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Differences between payday loans vs credit card cash advances

Differences between payday loans vs credit card cash advance

Singapore – If you have been researching and comparing credit card cash advances and payday loans, you might get confused between their various offerings.

Credit card companies are stiffening up the competition as they compete amongst themselves and the different moneylenders to offer fast cash loans to people.

Getting loans is easy in Singapore with different schemes for different package offerings. Banks, licensed moneylenders and a variant of loan companies all offer a type of loan for different consumers. So let’s narrow down to the loan types of payday loans and credit card cash advances.

Let’s look at payday loans

Basically, when you are looking for personal loans in general, you might have seen different terms used interchangeably; payday loans, personal loan, cash advance, fast loan. In this article we make reference to payday loans which is part of a personal loan type.

The definition of a payday loan – A payday loan is referred to as a short-term loan that allows a person to take up a loan amount based on their salary. There’s a minimum monthly income cap depending on the moneylender rules and borrowers who have a much higher verifiable income salary would be able to borrow more money.

Payday loans (also called “payday advances” and “personal loans”) are a subset of unsecured loans, meaning there is no collaterals needed. Payday loans are granted based on your income and are tailored to the borrower’s ability to pay back in a certain timeframe. Sometimes payday loans can be paid back in multiple split payments, but are required to pay back the entire amount with the agreed interest.

Licensed moneylenders provide payday loans and the interest rates may vary accordingly. One of the greatest advantages of payday loans would be negotiable or adjustable repayment plans. This will greatly help you in terms of money management as one can better plan their finances.

Another great advance that legit moneylenders offer are simple policies on their rates. Only an interest rate is charged on your loan amount with zero hidden charges.

What about credit card cash advances?

Credit card cash advances in Singapore

Credit card cash advances in Singapore. A look into the definition and misconceptions on credit card cash advances. The things to look out for.

Credit card cash advance is based on your available credit limit on a credit card rather than your monthly income. A credit card cash advance is generally treated like a purchase made with a credit card and the repayment terms are strict.

A cash advance on a credit card may or may not offer you a better deal than a payday loan depending on your own credit ratings and whether you are credit qualified. Some credit card companies charge higher interest on cash advances as compared to payday loans offered by moneylenders.

Cash advance loans comes with your monthly credit card bills and are to be repaid accordingly. Interest is compounded daily and they require a substantial application fee when you request for a loan.

There are hidden charges on loan amounts which could be transaction fees, late payment fees, card fees, withdrawal fees, setup fees, bank service fees which the borrower might not be aware of.

To make matters even worse, many credit card companies require you to pay off any existing non-cash-advance balance (the normal purchase you make) that you might be having on your card. This means that they force you to pay up the amount with lower interest rate first, while the cash advance balance remains untouched, with the amount owed increasing and compounding interest.

Credit Card cash advance fake cheque technique

Credit Card cash advance fake cheque technique

Ever received a “credit card cheques” from credit card companies in your mailbox? Cheques offering a big lump sum to you? This is one of the biggest misconceptions faced by people. These “cheques” are treated as credit card cash advances by credit companies and it comes with all the accompanying disadvantages. People will feel it’s easy credit, but not realizing the multiple charges on such a loan.

In Singapore, credit companies cap the maximum loan amount based on their credit limits. Cash advances charge hefty interest or finance charges from day one of the loan till the day payment is made in full.

They do have their advantages, whereby the borrower can withdraw cash at the credit company’s ATM or request for loans to be transferred to the borrower’s own bank account. Some offer loan application via phone (cash-on-call) or SMS.

As a rule of thumb, hefty charges can be avoided if you pay the full amount on your credit card statement every month. Ask your card issuer to explain how interest is computed and to provide you with a case study loan amount.

Comparison and Outcome. Choose Wisely.

So what’s the best course of action for a borrower? At times, payday loans could have higher interest rates than credit card cash advances. This is due to moneylenders face higher risks of not being repaid.

However, if you have been a repeat customer with a great history of prompt repayment, licensed moneylenders would usually offer a better rate or repayment policy for you. You could also discuss with the loan officers and they will advise on  a repayment plan for you.

Payday loans offer great flexibility in terms of repayment policy and if repayment time periods are a consideration for you, you are much better of with payday loans. Payday loans also offer no hidden charges and allow lower-income people who cannot get a credit card to take up a loan.

Choose wisely based on your loan requirements and make the right choice for you. Regardless of which loan offering you are after, do your research wisely, check reviews and check out the competitors.

Should you require better advice or have any doubts on loan offerings, feel free to drop a message to us or a phone call and our friendly loan officer will service you.

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Understanding and getting instant payday loan

As the rapidly growing economy moves, more citizens are dealing with the economic and social pressures that life presents. Technology is changing and adapting towards this ever-changing landscape. When taking a loan for meeting some urgency, always ensure that you are able to secure the loan in time before the collateral charges are applied to your bills. Hence instant online payday loans are designed to allow extremely quick approval without any hurdle posed by the moneylender.

The best way to find the right moneylender, is to first find what each lender offers and what terms are tied to their offerings.

