What are Payday Loans?
You need money and you’re weighing all of your options. You’ve ran across private money lender offering payday loans, but are wondering what are payday loans? Chances are you’ve heard a lot of negative talk about the loans over the years, but with what you’ve read your curiosity is at full peak and you really wonder if they can help you in your financial time of need. The good news is that payday loans from a licensed money lender Singapore could very well be an amazing source of cash when you need it the most.
What is a Payday Loan?
A Singapore moneylender payday loan is a type of personal loan Singapore granted to an individual until their next payday. The loans are usually made for a period of two to three weeks, however, more and more moneylenders in Singapore are offering longer-terms for their loans. Payday loans from legal money lender enable an individual to obtain a considerable amount of cash they can use for any reason, whether it is an unexpected bill or a need for a little extra cash for vacation. There are a tremendous amount of benefits offered with payday loans, despite what you may have heard.
Looking at Payday Loans
Payday loans have gotten a bad rep throughout the years, as Singapore money lender interest rates are higher than normal interest rates. However, when you take it all into consideration you can certainly understand that while the interest rates are higher than normal, a payday loan is truly a beneficial product to so many. Even if you have poor credit score, it is still possible to get a loan from licensed moneylender Singapore. There is never any worry of bad credit standing in the way of getting cash when you need it the most.
Payday Loans are much easier to get than a traditional personal loan, and in many cases the only available option for so many. Payday loans are easy to qualify for and easy to repay, eliminating all of the hassles that are typically found with a loan from a bank or similar source.
How to get a Payday Loan
If you are interested in obtaining a payday loan from a licensed money lender in Singapore, you must be at least 21 years of age with a regular source of income. You will need to provide proof of your income, as well as proof of address. Some Singapore licensed money lender require that you have a minimum monthly income to be approved for a loan. Once you are approved it is possible to have the cash that you need on the same day. Applications must be completed in person, and you’ll need to provide a variety of information to be considered for a loan, including name, address, social security number, employer and proof of income.
Payday loans are easily accessible when you need the money the most, perfect for those with less than perfect credit as well as those who need money without a delay. The loans are easy to apply for, quick and offer high loan amounts so you can take care of any financial needs that you may have.