Through so many types of loans, one that can help you rally quickly is the payday one. Banks and non-banking financial institutions grant this type of credit to help people who need urgent money that they know they can repay once they get their paycheck. Individuals in Singapore highly appreciate a payday loan. The funds obtained through it can be used like those that you take when applying for personal loans. Thus, the banking financial institutions do not limit how you can use the money.
Borrow Money Up to Your Salary
The great advantage of such a credit is that it can be accessed quickly. Since it is part of the online loans category, the entire application and approval process can be done online. Borrowing money from friends is no longer necessary; you can get cash up to your salary through this method. Completing the credit application does not take more than a few minutes, and its analysis is done in the shortest possible time. You can get the money you need even in less than an hour.
The amount of money requested will be transferred to your bank account. The method through which you can get a payday loan in Singapore is straightforward. The first step is to complete an online credit application. Then, the financial institution will analyze your creditworthiness and check if you are in debt in the Credit Bureau. After you have received the positive answer, all that remains is to sign the credit agreement, and the lender will take care of the money transfer. You will immediately get the money you need to use it as you need.
What Payday Loan Can You Take with the Minimum Wage?
Each lender has personalized offers for a loan up to salary. In addition, it matters if you have other credits or active shopping cards. Indeed, the value of the installments cannot exceed 40% of the income. Calculate your net income to find the maximum monthly rate you can afford. You no longer have to worry about running out of money until payday. Lenders come to your aid with payday loans, which are irresistible offers. You can use the money and return it every month when you have established a deal with your lender.
Every lender website will have a questionnaire where you can enter all your data: your name, phone number, and e-mail address, and ask for an offer. After your request has been analyzed, you will be contacted to receive the answer. The entire credit analysis process is free. In addition, after you have been approved for the credit, you will receive the card and credit agreement at home. The contract must be signed and then returned to the company from Singapore. Then, you can activate the card and make payments whenever you want.
The Benefits of a Payday Loan
It is straightforward to understand how such a credit works. You have nothing to pay if you do not use the money on the card. That is another reason to get your card so you can use it when needed. This way, you won't run out of money until your salary is paid because these funds will always be available. These loans are granted quickly, so you won't need to wait for days until you receive the money. Financial institutions understand the urgent need for money and can provide you with payday cash quickly.
With a payday loan, you can get limited money to cover unexpected expenses until your next paycheck. As a rule, this credit is offered by non-banking organizations, which have simple credit conditions and do not require the applicant's physical presence at the company headquarters. If you have access to the Internet, you can complete the credit application wherever you are. Because microfinance organizations have a customer-oriented approach, you'll be able to get the money to your paycheck in just minutes. The requirements for the applicant are minimal, and there are multiple, simple, and convenient ways to repay the loan.
Who Is the Beneficiary of the Credit?
You can access this type of credit if you meet the following conditions:
- you have citizenship;
- age between 19 and 80 years;
- valid phone number;
- an active email.
You also have the option to receive the requested money directly to your card. You must submit your card details to the credit company or obtain a new one to benefit from the credit. You can get the loan up to your current salary. You can use any amount over 5 to 30 days of financing.
How Will the Money Be Returned?
The credit can be repaid using one of the following methods:
- Activate the service of automatic debiting of money on the due date to the personal account. Make sure you have enough money for the transfer;
- You can transfer money directly from your account to the lender’s website without additional costs;
- Online, making the transfer from the debtor's current account opened at any bank in Singapore;
- Cash is available at any lender agency - at the multifunction machines or the bank's counters.
If you have decided to use one of the last two payment methods mentioned above, you will need the credit agreement number and the lender details.
If you want to apply for such a credit, the procedure is simple and the same for all lenders:
- Access the credit form;
- Complete the credit application specifying the requested amount and the financing term;
- Press the "Request Credit" button;
- If you are not yet a customer of that lender, you will need to create a user account with an active phone number quickly;
- Wait for the reply via SMS;
- If the application has been approved, you will sign the credit agreement in the Personal Account;
- You have access to money right away.
You can benefit from an instant transfer to the current account opened in the applicant's name or cash at any lender’s agency. Before applying for a payday loan, it is recommended to study the pre-contractual information and examples of interest rate calculations for the loan used. Both documents are available online. For additional details on such a credit, you can contact the lender using the phone numbers shown on its website. You can ask for anything unclear to you. Having all the information needed before applying for credit is crucial.