This allows you to set the amount of cash you need and the repayment terms for each loan, when you are prepared to apply for a loan.

Legal and Secure lender

Always look for a trusted, renowned, and legal moneylender. It is important to do so as this allows you to have the best terms to cash loan tie-ins with lenders. It is also very important to check out on client’s reviews of these money lenders if possible. You would want to find one that is providing good service and products with good customers reviews.

Understand and plan loan terms

First do your own research online and find instant payday lenders that offer affordable fees and good terms. Lenders also need to have good reviews and reputation online, at the same time offering flexible repayment terms for your loan requirements.

Choose lenders based on your loan amount

By determining the amount of money you want to loan, lenders might adjust their repayment terms accordingly. For example, should you require a higher loan amount as compared to the average, lenders will placed you as a high-risk borrower and require you to pay higher interest rates or change their repayment timeline. Hence always plan your loan amount and adjust it accordingly to your repayment capability.

Getting instant payday loans within 24hours – No frills

Getting online credit is simple. A simple online application form will allow your request to be placed withe lender. For online applications, it is important to fill in the basic details correctly as this speeds up the approval process by a lot. You would not want a staff member to misread the loan application as it would lead to unnecessary delay of the loan approval.

These loans can be easily applied through an online application in a lender’s website.

It is greatly convenient to apply loans online or contact the loan officer to assist you. The loan process usually takes less than 1-2hours and is done with the borrowers going down to settle the required paperwork. Once the paperwork is settled, a cheque or cash will be issued accordingly.

There are several benefits of payday personal loans over a normal loan and some of the key highlights are:

1. Loan applications are reviewed fast typically within 1hour, and immediate approval once it’s processed.

2. Repayment terms are better and rates are lower as compared to longer or larger amount of loans.

3. Save time and face. Online payday loan application is fast and can be done by filling in a few questions which can be done in a couple of minutes. This saves the initial paper work time required and you will get your loan quotation.

Quick Tip

Always ensure that you pay off the loans in time to maintain good credit rating scores. At the same time, this prevents rolling over interest rates on your payday loans as it can amount to quite a high amount if one is not careful with his repayment plans.

If you require clarifications on anything, always call the company and ask the loan officer. They should furnish you with details on your queries for loan applications. Check our FAQ for more up-to-date info.

We at Empire Global can arrange for fast cash advances for emergencies that requires immediate attention. You can get instant cash by applying for our same day payday loans. We have garnered great testimonials from our customers on our service and quality advice. Do check out our Google+ Business Page and see what others have written about us.

Related articles

Payday loan – Everything you need to know

Repayment plans – Choosing the right one

 

Applying Online for Payday Loans

Why use an online payday loan service?

Credibility & Reputable Lenders

It’s especially important to find a payday loan service that is scrupulous, honest and has a good reputation for treating its customers with sound advice. One of the primary things is reputation and with that Check their online reviews! So read about the profile of money lenders online, and choose them wisely. Browse through the many directories on money lenders online. Our favourite one is http://www.sgloansdirectory.com.sg as it provides a comprehensive coverage of money lenders around Singapore.

What about Online Payday Loan application

Here’s some of the top reasons people apply for a payday loan online:

Save Time: With the internet bringing you fast information, you no longer need to read the papers for a money lender. A quick search online will allow you to find a reliable money lender for a payday loan online. There are many reliable directories even for such financial services. A popular leading directory is  http://www.sgloansdirectory.com.sg

Save Money: Sometimes bank charges, overdraft fees, over credit-limit fees or late payment fees gradually add up to more than it would cost you to take up a payday cash loan to repay your bills.

Save your Credit Reputation: Service providers look at your credit reputation with them and may cut off your basic needs if you have a bad credit reputation. Credit card companies look into your credit history too when you want to apply for a new credit card or requesting a higher credit limit. This is why its important to repay back your bills promptly and keep a good credit reputation.

Save Your Face: No one likes to ask for a loan from someone. Especially family members, friends or an employer for a cash advance. With a payday service, one can repay bills without additional strains to relationships.

What can I do to prepare myself for financial emergencies?

No one can always predict an emergency, but you can be prepared for one. Ideally, you should have emergency savings set aside to cover your household expenses for at least three to six months. If this goal is too high, aim to save at least one month of your salary. Now that you know more about payday loans, you can decide the kind of loans to suit your needs.

Payday loans can suit consumers who need emergency cash advances for a brief period of time. Although it could be pegged with interest rates higher than banks. But if you understand how to use a payday loan correctly, you can make the most of these services. Hence apply for payday loans appropriately and responsibly as a payday loan may be more affordable than the alternatives in the market. Read more on everything about payday loans.

You can now apply online with us at Empire Global just by filling in the loan application form.

 

All you need to know about Pay day Loans

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.

Gambling and how it leads to getting bad loans

The time has come for all Chinese to celebrate and immerse themselves in the festive mood. Chinese New Year. This means a period of gathering, visiting the folks, catching up with relatives and friends. Aside from the New Year goodies, nothing thrills people more than gambling and it has become a part and parcel activity during Chinese New Year in Singapore. Gambling indeed is a big business here.

