Looking for Fast Payday Loan in Singapore?
Are you experiencing tight financial concerns? If you are worrying about paying off your emergency bills or debts, and you cannot find any banks or sources to get the amount you need, then you may consider applying for a personal loan / payday loan. After all, this type of loan gives you a good chance of getting sufficient sources of finances the quickest and simplest way possible.
What is Payday Loan in Singapore?
Generally, a payday loan is a type of unsecured and short term personal loan. It is often referred to as cash advance or salary advance loan, and you can obtain this loan with receive your cash within a matter of hours – much faster than conventional bank loans. What’s more, there are minimal required documents, less strict in bad credit score check and low incomers are eligible, so you will not have to worry about disapprove easily and gathering much paperwork for your loan application.
If you are in search for a reliable payday loan from money lender in the Singapore, you need to make sure that the lender is legitimate and legal. This means, you should consider checking with the Ministry of Law website for a list of registered and approved money lenders in Singapore. The website features an updated and reliable list of moneylenders, so you will not have any problems when it comes to applying and receiving your loan.
Benefits of Payday Loan
More and more people are discovering the benefits of applying for a best payday loan for their financial emergency needs. Considering the high cost of living and lack of sufficient resources from your salary, taking out a personal loan proves to be a practical option to support your basic needs. After all, life emergencies usually arise when you are short on cash. So, having a quick access to the right amount you need to pay off your debts is essential.
Tips to Consider for Payday Loan
Although payday loans are handy in times of financial concerns, you need to be certain about the reputation of the money lender in Singapore that you are hoping to send your loan application to. For instance, be sure that the lender is recognised by the Registry of Money Lenders in Singapore. This means, the lender has all the legal rights to operate its business, which is important when you want to gain the best experience when applying for a loan.
As for the requirements, you should be eligible to meet the demands of the lender. In most instances, these requirements include a valid proof of employment, an age limit of between 21 and 64 years of age, and applicants should be a Singaporean citizen, permanent resident (PR) or valid Singapore employment pass/work permit.
Once you have found a legal lender, you can begin asking for quotes. It is also important that you seek quotes from various lenders, and compare the rates and terms of repayment offered by each. By having a number of moneylenders to choose from, it will be easier for you to decide on the right moneylender whom you can count on for your financial needs.
So, begin searching online or asking for recommendations from friends when you need a suitable and reliable lender for your concerns. Be sure to consult the Ministry of Law website, as well, for a list of credible lenders that have been in operation in Singapore for a considerable number of years.
Frequently Asked Questions
A payday loan is a short term and unsecured loan offered in Singapore. It is called a payday loan since the loan amount is designed to be paid on the next paycheck. The amount being loan in here is usually small. The lender will set a borrowing time period as well as an extension.
Getting a payday loan can help your immediate need for money until you’ll get your next salary. This type of loan is ideal for fulfilling your short term financial needs especially to fund unexpected finances such as emergencies. You may also use it to take advantage of the upcoming sale.
As mentioned earlier payday loan does not require any collateral. This type of loan is easier to process because of fewer requirements.
Most licensed moneylenders offer this type of loan that provides quick cash disbursement. Approval may only take minutes and you can receive the cash that you need in less than an hour. This type of loan will be disbursed in the form of a check or cash.
Take in mind that you have to repay this loan on time to keep your credit score high and to avoid late interest fees.
There are various options when it comes to payday loans. Most licensed moneylenders offer this type of loan. Instead of taking some time to shop around online, we can help you find an ideal payday loan offer. You will just need to use our application form above.
Since most licensed money lenders offer this type of loan, you can check on their official website address. You can apply via their online application form. It is essential that you must only apply to licensed moneylenders.
As mentioned earlier we can help you find the best offer for a payday loan. You may use our online application form as the initial step of your application.
To qualify for a payday loan, you must be the following:
- A Singaporean citizen or a PR
- 21 years old and above
- Must be employed
Also, other requirements needed are:
- A copy of your proof of income such as your payslips, bank statements, Income Tax Returns
- An NRIC copy
- Proof of your residential address such as your utility bills with your name
Payday loan and a personal loan varies depending on the amount you can borrow and its repayment period. A payday loan allows you to borrow up to one month of your salary and you must repay it in less than a month. On the other hand personal loan allows you to borrow up to six months of your monthly salary and you can choose for a flexible repayment period.
Licensed moneylenders are only allowed to impose the following charges:
- Late repayment fee which must not exceed $60 each month
- An administrative fee which must not exceed 10% of the principal of the loan when it is granted
- Legal cost ordered by the court for a successful claim by the moneylender for the recovery of the loan
- Maximum monthly interest must not exceed 4%
- The maximum late repayment fee must not exceed 4% each month of late repayment
The total charges must not exceed the amount equivalent to the principal loan. Also, the computation of the monthly interest rate must be based on the principal remaining.
The loan amount will depend on your annual income. A licensed moneylender follows the guidelines set by the Registry of Moneylenders. You can borrow any amount for a secured loan while for an unsecured loan, you may refer to the following:
- If you are a Singaporean or PR with an annual income of less than $10,000 or at least 10,000 and less than $20,000, you can borrow up to $3,000.
- If you are a Singaporean or a PR with at least $20,000, you can borrow up to 6 times your monthly income.
Licensed moneylenders are known for providing quick payday loans. As long as you are qualified, approval can take in minutes.
Having a bad credit can’t be tough if you are applying for a payday loan with a bank. However with a licensed moneylender, it is still possible to take a payday loan. They don’t usually check on the credit history, instead they will check on your current capacity to pay.
Notes to Borrowers in Singapore
It is essential to first determine the interest rates offered by the licensed moneylender before you make a final decision of taking out a personal loan. Thus, it helps if you begin by comparing rates and guidelines that can help you determine if the terms offered will meet your current financial situation.
Prior to signing the agreement, check if there are hidden fees, clauses or other details you need to know. Choose money lenders that offer affordable interest rates and reasonable repayment schedules. If there is anything unclear in the contract, simply clarify these details with your lender before signing up your loan application form.
Most importantly, be sure that you understand completely the details presented in the contract before you sign anything with money lenders. The draft given to you by the moneylender should be written in a language that you can understand. If you need assistance, you may also want to consult a lawyer who can help explain the details to you. Blindly signing any contract will only put you in deep trouble eventually. So, if there are doubtful items stipulated in the contract, you can always walk away and look for a better lender. After all, it is ultimately your choice whether to take out a loan from a particular lender or find another one that meets your concerns.