Getting cash fast is no more a daunting task at the ease and convenience that comes via the mode of payday loans. You might land up in a financial emergency without being able to have the required cash to meet the unexpected need. Instead of going for a traditional loan, a personal loan Singapore would come to your rescue offering much needed speedy access to money.
Breaking down facts about Payday Loans:
- Payday Loans are given for short term to people and come with a high-interest rate and are generally taken by people who are in dire need of cash.
- The borrower is given a specified time to pay back the loan along with interest until a fixed payday.
- The government has put a cap on the interest rates at 4% which still raises a lot of eyebrows around.
- The loan amount usually varies between $100 and $2000 and the time duration for repayment is comparatively short which can vary from a few months to a year.
- The low rate of interest is being offered depending on your credit rating. But if you have been paying your bills on a regular basis and keeping your unsecured balances low this could add as a plus point for you and just help you qualify for the lowest interest rate.
- The use of money offered via payday loans could be done for varied purposes like in making medical payments, personal investments, or in covering large expenditures.
This helps small size money lenders to make loans extremely quickly while the personal loans in banks are competitive and efficient as they are made available within 24 hours of application. This speed still pales in the face of the nimble work that licensed moneylenders to operate with.
Some of the reputed licensed personal loan moneylenders with the lowest interest in Singapore are:
- Horizon
- Credit21
- Katong Credit
- U-Credit
- Cash Express
Researching on the terms and conditions involved with the application of a payday loan is important before you sign up for it. In fact, consider using a fast cash list when you need a payday loan.
Consider all the possible means of loans!
It is also possible to consider borrowing a few hundred dollars from a relative or a family member over a moneylender but you must be extremely coherent if that’s your last resort. Although they are regulated and licensed by the government, it is important to reconsider borrowing from such organizations.
The highly liberalized banks and the banking system prevalent in Singapore promote good deals at personal loans and although they are competitive, one can easily give a shot at banking loans. There are only a few handfuls of personal loan Singapore with the lowest interest by moneylenders but are really efficient and pro-customer in nature.
