Payday Loan: Everything you need to know

Tight on cash this month? If you are, one option you may consider would be taking up a payday loan. A quick and fast cash loan subjected to your salary.

By definition, a payday loan is a short-term, unsecured loan. At times its referred to as “cash advance”. The interest rate is much higher in comparison to personal loan but the merit is that the loan is processed quickly and you so not have to give any security

Why people get A Payday Loan

Demand for payday loans have soared over the years due to the rapidly increasing cost of living and a non-existent rise in salary. Due to this worrying fact, more people are opting for payday loans and some are unable to repay them. We really do not want you to get caught in this debt trap so before you take a payday loan out, we want to be doubly sure that you understand what you are signing up for.

It helps to keep and maintain the basic needs that one may have. Not just that, life emergencies requires cash quickly. This is one of the many typical scenarios whereby a payday loan could really help you.

Many a times some of our customers got their loans from illegal moneylenders in Singapore who charge them extremely high interest rates. These unlicensed moneylenders target those who are desperate. Offering no obligations instant loans and take advantage of the borrower. These borrowers usually end up in higher never-ending debts.

Like always, we strongly advise you to get a loan from a licensed moneylender.

Basic Requirements for a payday loan?

Payday loan is our area of expertise. Empire Global specialises in payday loan and personal loans in Singapore. We do no judge base on race or nationalities when it comes to a payday loan.

So whether if you are a foreigner living in Singapore or a local, or just unfamiliar with the loan industry. Do no hesitate to drop us a call @ 6259 1883 or use our instant quote. Our loan officers will shortly attend to you in one hour.

Eligibilities

• Full time employment.

• Age above 21 years old and below 65 years old.

• You must be a Singaporean or Permanent Resident.

• Bankruptcy Do Not Apply.

Call us direct on any loan enquiries that you might have. We want you to make the correct decision. Do check out this guide provided by the Ministry of Law on borrowing from licensed money lenders.

What are the Advantages of a Payday Loan?

Loans differ on case by case basis. A personal loan might not be a right fit for you should you should you need advance cash faster. Basically there are 5 main advantages of a payday loan as compared to a bank loan.

1. Quick, fast, convenient. Payday loans are common in the market and the competition is high. There is a great variety of such short term loans and multiple offerings. Hence with a little bit of research and bargaining, you could get a better deal.

2. Payday loans are much easier to attain vs those by large financial institutions. Pay day loan serve as great alternatives to other loans provided by banks.

3. Smaller loan amount makes repayment much easier. Payday loans are kept small as they are meant to assist you in life emergencies. Essentials like keep your own house operating by paying for the multiple bills you have incurred. Smaller loans also allows affordable repayment options for many. This loan can be used for both businesses and personal transactions.

4. Lower qualifying requirements. As the amounts are smaller, the processes are far fewer. Most of the time cash advances are made accessible and transferred to the borrower’s account within a couple of hours.

5. Improves credit history. Payday loans are still loans. Since the loan amounts are smaller, it is easier to repay them. If you have previously failed to repay other loans, this is one of the easiest ways to improve your credit score ratings.

There are many cash loan and pay day loan located conveniently in Singapore. Once again we emphasize you to choose wisely on the money lender and loan plans that you intend to get. Great advice and guidance are some of the many things that our highly trained loan advisors take pride in. We always take time to assist you through when you apply for a loan or a non-obligationary quote enquiry.

We provide online application for pay day loans that are accessed and replied to you within an hour. Quick and great service is one of our promises.