What are Payday Loans and What do You Need to Know about Them?

Payday loans play a balancing role in the short-term lending sector in Singapore, providing temporary liquidity to those who need it. For the uninitiated, payday loans are usually a short-term loans with a higher rate of interest as compared to other loans and the dues should be paid on your next payday. Depending on the regulations of countries, you can get the payday loans online or even from storefront payday lenders.

Though payday loans are one of the most popular loans now, it also comes with a few risks. One should always weigh the pros and cons well before taking a payday loan in Singapore. Here’s a look at some of the fundamental features of payday loans to help decide if it’s suitable for you:

1. Loan size
Payday loans are only for small amounts and you cannot use it for paying huge debts. Mostly, the payday loans are used to make payments of the credit card bills and other outstanding liabilities that are of a small amount. A common loan amount for this is around $500 but can, of course, can be higher or lower depending on your need.

2. Single repayment
Unlike other loans, you don’t have the privilege of repaying in installments and the amount has to be made in one go on the next payday or with income received as a premium of social security or a pension. The due date for payment is usually 2 to 4 weeks from the issue date of loan and it is usually decided on the day of the loan itself.

3. Mode of repayment
To repay the loan, you will need to give a post-dated cheque for full balance which includes the fees as well. One can also authorize the lender to electronically debit the funds from your account on the due date.

4. Risks involved
Payday loans come with certain risks such as unable to pay the loan on the next payday, being charged with a higher rate of interest, the risk of getting in deeper debt, reduced credit scores, higher fees and an additional loan to the current loans. Thus, one should make the decision only after considering all the above-mentioned risk factors.

Explore the web for more tips on finding a reliable lender who can offer a fast cash loan with minimum risk. It is recommended that you read all the terms and conditions mentioned in the loan documents to ensure that you never get trapped in any fraudulent activities or scams. Keep browsing the web and read about loan-taking tips that can help you to stay protected from fraudulent moneylenders.

How a Moneylender Can Finance Your Home Improvement Project

Financing a home improvement project while living in Singapore can become an overwhelming task. Whether you want to make a few simple upgrades or construct a pricey new addition to kitchen, remodeling your home in Singapore can drain up your savings pretty easily. So you must look for a loan depending on your monthly income and the scale of your project. However, going to a Singaporean financial institute can take a long time to get your loan approved. Banks analyze your credit worthiness before offering you a loan and your loan might also get rejected due to your low credit score, low income and employment history. Seeking a personal loan from a licensed moneylender in Singapore can be the best option when you are in financial crisis and need to finance your home remodeling project. Here’s how a licensed money lender can fund your home improvement project the easy way.

Licensed moneylenders in Singapore offer various types of loans such as personal loan, payday loan and even debt consolidation loan with flexible repayment tenure. The best part is that these money lenders are authorized by the government of Singapore and the whole money lending industry is guided by the laws and regulations framed by the country’s government.

Easy application and documentation: A licensed money lender in Singapore knows the urgent financial needs of people like you. They have easy loan application process. In fact, some money lenders accept online applications through their secured website. They also have minimal document requirements and may ask you to submit income and address proof, National Registration Identity Card and tenancy agreement.

No credit check or income limitation: A licensed moneylender will not check your credit score before approving your loan. Whatever is your income level and what type of loan you want to take for home renovation, you can easily get a loan from a lender.

Fast Approval: Seeing the high cost of living in Singapore, it is essential to get your home improvement project completed quickly. When you apply for a personal loan from a licensed moneylender in Singapore, it might get approved within a few hours, which will help you to get your project done quickly.

To qualify for a personal loan from a licensed money lender in Singapore, here are the eligibility criteria:

•You must be a Singapore permanent resident over 21 years of age, or an expat with a valid work permit (S Pass)

•Give a photocopy of your National Registration Identity Card (NRIC)

•Provide legal proof of income such as bank statement, payslips for the last 3 months or income tax returns. If you are self-employed, you must give your income tax statements or legal proof of income.

•Expats or foreigners are required to provide tenancy agreement

•Proof of address (PUB bill or handphone bill)

No need to mortgage your house, use your credit card or look for a home loan from a bank for financing your next home improvement project. Taking a personal loan from a licensed moneylender in Singapore is best for your current home improvement project needs.