Thinking about applying for a payday loan from a moneylender? Understand them better by reading this complete guide to payday loans in Singapore.
Your Complete Guide to Payday Loans in Singapore
Maybe you’ve been hearing a bit of buzz around payday loans but aren’t completely sure what they are and are interested in learning a bit more about it all.
Or perhaps you do know about them and are considering taking one out yourself, but wanted to clarify some doubts before applying.
Either way, you’ve most certainly come to the right place. This comprehensive rundown explaining all about payday loans in Singapore will help you clearly understand all about what they are, who might need one as well as some of their pros and cons.
What exactly are payday loans?
A payday loan in Singapore is a short-term borrowing option that gives you the flexibility to borrow funds and pay it back in a few days’ time or on your next pay day. It allows you to pay interest/fees according to the number of days you’ve taken out the loan for, the amount of which will depend on the terms of the moneylender you take it out with.
Why do people need a payday loan?
There are several different reasons why a payday loan can make a huge difference in someone’s life. For example, if someone has an issue with their vehicle but doesn’t have the cash on-hand to have it fixed to get to work, a payday loan would be a great solution. There are also certain emergencies at home that require immediate fixing, such as plumbing or electrical issues.
What are the pros and cons of payday loans?
Before applying for a payday loan in Singapore, it’s worth noting the pros and cons of doing so.
Pros
- Quick and easy: For those times when you need cash fast but simply don’t have it in your account, you can easily apply for a payday loan, be approved, and have the money in your account very quickly.
- Improve credit score: As long as you pay everything back by the scheduled time, your credit score may actually improve which would in turn make you a more favourable candidate for loans later in life.
- Minimal supporting documents required: Unlike approaching a bank who will most likely ask for a wheelbarrow-full of paperwork to process your loan, applying for a payday loan with a licensed, reputable money lender in Singapore such as QuickLoan requires much less documentation.
Cons
- Hard to find a reliable moneylender: It’s important yet difficult to find a trustworthy moneylender that can advise you on the different types of loans, including payday loans.
Who is the best moneylender in Singapore offering payday loans?
If you’re after a fair and honest Singapore moneylender who offers straightforward loans with flexible repayment terms, including payday, personal, and other loans, QuickLoan is the solution you’ve been searching for. With more than 10 years in the industry, you’re in highly capable hands backed by an extensive amount of experience. You’ll have a dedicated loan consultant that’ll be there for you every step of the way – feel free to WhatsApp 8511 9133 to get an answer to whatever question you might have any time at all.
Get Your Loan In Singapore Today
Don’t let life’s unexpected turns and financial woes put a damper on your plans. If you are in need of a personal loan or business loan in Singapore to give you peace of mind, don’t hesitate to give us a call at QuickLoan Pte Ltd at 6223 1788 or Sms us at 8511 9133
