance Singapore is a means to access money without applying for a formal loan. It does not require a credit check and provides funds immediately. The amount of fees and interest paid is directly related to the length of the payment period. So, cash advances are meant to be short-term solutions. They are also limited in terms of the amount, so it might not be sufficient to cover huge expenses.
If you are looking to apply for cash advance Singapore below are tips to guide you through the process:
- Understand different types of cash advances
There are three types of cash advance as discussed below
Credit card cash advance – This is a feature offered by many credit cards. A cardholder can access cash or cash equivalent usually up to 20% or 30% of the available credit limit on the card. Some cards offer up to a withdrawal limit of 50% or more of the card limit.
Merchant cash advance – Merchant cash advance (MCA) extends funds to small business owners based on past sales and projections of future sales.
Payday Loan – Payday loan provides you access to future payments from your employer. In most cases, the payday lender only requires proof of your previous salary so as to determine the amount to be advanced.
- Gather Information
Once you understand the different types of cash advance, the next thing is to determine the one that you are eligible to apply for. Gather information on what is expected to access the cash advance you intend to take. For instance, you may require a physical card and a pin number.
- Understand the terms
All credit facilities attract some interest and others attract processing fees. It is important that you understand what you are getting into before taking the money out. Also, you need to know the consequences of delayed payments.
- Find out how much you can borrow
The amount of cash that you can borrow varies depending on the type of cash advance. Credit card advance depends on the card that you hold, merchant cash advance depends on the business turnovers and payday loan depends on the previous salary.
- Determine how you want to get the money
If it is a credit card cash advance, you can simply go to an ATM and cash the money or visit your bank and get the money over the counter. For a merchant cash advance, you access it from the bank or any lender. Payday loan you access it from the bank over the counter and it is recovered from your next pay.
If you are looking for a cash advance, look up online credit or follow this link.