4 Tips Before Get a Instant Payday Loan in Singapore

Posted by jane on November 27th, 2015

An instant payday loan is also called cash advance. It is a short term loan and a small amount loan between 0-00 in offering to help people to pay unwanted expenses such as urgent bill payments, car repairs, household emergency repairs and other financial emergencies.

Applying for an instant payday loan in Singapore is easy and fast now, you can finish it online, and lender will deposit money into your bank account within days after they approve your application. But the payback should be done in a month or two weeks.

Before applying for your instant payday loan, some tips should keep in mind to ensure that you are dealing with the right person.

1. Know about your credit score and the interest rate you should pay. Commonly, your credit plays a vital role in obtaining an instant payday loan from banks. If your credit is good, you will have a great chance to borrow money from banks and get a lower interest rate and a flexible repayment plan when it comes to repayment. Otherwise you may be rejected by banks or require high interest rate if your credit is poor. In addition, you should know about the interest offered by the lender so that you can compare the cost of the loan to others and figure out how long it will cost you to pay back and what the payments may be.

2. Understand the fees you have to pay. Some lenders may charge advanced fees for a short term instant payday loan, and some may also charge fees for not having enough cash in the bank account so as to cover a payment or set up an automatic payment.

3. Check the prepayment penalties. Generally, all interest of a short term payday loan will be required even if the loan will be paid off early. Check if you should payback all the interest if you can pay back the whole loan before the due.

4. Make sure your loan information is reported to credit bureaus. This can help you build up credit so that you can be qualified for a better loan at a bank.

The most important thing is that you are dealing with the right person. It is not only good for your personal information but helps you avoid trapping in a debt cycle.