Sometimes, life throws us into situations that will catch us completely off-guard. Accidents and sudden illnesses, who could anticipate them?
Or maybe your company is low on capital and you just need a few months before your next invoice gets paid… and your small business isn’t eligible to apply for a credit facility from the bank.
Times like this can be stressful, frustrating and frankly, frightening. If you need a listening ear, there’s friends and family. But who can you turn to financially?
This is where you should consider taking up a short term loan to help tide over the financial situation you are in!
What is a Short Term Loan?
A short term loan is a type of unsecured loan you can take when you need immediate cash flow for urgent personal or even business matters. As these loans are unsecured, it means there’s no need to put up collateral in order to get financing.
*Do note that since this loan does not involve putting up security, the interest rates charged will also be higher than secured loans.
Characteristics of Short Term Loans
Features and Benefits of Short Term Loans with QV Credit
QV Credit allows almost anybody to take up a short term loan. Whether you need it as working capital for your small business, personal investment, or a lump sum payment for bills, the cash is yours to use.
We have a very simple application process and minimum requirements, and these criteria are only to ensure that you are able to repay back the loan amount after.
One of the biggest pros is that unlike a bank, which will analyse your credit score, collateral, and other factors before considering your eligibility, legal and licensed moneylenders make it easy for you to qualify for the cash loan.
At QV Credit, we understand that emergencies can happen and sometimes the borrower will need cash fast to solve their personal and business problems. So if you require money fast, we got your back.
Eligibility Requirements for Short Term Loan in Singapore
Just because a short term loan has few conditions for eligibility, that does not mean there are no criteria. There are still some documents and proof you will have to show in order to qualify for a loan:
- Proof of Citizenship or Permanent Residency in Singapore: This short term loan is for citizens or permanent residents of Singapore. Foreigners should click here.
- Proof of Employment: You need to provide your employment contract, which should have your salary clearly written out. This will help us assess your income, other expenses, and debt servicing ratio. This way, we can calculate the amount that you qualify for and the repayment plan that is ideal for you.
- Bankruptcy: If you have filed for bankruptcy in the past, you can still qualify for a loan with us by submitting your letter of discharge. Most banks will require a formerly bankrupt person to wait as many as five to seven years before extending credit. We do not discriminate, we go ahead and help you out now. You should not, however, be bankrupt at the moment. Undischarged bankruptcy is not eligible either.
The only time that QV Credit will not extend credit to an individual is when they are already overextended and have exceeded their capacity to borrow.
You will have to show all the necessary documents and proof for eligibility in order for the loan to be approved.
Apply for a Loan with QV Credit
Get An Instant In-Principle Approval And Collect Your Money On The Spot!
What Are The Benefits Of Taking A Short Term Loan In Singapore?
Lesser interest paid over time: The longer you owe money, the longer you’re subject to interest. But with a short term loan, you’ll be paying everything back quicker. Even if the interest rate is actually higher than with a long-term loan, you can save money in the long run.
Predictable cash flow: It can be difficult to anticipate your financing needs in the distant future. Being stuck in a long term loan means you’ll still be responsible for payments far into the future, regardless of what your financing needs are.
More accessible: These loans ensure that financing is accessible even to small time businesses and individual borrowers with poor (or no) credit rating who don’t qualify for bank loans.
Flexible payments: Short-term loans are usually designed to better cater to your needs in terms of the loan amounts, repayment and interest rates. Applying for a short-term loan thus gives you more flexibility.
The entire application process only takes a few minutes!
Once you submit an online application, one of our friendly advisors will call to let you know which documents to prepare. When you’re at our office, we’ll run you through some details and the funds will be in yours almost instantly.
You’ll need to head down to our office for a face-to-face verification and to sign the loan contract. After giving your consent, you can collect the entire loan amount in cash or have it credited into your bank account IMMEDIATELY.
Typically, you would take up a short term loan if you have an emergency that needs to be settled with cash that you do not have on hand.
- You have medical, rental and/or other bills to pay that you cannot cover within the next 1-2 months (if not, consider payday loans)
- You recently got into a car accident and have to fix your car
- Your company needs quick capital that cannot be solved by invoice financing or merchant cash advances, and your company cannot fulfil the loan terms of a bank
Although loans are not issued based on your existing credit limit, credit rating or have strict terms preventing you from getting the funds you require, there are still some financing regulations we have to follow.
As such, the maximum loan amount you can get from moneylenders licensed by the Ministry of Law in Singapore, such as QV Credit, depends on your income, other expenses, and debt servicing ratio.
Shorter term loans typically have higher interest payments but a lower interest rate.
Interest rates as low as: 1% per month (subject to approval)
For more information about interest rates, call us at +65 6835 7666.