We all inevitably face some or the other financial problem at certain points in our life. Most of the time, we manage with our savings or, at worst, ask our family and friends to help us out with some immediate cash. At times, however, we may be forced to apply for a payday loans Singapore to cover a sudden emergency. In this post, we talk about payday loans in Singapore; also telling you how to go about the process of finding the best moneylender in that city.
What is a Payday Loan?
A payday loan; also called a payday advance, a payroll loan and a salary loan; is a relatively low-amount, short-term loan, which you can repay when you receive your next salary. Moneylenders typically charge a high rate of interest on these loans.
Though there is some limited jurisdiction on the percentage lenders can charge, the terms and conditions of repayment vary vastly from lender to lender, and from country to country.
Choosing the Right Moneylender in Singapore
Being an active tourist, financial and business hub, Singapore offers a wide range of moneylenders to choose from, including Credit Hub, Money Express, Amaze Credit, Singtrust Credit, Empire Global and many more. Most of these companies are well-established and are competent enough to advice you on the type and amount of loan that you should apply for.
The following are the things you should consider before selecting the best individual or company for you:
· Credibility of the Lender
Before zeroing-in on a cash advance lender in Singapore, you should first determine their credibility quotient. Ensure that they have a valid license, issued by the Registry of Moneylenders, Singapore. Next, find out if they are legitimate operators. That can be done by means of an online search or by asking around friends. Remember, the oldest companies are also the most dependable ones.
· Interest Rates and Repayment
Compare interest rates stipulated by different lenders. Read the fine print and check for hidden fees, surcharges and so on. Do not choose a lender just because he offers the lowest rate of interest. Also, discuss with your moneylender your preferred time and mode of repayment of the loan. Take your time and choose the loan product or service that works best for you.
· Application and Approval Process
Find out how long the application process will take and how soon you can avail the loan amount. Some companies agree to sanction the loan the very same day, but trustworthy lenders will not okay your application without conducting a thorough background check on you.
Getting payday loans in Singapore is relatively simple. Only, ensure to follow all of the above-mentioned steps before finalizing your moneylender.