When an unexpected emergency occurs, where do you turn to for help? Family and friends will probably be the best option.
However, what happens when there is still a deficit to make up for? Moreover, some of us might also not wish to risk harming relationships that have been cultivated through time.
If you think that all hope is lost, fret not. Thankfully, Lending Bee’s urgent loan is a quick and viable option for you! It can help to solve any pressing emergencies, that require financial attention immediately.
What Is An Urgent Loan
As the name implies, an urgent loan is a short term fast cash loan that you can apply for when you find yourself in a situation where funds are needed, fast. Due to their time-sensitive nature, urgent loans have a shorter processing time. This allows you to receive your cash within minutes, upon successful application.
An urgent loan is also unsecured, meaning that no collateral is required in exchange for the loan.
With an urgent loan, you can cater to expenses such as:
- Monthly bills
- Car repairs
- Medical emergencies
- Funeral costs
- Wedding costs
- Home renovation
- Urgent home renovation works
Of course, you will be able to utilize an urgent loan for any other forms of emergencies. With an urgent loan, you will have the liberty to use the loan for any emergencies that you might be facing.
How Much Can I Borrow From An Urgent Loan?
This will probably be another burning question on your mind.
The amount that you can receive from an urgent loan is largely dependent on two factors: Your annual income, and credit score.
So, what exactly do these two terms mean?
1. Annual Income
Just like all banks and other financial institutions, a higher annual income will grant you a larger loan amount.
Why so?
The higher your annual income, the lower the probability of you defaulting on your loan.
This is why banks and other financial institutions look at your annual income as one of the determining factors to decide how much you are able to borrow.
As a general rule of thumb, if you are planning to apply for an urgent loan for your emergencies with a licensed moneylender, you can borrow up to 6 times your monthly income if your annual income is at least $20,000.
2. Credit Score
Other than looking at your annual income, the financial institution will also take into account your credit score.
This is because your credit score will allow the financial institution to have a better gauge of how likely you are to default on your loan. A higher credit score will grant you access to a larger loan amount.
Here is a table to better illustrate how your credit score is calculated:
| Score Range | Risk Grade | Probability Of Default | |
|---|---|---|---|
| Min | Max | ||
| 1911 – 2000 | AA | 0.00% | 0.27% |
| 1844 – 1910 | BB | 0.27% | 0.67% |
| 1825 – 1843 | CC | 0.67% | 0.88% |
| 1813 – 1824 | DD | 0.88% | 1.03% |
| 1782 – 1812 | EE | 1.03% | 1.58% |
| 1755 – 1781 | FF | 1.58% | 2.28% |
| 1724 – 1754 | GG | 2.28% | 3.46% |
| 1000 – 1723 | HH | 3.46% | 100% |
(Source: Credit Bureau Singapore)
Your credit score is affected by the following:
- Utilization Pattern
- Recent Credit
- Account Delinquency Data
- Credit Account History
- Available Credit
- Enquiry Activity
In order to ensure that your credit score remains healthy, ensure that you repay your existing loans/bills on time. Also, do not apply for too many loans as this shows that you are unable to manage your credit well. Thus, significantly affecting your credit score.
If you are currently suffering from a poor credit score, all hope is not lost! You can still apply for an urgent loan with a licensed moneylender, while you try to improve your credit.
You will be glad to know that at Lending Bee, borrowers with poor credit scores will still be considered for a loan. We will assess your current financial situation and look at your current ability to make timely repayments.
What Are Some Features Of Urgent Loans?
With many licensed moneylenders, banks, and other traditional financial institutions available, where should you apply for your urgent loan from?
Urgent loans can provide fast access to the cash you need during an emergency. However, it is still important to compare the options that are available before applying. Some of the features that you should be on the lookout for include:
1. Fees
There are certain regulations regarding how much lenders can charge. These include things such as interest rates and late payment fees and this determines how much you pay in fees. Interest rates, fees, and charges vary among lenders.
At Lending Bee, we try to keep our interest rates and late payment fees as low and affordable as possible. This is so that you will be able to comfortably take out an urgent loan and focus on the emergency at hand.
2. Loan Amount
According to the Ministry Of Law, if you are taking out an unsecured urgent loan with us, you are allowed to borrow up to:
For Singapore Citizens and Permanent Residents (PRs):
- Up to $3,000, if your annual income is less than $20,000
- Up to 6x your monthly income, if your annual income is above $20,000
For Foreigners residing in Singapore:
- Up to $500, if your annual income is less than $10,000
- Up to $3,000, if your annual income is at least $10,000 but less than $20,000
- Up to 6x your monthly income, if your annual income is above $20,000
3. Turnaround Time
Receiving approved funds as soon as possible is crucial when you need money urgently. Banks and other traditional financial institutions often have a long and tedious process application process filled with lots of paperwork. On the other hand, Lending Bee’s application process is fast and simple.
You can apply for a loan with us online and receive your loan within the hour!
We understand that pressing emergencies can be distressing both mentally and physically. Stressing over your finances just adds unnecessary stress and worry to the problem. With an urgent loan from us, you will be able to receive your cash, fast. With the cash available, you will then be able to solve the emergency at hand.
