If you are a salaried person and you need quick cash, a payday loan is one of the best ways to get the money to your bank account. A payday loan is a small amount short-term advance that you may need anytime to pay your emergency bills. The other purpose of choosing payday loan is to avoid the consequence of bounced checks, late payments, medical emergencies etc. You can easily get a payday loan from a licensed money lender in Singapore. Here are the main benefits of payday loans.
1. Fast processing
If you choose to apply for a conventional bank loan, it takes a long to process the application. Still there is no guarantee that your application will be accepted. Hence, those funds cannot be used during your emergency. However, the process of issuing payday loan is fast. You will get an immediate feedback whether your application is approved or not. You can then rush to the other payday loan service provider instantly and get it approved.
2. No meeting with the manager
Getting approval for a bank loan, credit card could be time consuming. You may need to meet with the bank manager in person. In comparison, approval for a payday loan can be got online, without you having to waste your time visiting the bank or meeting the manager. Some money lenders even transfer the amount within an hour or two, if you provide them the necessary documents.
3. No cycle of debt
The loan amount is determined on your income level. Hence, it will be very easy for you to pay back the loans. Make sure, however, that you compare several deals before finalizing a payday loan to avoid high interest rates.
4. Easy to quality for higher amount
You should be above 18 years to apply for a payday loan. The major requirement is you need to have a permanent source of income. Even if you have a poor credit rating, you can get a payday loan but you have to a steady income to be able to pay the amount on time. Once you pay back the first loan amount on time, you can apply for a higher amount next time.