When Will You Need A Payday Loan?
When you think you already map out everything in your budget, there comes a time that unforeseen expense occurs. It requires immediate attention and yes, funding. If you do not want to touch your egg nest and your monthly budget, the only option is to get a quick loan that can help you resolve your short-term financial issue. Look for trusted and licensed moneylender Singapore that offers an instant loan or payday loan.
The payday loan is designed to help you finance life’s emergencies and extra financial commitments. The process of this type of loan is quite simple:
- You must be a Singaporean, Singapore PR, or a foreigner with Singapore Employment Pass. You must have a full-time job with an income of over $30,000 annually and between 21-65 years old.
- You can apply online, by phone, or visit their office.
- The lender will ask your employment information, contact information (friends and family as references), and banking information.
- You can write a check or a promissory note to pay the borrowed amount on the scheduled date. A small percentage of finance charge will be added to your loan.
- The lender will either give you a check or deposit the money directly in your bank account.
- If you cannot pay your loan on the promised date, apply for a rollover.
When will you need one?
You don’t have ample time to look for a solution.
If you only have a few hours to pay the emergency need and do not have any idea where will you get it, you do not want to bother your friends or family, and applying a bank loan takes a lengthy process, the quickest way is to apply for a payday loan.
It is easy to find lenders in your locality, just browse over the list online and select which you think would help you. It is important to read the reviews to know more about them before deciding which to choose. Check the FAQs to become more familiar with their loan procedures, charges, and payment terms. This will not take a lot of time to do and once done, call each one of your selected money lending companies.
You need instant cash.
A licensed moneylender like Cash Mart Singapore can provide the necessary amount in less than an hour, provided you are qualified based on the requirements. Go directly to their office and bring home the money. The quick access to cold cash is what the payday loan is noted for, easing the stress of thinking where to get the solution.
Your credit rating is not exactly positive.
If you have a bad credit history, payday lenders do not really look into it. They are more open-minded, making a payday loan a popular solution to any financial strain.
Poor credit rating restricts you from accessing more financial options which can be frustrating, especially if the delay of delayed payments is caused by your salary or other immediate needs. Moneylenders rarely check credit ratings. They operate in good faith, allowing you to sign a promissory note or hand a credit to cover your loan plus charges.
You have no other course of action.
Sometimes, you cannot find other ways to secure the small amount of money you need at the soonest time possible. Your only alternative is to borrow money from a friend, relative, or moneylender. Most money lending firms offer 7/24 online services, allowing you to file your loan application during Saturday and Sunday. Once approved, the loaned amount will be electronically transferred to your own bank account.
You need money to cover your expenses until next paycheck.
If your budget is not sufficient to keep both ends meet from today to the next payday due to emergency needs that you need to prioritize, consider a quicker cash loan in Singapore from a responsible licensed moneylender. It will help you pay for your other necessities within the specified period, eliminating the stress of thinking how to stretch your limited budget.
You can get a higher amount if you are a repeat client.
If you are a new borrower, you can only avail the amount of money within the lender’s range and your salary range. However, you can obtain a higher loan amount during your subsequent loans. It allows you to finance more important needs which include travel fund, educational expenses, and miscellaneous needs.
Tips to Increase Your Good Experience in Payday Loan
- Borrow enough amount that covers your current need and use the money to pay for it. Do not divert it to other expenses.
- Pay the whole amount of your loan and avoid rolling it over to spare yourself from paying more charges.
- Build a positive relationship with your lender. Pay your loan promptly. It will not only increase your loan ceiling, but it will make you a valued client.
Always consider the pros and cons of borrowing money from any kind of financial institution which includes banks and money lenders. Choose licensed moneylender Singapore to secure all your vital information and prevent shark-like lenders.