Borrowing money from our family and friends can be quite awkward but there are instances when we don't have much choice because we need money immediately and payday is still weeks away. Although a lot of people spend their hard earned cash carefully, there are emergencies that can mess up their careful spending. That's why people loan from banking companies and lending firms. But the downside is that it usually takes days up to weeks before people can be accepted for a loan, which renders the whole emergency loaning thing useless. For this type of situation, there's payday loan that people in Singapore can turn to.
Payday loan is very valuable for those who want to apply for loan in Singapore fast. Loans are almost always approved in a few hours after some documents are presented and have been confirmed. It's a short-term loan that is expected to be paid in full and interests in 30 days or less, which is on the next payday of the borrower.
But payday loan is only for employed people. The primary requirement for borrowers is to be a full-time employee because they would need to repay the loan back in full along with interest on their pay date, which is less than thirty days away.
The papers that are typically required for payday loan by lending firms in Singapore include the National Registration Identity Card or NRIC plus either a Central Providence Fund or CPF account for 15 months or the borrower's latest copy of their computerised monthly statement. For self-employed borrowers, they may just present their two years' worth of income tax statement in addition to their NRIC.
The best thing about applying for payday loans is that loan applicants don't have to expect a long time before they get to know if they are granted. It takes an average of only three hours for approval. This short-term loan also almost always has 100% approval rating. However, the rate of interest of payday loans is generally higher than other traditional loans.
The typical practice set in other countries is to permit lending firms to instantly deduct the loan amount and interest from the debtor's bank account on the arranged payment date. This is to make sure that the borrower would be able to pay the firm. However legal money lender Singapore companies generally have a different practice. They would rather require the borrower to just pay the firm cash on or before the due date.
Payday loan is very valuable for those who want to apply for loan in Singapore fast. Loans are almost always approved in a few hours after some documents are presented and have been confirmed. It's a short-term loan that is expected to be paid in full and interests in 30 days or less, which is on the next payday of the borrower.
But payday loan is only for employed people. The primary requirement for borrowers is to be a full-time employee because they would need to repay the loan back in full along with interest on their pay date, which is less than thirty days away.
The papers that are typically required for payday loan by lending firms in Singapore include the National Registration Identity Card or NRIC plus either a Central Providence Fund or CPF account for 15 months or the borrower's latest copy of their computerised monthly statement. For self-employed borrowers, they may just present their two years' worth of income tax statement in addition to their NRIC.
The best thing about applying for payday loans is that loan applicants don't have to expect a long time before they get to know if they are granted. It takes an average of only three hours for approval. This short-term loan also almost always has 100% approval rating. However, the rate of interest of payday loans is generally higher than other traditional loans.
The typical practice set in other countries is to permit lending firms to instantly deduct the loan amount and interest from the debtor's bank account on the arranged payment date. This is to make sure that the borrower would be able to pay the firm. However legal money lender Singapore companies generally have a different practice. They would rather require the borrower to just pay the firm cash on or before the due date.
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