Unforeseen events are the main reason for urgent loan requests. Borrowers want to be able to sort out their financial situations while planning to repay the loan as required.
Why Choose Lending Bee As Your Urgent Emergency Loan Provider?
1. You Won’t Have To Pay Early Repayment Fees
Most banks and traditional lenders will impose a fee on you if you decide to make an early repayment. However, at Lending Bee, you’ll be glad to know that we don’t.
If your financial situation suddenly takes a turn for the better, and you wish to finish repaying your loan earlier, you will be able to do so, with no additional fees.
Basically, we do not charge you for early repayments.
This added benefit to our borrowers allows you to clear your debt faster, and lighten your financial burden.
2. Quick Access
As a licensed moneylender aimed at providing our borrowers with the best, we have streamlined our application process. This makes it possible for us to process applications for loans much faster.
By applying for an urgent loan with us, you will be able to receive your funds within the hour. This way, you will have a peace of mind and know that you have secured the funds needed for your emergency.
3. Unrestrictive
With an urgent loan, you will be able to use it to help with any pressing needs. It can be for a car breakdown, to pay your utility bills, school fees, or a medical emergency, etc.
All you need to do is to ensure that you are using the money responsibly for a legitimate reason.
4. No Collateral
Lending Bee’s urgent loan is unsecured, and this means that you do not have to provide any collateral in exchange for the loan.
This way, you will be able to receive your loan faster, and with much ease.
5. It’s Alright If You Suffer From Poor Credit
Your credit score helps us determine your ability to make your loan repayments on time, and the probability of you defaulting.
However, you may have made poor financial decisions in the past, which resulted in your poor credit score. This can be extremely disheartening, after getting rejected time and time again by banks and other traditional financial institutions.
You’ll be glad to know that at Lending Bee, we do not immediately reject borrowers with a poor credit score. We will carefully access your financial situation and if we deem you suitable for an urgent loan, you will be able to apply for one with us.
We ensure that reliable financial assistance is provided to our borrowers. This is so that they will be able to cater to their emergency and improve their credit over time.
6. Low Interest Rates
Having an unfavorable credit score usually means that you will be facing higher interest rates.
Lending Bee is aware that there are people who require help in difficult situations. With a poor credit score, having high interest rates will just add to your debt.
This is why we try to keep our interest rates as low as possible to cater to each individual’s financial situation.
How Do Urgent Loans Come In Handy In Different Scenarios?
Sometimes an urgent loan is required when a situation arises and you need a cheque or cash instantly. Instead of using credit to cover an unexpected cost and accumulating interest, you can apply for an urgent loan and get the cash you need urgently.
1. Paying Your Monthly Bills
Monthly bills can prove to put a strain on your finances if you do not repay them on time. Late payment fees and accumulated interests are things that we all wish to avoid paying for. With an urgent loan, you will be able to settle your monthly bills in no time.
2. Catering To Medical Emergencies
Medical emergencies are time-sensitive and require swift attention. An urgent loan provides you with quick financial assistance so that you can concentrate on recuperating while knowing that your hospital bills are accounted for.
3. Unexpected Vehicle Breakdown
If something happens to your car, different complications may arise. It can be expensive to repair a car if something affects one of the main parts of the vehicle and you do not have enough funds to deal with a breakdown. An urgent loan can help to make up for the deficit in funds.
What Are Some Key Considerations When Applying For An Urgent Loan?
Before signing on the loan agreement, here are a few pointers that you should take note of:
Make sure that you will be able to repay the loan before applying. If there is any possibility of you having problems with repayment, you should think twice about taking out the loan. Late repayments create the risk of paying extra fees and can also have a negative impact on your credit rating.
- Take enough time to read the terms and conditions of the loan carefully. This is necessary for understanding what you may be expected to pay in charges and fees. Check the accessibility of the loan.
- It is important to compare all your options. Verify the fees and rates before applying.
- An urgent loan usually has lower barriers to entry. We might be able to lend you the cash needed if you have a low credit score. You will be able to show lenders your ability to pay back a loan.
- Eligibility for an urgent loan includes being above 21, being a Singapore citizen, Permanent Resident, or foreigners who have a reliable source of income.
Faced With An Unexpected Emergency? Lending Bee’s Urgent Loan Can Help!
Any sort of emergency will definitely take a toll on us mentally, and physically. Not being financially prepared to deal with the emergency is also distressing. When faced with juggling so many things at once, it is important to have a reliable and steadfast financial institution that can help you get through the hurdle.
Having served over a thousand customers, Lending Bee prides ourselves on being one of the best licensed moneylenders in the market. Our specially tailored loans and improved borrowing scheme can help you get through any financial pickle that you might be in.
An urgent loan from Lending Bee can see you through the various financial struggles you might face at any point in life. Apply for an urgent loan with us today and our friendly loan officers will be in contact with you!
About Ashley Sim
Calling herself a “professional multi-tasker”, Ashley worked as a relationship manager in a bank for five years. She left her job just before the pandemic happened and became a freelance writer for about a year. Now, she’s making the most of her love for writing and knowledge of the banking and financial industry in her role as a content marketing lead. She hopes to help people make better financial decisions through her content and campaigns.
