Payday loans will come in handy when you are in sticky situations. Even so, many Singaporeans are not aware of the benefits of using payday loans. Most Singaporeans, generally will not opt to use loans. However, some may consider it at the last minute. This is since they are done borrowing from friends and family. In such situations, payday loans are a fast cash solution. Yet not many Singaporeans know what the requirements are to acquire such a loan.
Financial problems can occur when you are not prepared. Occasionally, you may find yourself financially strained. This can make it rather hard to take care of your financial obligations. That is way ahead of obtaining your next paycheck.
In addition, you might get emergency expenses. This might prove to be more than your budget for the month. This may be the case if you suddenly are unwell. A car accident is another case that requires emergency medical attention.
For this situations, you certainly will need a suitable amount. This will help you in managing your finances between paychecks. At this point, a payday loan will offer you money you require.
Payday loans are small loans. They are offered on a short-term basis. These loans offer you money to pay your monthly bills. This loan is most efficient when you do not wish to skip your payments. They are useful thus you do not need to explain your bounced post-dated checks.
When faced with financial emergencies requiring instant attention, payday loans are right for you. Most moneylenders in Singapore offer the payday loans. These loans have many benefits in using a payday loan. Compared to many traditional loans, these loans do not require collateral to get them.
As a salaried borrower and you require fast cash. Then taking payday loan may be one of your best option for you. This will help you get the cash you need. This loan type is accessible to you at any time to settle your urgent bills. There are other reasons for you to choose a payday loan. This would prevent the consequences of bounced checks. It can also help you handle medical emergencies and late payments.
You easily can get payday loans from a licensed moneylender in Singapore. Below are key benefits of using payday loans.
Fast Application And Approval Process
Personal loans issued by banks are among the most popular type of loans. When you decide on applying for the conventional bank loans. It may take you long for you to process your application. The loan approval time can also last quite long. This can last up to several weeks for the loan to get approved.At the same time, you do not have guarantees that the application may be accepted. Therefore, these funds will not get used for your emergency.
With the moneylender payday loans, the case is different. The payday process of getting this loan is fast. Immediate feedback on your application status will be given. Meaning that your loan application may be authorized within minutes. Most legal moneylenders might even give the guarantee of an hour. Within that time you will get the money in your account. This is especially as soon as they consider you to be qualified for it. It is for this reason that payday loans are ideal for emergency cash needs.
The Loan Application Can Be Done Online
Being able to get approval for bank loans, a credit card can take long. It may require that you personally meet with your bank manager. By comparison, the approval of the payday loan may be gotten online.
Even then, this will not require you to take time to visit the bank. Neither will you need to meet the bank manager. Several moneylenders can even have the loan amount transferred. That can be within 1-2 hours, once you have provided them with the required documents.
Easy To Qualify And Apply For Higher Amount
Compared to other, larger amounts of loans. Getting a payday loan is easy. Whether you need a cash advance or a payday loan. It is easy for you to qualify for it. The reason for this is because the loan requirements for obtaining it are simple. A borrower should be aged 21 years and above to request for this loan type.
The main requirement a borrower needs to fulfill is to have a steady income source. In addition, having a good repayment history is needed. This will show the potential lender the type of a borrower you are.
Because payday loans should be repaid once you receive your next paycheck. Thus it is recommended that you maintain a good repayment history. Once the two requirements are taken care of, you would get the loan.
Even with a low credit rating, it is possible to get the payday loan. However, you will need to hold a permanent income. This will allow you pay the loan amount punctually. After you repay the first amount promptly, you could request for a larger sum next time.
No Debt Cycle
Your loan amount is based on the income level. Therefore, it is very easy to pay back your loan amount. However, ensure that you make comparisons of several deals. That is before you finalize a payday loan application. This will help you avoid high rates of interest.
What Are The Qualifications For Acquiring a Payday Loan?
Ideally, the criteria for meeting the requirements for payday loans is simple. First, a borrower must be aged 21 but below 65 years. A mandatory requirement is that you are a Singaporean national or a permanent resident.
Foreigners can also access this loan by the licensed moneylenders, provided they have a valid passport. The should also provide the letter of employment. During application, you will be required to present proof that you have a steady employment. Some of the documents you need to help validate the application include; the appointment letter and your current payslip. The appointment letter is required for borrowers who have been in employment for under 6 months.
Additionally, you will need to provide your income tax statements and bank statements. individuals who have filed for bankruptcy are not allowed to apply.