Life can be unpredictable. Sometimes you can find yourself faced with a situation where you are in urgent need of cash without having the luxury of waiting for some time or borrowing from a family member or relative. But if you are in a situation where you need cash super quick, you can consider opting for payday loans in Singapore- one of the most preferred loan options in the country right now.
How to procure payday loans in Singapore?
A payday loan is a small sum of loan that you ask for when faced with a sudden need for cash. Think about it, something like a sudden middle of the month need for an expenditure which needs to be settled immediately. In such a case you can contact a bank on online moneylender to grant you a quick loan. The major difference is that in the case of this loan, you need to repay it as soon as you receive your next salary.
How can you get payday loans online in Singapore?
Many banks and online moneylenders offer the services of providing fast payday loans online in Singapore. In case of an emergency, the best solution is to contact a reputed licensed moneylender and start your application for a payday loan. Fast approval is a prime requisite for obtaining payday loans in Singapore so an online moneylender would be your best bet as they save time and are super smooth.
As soon as you fill up the application form posted on the website of most online moneylenders, you can expect to get a call from their office often within a few hours or a day. Like all other requirements in the case of obtaining lenders’ money, there are certain prerequisites that you must fulfil. These include the fact that the applicant must be at least 21 years of age. The person must also either be a Singaporean resident, citizen or must be an expat employed in Singapore with a valid work permit.
As the terms of this loan suggest it is also obvious that the borrower expecting lenders’ money must be employed with a steady source of income to repay the amount. Since payday loans are fast loans, the approval comes really fast and as long as you fulfil the basic criterion, the rates of rejection are really low.
Documents to prepare
Since it is a financial transaction, there are certain documents that the borrower needs to submit. But before the documentation intimidates you, be assured you really need totally basic documents and the process can be much faster and without any additional formalities than you initially may have thought.
You need to have your bank statements for the past three months as well as your salary slip for the past three months. You also need a valid ID and this can include your drivers’ license, passport, or any other state-issued document that constitutes an ID.
Interest rate
Like in the case of fast loans, the number one concern is that if the interest rates will be skyrocketing and in the long run the payday loan will be not a profitable transaction for you. Well, there may be some respite in knowing that in Singapore you can negotiate and find licensed money lenders offering competitive prices. Another aspect in which a payday loan may help people is that it can go on to improve your credit score.
Usually, in payday loans the turnaround time for repayment is pretty quick and doing it timely reflects positively on your credit score. However, it is advised that since payday loans are tempting to opt for, given their fast-track approvals and fewer formalities one must exercise restraint and correct judgment in deciding if they really need to go for a payday loan.
Small Amounts
Amongst the few disadvantages of a payday loan is the fact that you can only get it approved for a small amount of money. In the case you are faced with an emergency where you cannot immediately evaluate how much money you may need, like in case of a medical emergency, perhaps a payday loan may not be the tailor-made answer for such a situation.
But in circumstances where you are sure that you need a small and a certain sum such as in case of lets’ say payment of a fee or something, a payday loan can be a perfect answer.
