Payday loans are short-term loans, wherein you need to pay within your next paycheck, often referred to as “cash advance”. By paying on the next payday is its main difference with personal loans.
If you are employed and when you need quick cash during the middle of the month, taking a payday loan is the answer. And, just like a personal loan, this is easy to apply. You just need to present your monthly income.
Advantages of Getting a Payday Loan from a Licensed Moneylender
For those who are employed that need quick cash in the middle of the month, securing a payday loan from a licensed moneylender is an ideal option. It can be tough if you wait for banks. Taking a loan from these legal lenders can bring a lot of benefits.
Easy to Apply
Just like personal loans, it takes minutes to apply. Licensed moneylenders use online platform which makes it more convenient. The borrower will just need to submit his preliminary information which involves: full name, email address, contact number, income and desired loan amount. Therefore, no more paperwork.
Legal moneylenders existed to provide payday loans. They make sure to attain to the borrower needs as fast as they can. They escalate their process; this is why they can approve the loan within the day.
Flexible to all Credit Profiles
Whether you have a bad credit score, you can still apply. The payday moneylenders will consider even if you have a poor credit rating, they will just evaluate your financial condition and check your capacity to pay. They will even make a custom payday loan plan that will cater to your financial capabilities.
Open to Low-Income Workers
Even if you are earning less than $10,000 annually, it is still possible to secure a payday loan. Unlike with banks that they have stricter income requirements, payday loans are highly accessible.
Improve your Credit Score
If you are having a poor credit score, getting a payday loan is now your chance to revive your credit profile. You just need to be a responsible borrower, pay your dues on time.
Well-Regulated Moneylending Activities
Each licensed moneylender follows the rules and regulations set by the Ministry of Law – Registry of Moneylenders. They follow certain standards and failure to do so can lead to their license revocation. This is the reason why each month the Registry of Moneylenders has an updated listing.
What to consider before applying for a payday loan?
Taking a payday loans involves a legal obligation, prior to signing a Note of Contract it is important that you have consider the following key points:
- Borrow only from licensed moneylenders. They must be included within the list of valid licensed moneylenders from the Ministry of Law – Registry of Moneylenders website
- They can charge for the following: a maximum of 4% per month for interest rate, a maximum of 4% interest rate for each month of late repayment, up to $60 for late repayment fee and up to 10% for an administrative fee. The total charges and fees must not exceed the total principal loan.
- Never believe or respond from loan offers on unsolicited messages from SMS, Facebook and WhatsApp and even on cold calls. License moneylenders can only advertise on three channels: Consumer and business directories (both print and online), their website, and within their business address premises (both interior and exterior)
- You need to go over the contract and make sure that you fully understand everything, especially the repayment schedule, interest rates, and fees.
- Consider your financial condition, get a payday loan only if you have the capacity to repay. Take note that you have to repay it within weeks, therefore, apply on a smaller amount. It must be below your monthly salary.
- Take a payday loan only if there is an immediate need for it. Never take it for luxurious expenses.
How to qualify for a payday loan?
Licensed moneylenders have similarities in their requirements. You can visit their website or ask them about their requirements. Among the common requirements are:
- Singaporean or PR
- 21 years old and above
- Full-Time Job/Employment
- Valid ID
- Proof of Employment (not more than 3 months old)
How to apply for a payday loan?
Applying for bank loans may take more time than loans from licensed moneylenders. Getting payday loans is easy. Licensed moneylenders take advantage of online platforms. You can now apply through their website forms. No need to go through tiring queues and some paperwork. Just fill in their online form with your preliminary information. Then, their loan advisor will contact you within the day. They can approve your loan also within the day.
As soon as you have received your payday loan, make sure that you will become a responsible borrower. You need to take note of your repayment schedule. Pay on time and you’ll soon make improvements on your credit profile.
How can Cash Lender help you with payday loans?
With over a hundred licensed moneylenders, searching online can be exhausting. This is the reason for Cash Lender’s existence. We will make it quick and easy for you. We scout for the most reliable payday loan offers that will meet your financial needs. We also find for the best personal loans, foreigner loans and business loans. You will simply gain the following benefits:
Easy Online Platform. You will just need to complete our online form with preliminary information. We will use it when scouting for the best moneylender for you. We will then propose the instant payday loan quotes.
Fast Results.Within just minutes our advisor will connect with you and provide you with instant payday loan offers. You will just need to apply to those moneylenders.
Safe and Trustworthy. We highly value the information you have shared with us. We will keep it safe and we will never disclose it. We will just use the information in order that we can provide a great match.
If you want to save time from searching on over 100 licensed moneylenders, we can help you. If you are now ready to get an instant payday loan offers, please fill in our loan-matching form.