What is a payday loan?

What is a payday loan?

Many are the times that cash emergencies arise. Something unplanned for that calls for the additional budget can happen at any time. Moneylenders are the places to run to when you have a financial emergency.

You might get sick and take an ambulance to the hospital. Your universal health care card may not cater for the ambulance fee. You will need to pay for such fees from your pocket. If you don’t have enough cash at your account or hand, there is no more calling for help from friends. All you need is to take a payday loan.

What is a payday loan?

A payday loan is a short term loan program that loans instant or immediately to anybody that needs it. Depending on your credit history, you can borrow from a few hundred to thousands. In most cases, the principal amount of a payday loan is usually a portion of your next paycheck. You can be able to borrow more than you are earning in a month. Payday loans are also known as a cash advance or check advance loans.

 

Why you need a payday loan

Payday loans are great cash advances when you have to pay an unexpected payment. They are available for anyone above 18 years with a salary. Unlike other short term loans, the payday loan application process is hassle-free. Most lenders approve payday loans within hours, if not minutes.

If you have a bad credit history, you are still eligible for a payday loan. Bad credit payday loans are available for people with bad credit but on a salary.

Unlike other short term loans that require too much paperwork, some payday loan lenders are offering online services. You may not have to go to their office to apply. You can apply for a payday loan remotely from the comfort of your home. If you qualify, the money is deposited into your account. The only thing that can hinder a Singaporean that is above 18 years to get a payday loan is only if he or she is not employed or working.

 

How to obtain a payday loan

Most payday loan lenders are small credit merchants, such as Maxcredit in Singapore. These providers have a physical location that allows for loan application approval.

Some providers are online. They offer their payday loan services online. Online lenders allow you to apply for a payday loan remotely. When they approve your loan application request, they deposit the cash on your account.

To complete your payday loan application, you (borrower) will have to provide pay stubs from your employer to show your current level of income. If you are in Singapore and you need an emergency loan, don’t hesitate to contact a good moneylender you can trust.

 

Who can apply for the payday loan?

Anyone can apply for it. All you need to qualify for a payday loan is to be a Singaporean or a permanent resident over 18 years of age, with a valid pass and be currently employed. Payday loans are not available for those that are not currently employed because you have to pay back at your next payday.

 

In conclusion, looking for a reliable moneylender that will not give you more issues with your money debt is essential.