Diners Club ReadyCA$H Review: Enjoy an Interest-Free Loan for 6 Months

Do you have a credit card with Diners Club? Facing a cash crunch or need to pay off bills immediately? Take a ReadyCA$H loan to settle all your outstanding bills, go on a vacation, renovate your house, or make a big-ticket purchase. With ReadyCA$H, you can convert the overall available limit on your credit card or charge card into a loan. Once the approved amount is disbursed, the credit limit will be reduced and subsequently restored when you pay the monthly instalments.

ReadyCA$H Features and Benefits: 0% Interest for 6 Months, No Collateral Required

Here are some of the important features and benefits of this loan:

• Borrow from S$500 up to 90% of your available credit limit or S$50,000 (whichever is lower).
• Pay 0% p.a. for 6 months when you borrow your desired amount.
• Outside the promotional period, enjoy an interest-free period of up to 58 days.
• This is an unsecured loan, hence, no collateral or security is needed.
• There is no requirement for a guarantor.
• The disbursed loan goes directly into your designated bank account.
• Except for credit limit revision, you don’t have to submit any income documents.
• No need to remember any PIN.

Fees and Charges You Ought To Know

Diners Club may impose the following fees and charges on the loan:

• A non-refundable one-time processing fee of 6%.
• An early repayment fee of S$150.

Now, Let’s Take a Look at an Illustration to Calculate the Monthly Instalments

Suppose you borrow S$10,000 from Diners Club for a repayment period of 6 months. In this case, you will not accrue any interest charges as you will enjoy an interest-free period for the same tenor. So, your monthly instalments will be S$1,667 (=10,000/6).

However, you must pay a one-time processing fee of 6%, which is S$600 (=6/100x10,000). Hence, your first instalment amount will be S$2,267 (=1,667+600).

Remember These Points Before Applying

Before you hit that ‘Apply’ button on the webpage, you must assess the following points very carefully:

• The minimum loan amount cannot be lower than S$500.
• The interest-free period will be applicable only if your card account is not revolving and you pay the monthly instalments by the due date and in full.
• If the loan amount exceeds S$50,000 or 90% of the available credit limit, then Diners Club will use its discretion to determine the amount.
• Once you apply, it will take 4 weeks to process your application, upon which, the amount will get credited to your bank account within 7 business days.
• The processing fee will be deducted from your card account.

Are You Eligible to Apply?

If you wish to apply for this loan, you must meet the following eligibility criteria:

• You must be a basic personal cardholder to apply for this credit facility.
• You must be between 21 and 65 years of age to apply for this loan.
• Your card account must be in good standing.

Enjoy a Fuss-Free Application Process

Simply, visit the webpage and click on the ‘Apply for ReadyCA$H Now’ button. You will be redirected to the application form. Download this form, fill up the details, and mail, email, or fax it to Diners Club.

In a nutshell, you can put your available credit limit to good use by converting it into a loan. This will give you immediate access to cash and you don’t even have to apply for a separate loan. Since Diners Club is offering an interest-free credit, you could save a lot more.