Payday loans are similar to providing fast cash loans and installment loans with same day approval. Professionals like bank managers, engineers, financers, technicians make the most out of their salary which covers essential and monthly bills. But if you ever find yourself in an emergency situation where you need emergency funds. Scenarios like those can make or break you.
That’s when you’ll require unavoidable emergency cash that’ll most probably mess your entire budget. However, According to a 2020 survey people didn’t even have $400 cash as an emergency credit. Instead many people turned towards their friends and family for immediate emergency cash during the pandemic.
Additionally there were several fraud cases emerging by lending and borrowing immediate money between people. Hence focus was shifted from traditional processes to payday loans.
Payday loans compared to other lenders or traditional loans are more effective and are incredibly fast to obtain.
In this piece we’ll be learning about what exactly is a payday loan in Singapore ? And why does the best payday loan in Singapore matter?
Keep reading to find out,
For instance, if you go upto banks to get a loan. Note down the process and the time it will take to get approved for the loan, probably not less than a month. And you’d hate waiting for a month especially when you are indebted, Right?
That’s when payday loans work best to cover your immediate expenses. If you want to get payday loans in Singapore, then first you need to know about it.
WHAT IS A PAYDAY LOAN?
A payday loan is a short-term loan that can help you cover your expenditure until the next payday. The loan amount is very short, and you’ll get very short time to repay the loan.This type of loan is very helpful in bad financial months.
Payday loans are a great example of efficient and fastest transfer of money from banks to the people. Choosing a lender in a society becomes a hassle, confusing, time-consuming and drains out half of the mental energy that’s when you approach a payday loan.
Payday loan Singapore is very timely, , helps you in taking care of mid-month’s expenses ensuring everything to be settled instanley, right there and then.
Maybe long credits can wait but what about an unavoidable emergency financial obligations. As these urgent obligations cannot wait payday loan in Singapore is the best option.
WHY IS A PAYDAY LOAN IMPORTANT?
For many people there is a bit of stigma attached to the subject of payday loans. However, this shouldn’t be the case. Financial emergencies are inevitable and payday loans have proven to be the best way to settle your financial problems.
Steps to apply for payday loan Singapore:
- You can apply for a payday loan by taking up normal appointments online from any registered money lender in singapore.
- You can fill up the application form of Payday loan singapore and moneylenders will call you minutes after receiving your application.
- After submitting an application, plan your financial process and figure out the right plan for yourself. And that’s all!
ELIGIBILITY OF GETTING A PAYDAY LOAN
There is an eligibility for signing up for payday loans. Because payday loan Singapore might not be a cup of tea for everyone, as everybody’s financial conditions differ. That’s why look out for eligibility criteria and only apply if you meet all the conditions
- Candidate must be greater than 18 years old
- Minimum salary of the candidate must be minimum SGD1,500. This applies to both local residents and permanent residents in singapore.
- And for foreigners to apply for payday loan singapore they must have SGD 2,000 as minimum salary.
- Candidates must possess an identity card of Singapore to apply for a payday loan.
- Proof of residence like utility bill, a letter addressed from any government service or tenancy agreement.
- Candidates must carry proof of certificate of employment or recent payments of 3 month payslip from your company.
- And you need singPass
- For foreigners you require proof of income (bank or account statement)
- Candidates who are foreigners are supposed to submit their passport and proof of residence in singapore.
Some really good advantages of payday loans in singapore are they are low in interest and you can get money immediately. You will get as much as it fits your requirement. Much better, you can get these payday loans even on behalf of bad credit. So even if you’re struggling with bad credit, payday loans are not a problem.
If you find out a little more about how much a payday loan in Singapore is going to cost then you can use the bank’s loan calculator service to find out. In the registered banks you can find out how cheap and affordable the loan availing services are exactly. And you won’t even have to think twice before applying for a payday loan in singapore.