You should have no trouble finding a licensed money lender Singapore these days, either in your local area or online for payday loans. Payday loans are quick loans that do not require a credit check at the time of loan application. Naturally, these loans have become popular with borrowers who just need some quick cash between paydays. And since loans from banks and credit unions require high credit scores and involve the pledge of some collateral, by contrast, these loans from cash advance lenders are refreshingly simple.
Knowing that each Singapore money lender establishment their websites are authorized to do business with residents in Singapore then you can proceed with your application only with the understanding that all the lenders you contact are required to follow consumer safety laws. With a licensed money lender Singapore, this means that you will be given written forms with full disclosure regarding your loan costs and specify the terms and conditions of your loan. Of course, you must read the forms to personally benefit from them.
Every applicant is required by any Singapore money lender to provide certain items along with a loan application. To qualify for loan approval, a recent pay slip from a regular employer will be needed. It should verify at least a thousand dollars a month in regular income. As a basic business practice, payday lenders normally only lend up to twenty-five percent of a customer’s monthly income, so that is why the amount shown on your recent pay stub is significant.
When you make your way through a particular Singapore money lender’s qualification process, then your loan proceeds will be transferred directly into your checking account following loan approval. It will occur by way of an automatic, wireless deposit. Naturally, short term loans only last a week or a couple of weeks, in most cases.
One thing to bear in mind as well when looking for payday loans from licensed money lender Singapore is that you may have an opportunity to extend your loan if necessary. This can be achieved by paying your interest and fees on your next payday and at the same time signing new loan documents extending the loan until your following payday. Give serious thought to whether you really should extend your loan and whether there might be an option to pay it in full because you will be doubling your loan costs each month. Go ahead and do the math before you decide to renew your payday loan, to keep your loan costs down.
Short term Singapore money lender loans are not a perfect solution for all customers in every cash, but they can certainly fill in the gap between paychecks for working people who need some help once in a while. If they are used primarily for emergency situations only, then they can serve a worthy purpose. If they are used for luxuries or anything that is not a necessity of urgency, that’s when they can cause problems. Strive to make your choices wisely, and look at all your alternatives before you take out a single pay loan.