All You Need To Know About Payday Loans

There is nothing more upsetting than having an unexpected cost come up, and you don’t have the money in the bank to pay for it. It could be a car repair, a medical bill, or a utility bill that you cannot cover. When this happens, you should consider applying for a payday loan.

What is a Payday Loan?

A Singapore payday loan is a short term loan that is usually paid back on your next payday.

Payday Loans

How Much Can I Borrow?

When borrowing money from a payday loan lender, you can borrow anywhere from $300 to $1,000. The amount that you can borrow depends on your income and your previous history with the lender.

What Do I Need to Qualify for a Payday Loan?

In order to be approved for a payday loan, you need to meet certain criteria.

  • You must have a regular source of income of at least $800 per month.
  • You must be 18 years of age or older.
  • You must have a valid checking account.

What if I Have Bad Credit?

If you have bad credit, it is not a problem if you are applying for a payday loan. Payday lenders do not check your credit, they only go by your income and any history that you already have with them.

How Do I Apply For a Payday Loan?

Applying for a payday loan is easy. You would simply fill out the application online, and will usually get your answer within minutes.

How Do I Get My Money?

Getting the money when applying for a payday loan is very simple. There is no need to wait for a check and stand in line at the bank to cash it. The money would be deposited directly into your account within 24 hours after you have been approved.

How Do I Repay My Loan?

When your loan is due, you would not need to do a thing. The payday lender would automatically deduct the amount of the loan and the interest due from your bank account.

What Happens if I Don’t Have the Money to Repay the Loan?

If you don’t have the full amount to repay the loan, you can request an extension. You would usually be given another week to repay the loan, and would need to pay additional money for the interest.

If you need money fast, and don’t want to ask a friend or family member for a loan, a payday loan is an excellent option.

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