When your payday has not arrived but you are already out of cash? Are you looking for a quick and simple loan but bank loans take too long to process? Or perhaps your family and friends are not willing you lend you money even for the right reasons? Then maybe you should take a loan from a payday loan Singapore Company. This guide will provide you with the necessary information such as what are payday loans and the eligibility criteria.
What Are Payday Loans
Payday loans are short term loans that provide relief by allowing you to borrow quick cash before your next salary is credited into your bank account. These payday loans ensure that you have the money needed to spend until your next salary is credited into your bank account. When your salary gets credited into your bank account that is when the repayment of the loan would occur. Payday loans in Singapore are very easy to take as the moneylenders do not conduct extensive, background checks but instead require certain basic information that is important.
Things to Note and What Moneylenders Require
Moneylenders usually require evidence like your past 3 months of payslips to verify that you can repay the loan. The way that moneylenders determine how much money you are qualified to borrow is dependent on your salary. The amount of loan you are eligible to receive is usually lesser than your salary as it is considered as an advancement. This is also why you should not expect that the amount of money you are receiving.
It is important that you fully understand the contents of the contract that the moneylender is proposing to you. There could be hidden or additional fees that you could have missed out or are not highlighted to you by the moneylenders. Depending on the moneylender, some might offer a high Annual Percentage Rate (APR)
The Overview and Criteria of Payday Loans
Payday loans can help you get through a tough financial situation or in case of an emergency. The attractiveness of payday loans is the speed of getting the money without long waiting or process time as compared to banks. There are some requirements that one has to fulfil before they are eligible for a payday loan.
- You have to be over 21 years old
- You must be a Singaporean, Permanent Resident or possess a Singaporean work visa
- You can get a payday loan even with a bad credit rating
- The loan is easily transferred to you in your bank account within 1-2 business days
- The loan is short term and repaid when your next salary is credited
- The application or payday loans is quick and easy
- It can help you improve your credit rating if you repay on time
Payday loans are easy and quick, which is unaffected by credit rating and can even improve yours. Do not be burdened by the temporary lack of cash and get a payday loan today.