Especially during this Chinese New Year. A long weekend of celebrations, many gamblers visit the local and overseas casinos or slot machines at the local clubs.

Players head down to our very own renowned legalised casinos at Resorts World and Marina Bay Sands. Singapore’s own two casinos ranks in the top 10 as the world’s most expensive casinos. With both casinos worth a near 10 billion dollars and having over 600 tables of entertainment plus close to 3000 slot machines just on these two local casinos. We certainly have one the world’s best entertainment.

What about players with bad credit? These people turn to illegal gambling operators who might offer better rates. Regardless a large number heads down to the local casinos or slot machines to have some good entertainment. Besides with bonuses on hand as extra to their pay, everyone wants to get lucky.

However there’s always the unlucky few who end up succumbing to temptations and borrowing from illegal money lenders. Die-hard gamblers may even go to ruthless loansharks who are more than willing to loan them amounts they could never afford to feed their gambling addictions.

Problem gambling: When people become so addicted to gambling that they can’t stop, no matter how much money they lose or how much it hurts their loved ones. Which is why one should practise responsible gambling and smart choice of money lending if really needed.

Marina Bay Sands, Resort World Sentosa. Both in the Top 10 Casinos in the World

Marina Bay Sands, Resort World Sentosa. Both in the Top 10 Casinos in the World

Let’s Practise Responsible Gambling

Gambling is a form of entertainment. It’s meant to be fun but don’t get compulsive. So please practise responsible gambling if you love the game. If you are not careful it could land you in trouble. Always play within your means and your own risk appetite. This is why the local government implemented the Self Exclusion Act and even a hotline for those seeking to talk about their gambling addiction.

All these initiatives are supported by the local National Council on Problem Gambling. They have been actively promoting one to come forth and talk to them about their gambling habits and start practising responsible gambling. Seek aid when you need before it’s too late.

  1. Know your limits
  2. Practise Responsible Gambling
  3. Talk to your loved ones about your gambling problems
  4. Seek help if you have a gambling addiction
  5. Apply for the self-exclusion program to protect your loved one

The bottom line here is  “Be honest about it and practise responsible gambling”

Gambling & Illegal Lending

Now let’s talk about those who borrow from illegal moneylenders.  Those tempted to play time and again and borrow money from many sources. Your relatives will shun you. Your friends start leaving you. And you turn to illegal money lenders to support your lifestyle or your family. It’s common for people with bad credit to turn to illegal money lenders thus putting themselves in high risks.

This issue can be avoided if you have done your research better and earlier. All you have to do is consider your options and be sensible, once again play within your means. Apply for a loan when’s its needed and necessary.

If you need a loan in the short term to repay a small debt, apply from legitimate money lenders at the very least to get your own personal loan or payday loan. There are many legitimate money lenders out there offering competitive rates and fast cash for your needs.

Like this Chinese New Year you might be thinking of holding a celebration and money might be tight as the many festivities before CNY took most of your budget up. Consider getting a payday loan for a cash advance to help you out on the budgeting and you can settle it on your next pay cheque.

Payday Loan

Stuck elsewhere? Not an issue. Licensed money lenders have adapted to trends and most of them have the dedicated service to apply online and they will get back to you usually within an hour with quotes on your loan amount. Payday loans are simple short-term loans usually granted to let the borrower get throughout the next pay cheque.

It usually requires a simple approval from a licensed money lender. The lead time may vary, but it’s almost same day service. Empire Global is one such secure and licensed money lender offering flexible payday loan schemes.  This helps the borrower to tide over and ease his financial liabilities with additional assistance

Application Process

Speaking of your credit score, you should know that this is a major factor when it comes to the personal loan application process. To obtain this type of unsecured loan, you need to have decent credit and be able to prove your income by showing pay stubs. When you apply for a payday loan, however, you only need to show identification and proof that you can repay the amount you borrow by payday.

Always remember to place serious consideration when applying for a loan. Only take up loans from legal sources and borrow what you need. This way you can manage your money better. If you have difficulties in repaying a loan, simply ask and negotiate with your moneylender and the credit officers would be most likely be kind enough to draw up repayment plans or a better interest rate to suit your situation.

Some key points to take away

  1. Practise Responsible Gambling
  2. Avoid illegal money lenders
  3. Consider the options and get the right loan for yourself

Easy Personal Loan

  • Low income requirement
    Minimum annual income of $20,000 (equivalent to $1,667 per month). For foreigners, the annual income requirement is $60,000.

 

  • Cash of up to 4X your monthly income
    Get up to a loan amount of $200,000 or 4 times your monthly income upon approval if your annual income is $30,000 and above. If your annual income is between $20,000 and $29,999, you can only apply for a loan amount of up to 2 times your monthly income.

 

  • Convenient access to cash
    Your approved loan amount will be credited directly to your designated bank account.

 

  • Choose a repayment period that suits your needs
    Choose one of 5 different loan tenors to repay your loan. Either 12, 24, 36, 48 or 60 months.