• May 30, 2020

Everything you need to know about Payday Loans 

Loans are now the necessity of the Singaporean because, due to unstable finance, they always need money in an emergency. Singapore is the country known for its high-lifestyle. To maintain a standard of living, the ratio of expenditure is higher than savings. So, the credit scores are also poor. In the event, if you require money to sort out the debt or expenses, then opt for instant loan options like a payday loan, easy credit loan and so forth. Because getting an instant loan from the online money lender is relatively easier than banks. This is because their loan approval process is far simpler and faster than banks. The most appreciated reason behind the popularity of the payday loans is the easy approval process and flexibility in repaying the loan.

The eligibility requirement for short-term loans:

To apply for short-term loans like payday loans, you need to meet the minimum criteria. This is divided into salary, self-employed, education, and income. The eligibility criteria for the instant loan will vary from one lender to another. But most of the lenders will ask only some basic details regarding your education and job status. Along with that lender will request to provide some documents like proof of identity, proof of income and education, address proof and citizen proof. If you can provide all these documents to the lender, then he will consider you like a loan borrower and transfer the loan to your account directly.

When will you need these types of loans?

Such types are needed when you need cash in an emergency. Because getting secured loans like personal loans within 24 hours is not possible. It takes a lot of time, first, you need to visit the bank and take a loan application form then you have to fill it and submit it along with a bunch of documents, the whole verification process will take more than a week. When the bank is satisfied with your document, then only your loan application will be approved. But, as you need money on an urgent basis, then it is advisable to go for a payday loan. Here you only need to fill a loan application online, attached some basic documents and submit it. As soon as the moneylender gets your loan application will review it and get back to you. You will get the loan at your account within 24 hours, and you also get the flexibility to choose the tenure period as per your suitability.

Why are the interest rates of payday loans higher than conventional loans?

To offset the risk of losing money, the lender will offer you the payday loans at the higher interest rates. They will not check your credit history and don’t take any security against the loan, so to offset the risk, they will charge you higher interest rates than the secured loans. If you repay the loan on time, you can increase your credit score, and in the future, you are eligible to get the loan at the lowest interest rates.

How to find a reliable money lender online?

In the event, if you need a payday loan but don’t know how to get it, and then just read the steps that we have mentioned below-

  • There are plenty of money lenders available online. If you want to select a reliable one, then all you need is to search with this keyword, “the best moneylender Singapore” and consider only the first page Google result. Check their website and get a quote.
  • Once you get quotes from the lenders, you need to check their interest rates. Choose a lender who offers you the payday loan at the lowest interest rates.
  • When you choose the lender, download the loan application form. Fill out the form carefully and do the needful. You are also requested to submit the application form along with documents.
  • As soon as you submit the application form, the lender will review it and get back to you. He will transfer the amount to your account within 24 hours.
  • A lender will give you the flexibility to choose a tenure period. So, it’s all up to you whether you want to repay the amount on a monthly, half-yearly or yearly basis.

How much time will a moneylender take to transfer the amount? 

The loan you will get from the lender is for urgent need. So, he will try to transfer it to your account as quickly as possible. On the other authorized banks will take enough time to transfer the amount, that’s why it is advisable to opt for the EasyCredit.com.sg. Who offers you the payday loan at the best interest rates within an expected time?

Sheri gill

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