4 Tips Before Get a Payday Loan in Singapore

Posted by quickmoneysg on December 23rd, 2015

There are more and more loan lenders in Singapore, that make it easier to get a loan when you need instant cash. As long as you are 18 years old with a job and a valid bank account, you can qualify for a payday loan in Singapore.

Applying for a 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 repayment should be done in a month or two weeks.

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

1. Know about the loan terms and repayment plans. If you want to get a loan from a bank, your credit plays a vital role in obtaining it. 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. However, if you decide to take a payday loan from a moneylender. Your credit score is not the determining factor to get a loan any more. No matter you are getting a loan from a bank or a moneylender, you should know about loan terms and repayment plans.

2. Know the fees you have to pay. Moneylenders may charge you some fees for their services. 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. Whatever fees they are asking for, you should think twice before sign the contract.

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 the lender is licensed. It is important to work with a licensed money lender. A licensed moneylender means that it has met the requirements which are set by the government for the type of business. A licensed moneylender will report your loan information to credit bureaus. This can help you build up credit so that you can be qualified for a better loan at a bank.