A quick summary for payday loan is it is a short term loan which are generally granted to an individual who is currently employed with a monthly fixed income.
It is a great solution for short term cash flow problems or simply to cover your expenditure.
It is an unsecured loan which is not dependent on collateral.
Who Can Apply
As for eligibility criteria, you should be able to meet the requirements of the licensed money lender. In most instances, these requirements will include proof of employment and the applicant should be a Singaporean, permanent resident (PR) or possesses a valid Singapore employment pass / work permit.
How To Get It
Majority of the payday loans can be found online from various money lenders in Singapore. The application process is extremely quick and easy to complete. You will be asked details about your monthly salary and employment status along with the amount you wish to loan.
Once you have submitted the application form, you should hear back from the lender in awhile. They will asked you to go down to their office if you are qualified for the loan.
What Are The Benefits
- The loan can be granted on the same day which you submit the application form.
- The application process is simple and takes just a few minutes to apply.
- No need to declare the purpose of the loan
Things to Consider
- Be sure to check out the interest rate before signing any documents
- Only approach a licensed money lender.
- Flexible repayment terms
The reputation of the moneylender is important and you may consider the number of years they have be operating to make a decision.
Legit companies are regulated by the Registry of Moneylenders and there is a limit on how high the interest rates can be charged to a customer. For more information, please look at the list of regulated lenders here.
Related Read: What is a personal loan
If you urgently need to take a loan and cannot wait till you get your pay check, you can then consider to take up a payday loan. Remember to plan out on how you are going to repay it so that you will not incur the late payment charges.