In Singapore, a payday loan is important for about everyone working on the island, despite your occupation. For example, you might be living a comfortable life and you’ve already scheduled your financial plans. It could be starting a small company or even accomplishing any chore, you will fix it based on your income. And suddenly, an emergency comes up and disorganize all these plans. This could be a time that you realized the importance of taking a payday loan.
You might have applied for a loan amount and are hoping to have it accepted by your secured loans lender or even unsecured loans from the licensed money lender who is authorized by Singapore’s Law Ministry. Like any other loans request there is a possibility that your lender rejecting your application. Therefore, it’s necessary that you understand that when a money lender rejects your application, your prospects of getting a payday loan could become bleak.
With this in mind, ahead of starting to look for licensed money lenders, you need to consider the following points.
Get Your Required Documents All Ready
For you to qualify for this loan package, you need to get all your documents necessary to help in the processing of your personal loan. Soon after you have done the steps, you are prepared to get the loan. In Singapore, licensed moneylenders are very helpful during times of emergency. Therefore, do not permit any misconception regarding these lenders alter your mindset concerning them.
Confirm Your Credit Rating
It’s one of lenders checklist in deciding whether you will receive the loan or not. It’s calculated through specific benchmarking as well as formula-based method. You will need to check whether your credit rating will qualify you to get a loan. When you do not qualify for one, you might have to wait for some months to build up your credit rating. As such, you might not have to pay much in interest as well as be able to maintain your credit rating in good shape.
When you hold a low credit rating, you need to present as much documentation as you possibly can, for the reason of verification. It is because many moneylenders in the country prefer offering payday loans to individuals who have a high credit rating. Thus presenting more documents will help confirm to the lenders that you actually are capable of repaying the loan you have applied for.
The Amount You Require
It is very important that you consider as well as think about finding the right loan amount. It needs to be reaching a specific amount that is convenient and easy for you to repay it back. For this reason, do not think of taking out a crazily large amount which might be hard for you to repay or even cause you difficulties as you pay it off in future.
Always take the amount that you need, don’t get greedy at this moment since you can simply apply for a personal loan online. Once you have submitted your application the advisors certainly will contact you almost immediately.
Locating The Right Moneylender
It is advisable that you take the time to carry out some thorough background research in advance. You will need to find reliable and the good money lenders available to you in Singapore. Be cautious to avoid falling prey to those loan sharks since they might be pretending to be certified moneylenders through appearances. But in truth, they aren’t. As a result, do not get mislead, do your research well enough to help you find a reliable and licensed moneylender.
Singapore has certified moneylenders who do not charge exorbitant interest rates because they abide by the regulations and rules put in place the Singaporean Money Lenders Association. This ensures that they don’t misguide borrowers furthermore they are trained to cater and serve your financial needs.
You may also choose to work directly with your money lender. This is essential especially when you are in search of reducing the expenses involved when you are getting a payday loan in Singapore that mostly involves brokers who always work at a fee. In addition, working directly with a legal money lender is convenient and fast for you too.
You need to be aged 21 years. When you’ve attained the required age and you hold a stable job, you will be able to easily access a payday loan from your lender. This loan type is open for you to apply when you can prove that have the right age. Unfortunately, this rule does not favour everyone who holds a steady profession and has a regular salary. The minimum age criterion will not allow you to get this loan type. This means your loan application won’t be successful. This is despite the fact that you have a steady job and are able to easily pay off the loan in a timely manner.
Foreigners Can Access It Too
For you to qualify for the payday loan you do not have to be a permanent resident or Singaporean. However, you do need to have a work permit that is valid which allows you to work in the country or have a valid employment pass. It will be required of you to present these documents together with proof of employment along with your loan request.
Failing to do this may lead to your loan being rejected. As a foreigner, always make sure that you bring along the original work permit, rental agreement and 3 months of your payslips. Being able to in point of fact prove that you are able to pay back all the borrowed money, these documents will be instrumental in doing so.
In conclusion, payday loans are essential in helping you satisfy most of your pressing needs. It may be hard for anyone to predict when emergency circumstances might arise but it’s important that you keep the above tips in mind to assist you in avoiding getting stranded. Always take the amount of money that you require and be sure to repay your monthly installments on time.