Payday Loans in Singapore: Everything You Need to Know

It’s nearly impossible to avoid financially hard times at some point in your life, which is why none of us are immune to the possibility of debt. No matter how financially frugal you might be, the unexpected can cause your bank account to reflect an entirely different picture.

When this happens, people consider loans as a means to consolidate debt and pay it off in a respectable and predictable manner. Loans are an excellent way to get a fuller scope of the debt at hand so you can plan for the future with some peace of mind.

One of those loans to consider is a payday loan. What kind of loan is that exactly?

What Are Payday Loans in Singapore?
A payday loan is known as a short-term loan or salary loan. It’s also known as an easy loan that enables you to get money quickly while you wait to receive your next paycheck, which can sometimes, be too far away. Many salary workers will opt for this kind of loan to make ends meet or pay off bills at home that just can’t wait anymore.

They sound good in theory, but can come with some stipulations that you should know ahead of time.

For starters, payday loans are beneficial to those that need immediate money after some kind of problem or emergency. They are also beneficial to people that know for certain their paycheck is coming next week (as opposed to those that are unsure about future payments). With a payday loan, you can count on the following:

  • Quick, immediate approval for fast cash
  • Minimal requirements for approval
  • Easy loan process

But like every good thing in the world, there are also downsides to payday loans.

Payday Loan Risks

With a loan that is this easily accessible to you, it consequently comes with high interest rates that will climb 24x if you don’t pay on time. Therefore, a payday loan should only be used for something that is a very short-term requirement. Otherwise, the cost of the loan will slowly eat your bank account alive.

If you end up with a payday loan that starts to take on a life of its own, it can negatively affect your credit score, which will impact your financial standing with all other loans/major purchases that you wanted to consider in your lifetime. 

Therefore, a payday loan is only advisable for smaller, shorter purchases knowing that you will be able to pay them off when the paycheck arrives in 1-2 weeks. Lastly, never accept a payday loan from an unlicensed money lender. See our other blogs on identifying illegal money lenders for more information. 

Best Money Lender in Singapore

Regardless of where life has left you, we know that payday loans might be your only short-term option. We have worked on the best possible interest rate, providing you with access to our legal money lending team. We want to help you get back on your feet. That starts with a loan you can count on. Get in touch with us today!

Tips to Identify Illegal vs. Legal Money Lenders

Unfortunately, in the world of debt, money, investments, and loans, there are plenty of aggressors that want to scam you for your money. Especially in Singapore, which has made a name for itself as a place of rampant illegal money lenders, news article after news article is articulating the loan-shark activities too common in our communities. Whether through the disguise of ATM transfers or something worse, it’s definitely in your best interest to learn more about how to identify a legal money lender.

So how exactly does one do that?

Don’t worry, we’ve got you covered:

 

  • Legal money lenders do not use SMS marketing or other telemarketing services.
    A reliable money lender will leave your personal contact information out of their soliciting services. Sure, they may send an email every now and then letting you know about new rates; but, they will never send you texts and other aggressive forms of contact to get your business.

 

  • Legal money lenders will not ask about online bank transfers.
    One surefire way to know you are dealing with an illegal money lender is if they offer bank transfers online as a tool for sending cash. They will want to avoid paperwork at all costs so they can access the money as quickly as possible. Legal money lenders will sit down with you and file paperwork to back up your application. You will need to go to their office to finalize everything before the transfers occur.

 

  • Legal money lenders will not ask about your SingPass over the phone.
    As you know, every Singaporean resident has a unique SingPass that contains your sensitive information. Illegal money lenders want access to this information, so they will ask you to disclose it right over the phone or through text. There is no need for any money lender to access your SingPass.

 

  • Legal money lenders will have a legitimate website with terms of service.
    Do your due diligence to check out the money lenders’ websites. At this point, it’s pretty easy to spot the websites that are faulty or lacking in credibility. If the site looks like it was professionally made and comes with a terms of services, chances are, it’s a legal money lender.

 

  • Legal money lenders will have a registered landline telephone.
    A normal money lending company will have an official telephone number that is registered with their area of operation. They will not have the weird telemarketer digits that should immediately tell you to be careful.

After all of this, it’s up to you to read the contract and know what you are signing. Regardless of how busy you are, signing your name away to loan-sharks is not something you are going to appreciate down the line.

Please be sure to follow our tips above. 

Of course, if you want to save time and go right to the source of a legal money lender, then head over to our application form at Singapore Legal Money Lender.

5 Reasons to Consider a Loan

It’s no secret that the nation of Singapore is riddled with never-ending debt today. In fact, the average household in Singapore is carrying $55,112 per capita in debt. That’s why so many people, especially young adults, are forced to consider alternative purchase and investment arrangements so they can afford the things they need to be successful.

If you don’t want to let these kinds of statistics get you down, then it’s time for you to consider an urgent money loan.

What can loans do for you?

 

  • Help with Debt Consolidation:
    Urgent money loans enable you to take all outstanding debt with various dues and interest rates, and combine it into one monthly payment. When you have everything in one comprehensive payment, it’s easier to chip away at your debt while also ensuring you stay on top of payments. Now you can make a repayment timeline that is actually easy to understand.

 

  • Lower Interest Rates:
    Interest rates can creep up and completely destroy our ability to pay off loans over-time. With a personal loan, you can pay off all of your credit card debt with a lower rate, enabling you to actually get out front of your payments before they get out in front of you.

 

  • Easier to Manage:
    Juggling four or five credit card accounts with mounting debt can make it hard to really get a full, big picture. But, if you are able to consolidate all of these cards into one account, and worry about one singular payment, then you can control your debt with more ease. This will in turn give you some peace of mind along the way.

 

  • Predictable Repayment Schedule:
    Urgent money loans come with fixed interest rates, repayment terms, and monthly payments that are predicted, stated, and available to you. Upon your approval, you’ll know exactly how much you will need to repay each month, how many repayments you’ll need to make, and the total amount of interest incurred over the lifetime of the loan. There are no surprises.

 

  • Finance Options:
    Let’s say you want to do something monumental in your life, like buy a car or a house. With massive debt, this might not look like an option. That’s why an urgent money loan can provide you with choices that you previously thought were gone. You can now move on and do what you always wanted to do.

 

Singapore Legal Money Lender

We provide you with access to urgent money loans that come with stated repayments and a competitively low interest rate you won’t find anywhere else. Consider the value of a loan for your life today. Apply today now!