There is no doubt that the only certainty in the current financial scenario is the financial uncertainty. When unavoidable expenses come in the middle of the month or on a day when you are in a cash crunch, it is bound to give you jitters. Borrowing funds especially when it is just a matter of very small amount from someone you know can be quite embarrassing. This has made people to look for other options of lending and one of the most popular options is payday loan. It is one of the best ways to get fast cash and it offers a number of other benefits to the borrowers. Read on to know more of the benefits:
1. Quick money:
The time taken by banks and money lenders in processing these loans is quite less. In most cases, the funds are available within 24-48 hours of your application. There are some banks that even process your application within few hours. So these loans have become the most preferred way to get loans when you need the money instantly.
2. Easily accessible:
As with other forms of credit, this form of credit doesn’t require too many formalities. You won’t be refused a loan even if you have a bad credit history. All you need to be eligible for this loan is to be 18 years of age, a valid citizenship of Singapore and a bank account in additional to an identity proof that shows a valid source of income.
3. Smaller loan amounts:
There is an upper limit on the amount that can be given to a borrower under this form of credit. So if you need a big amount then you might not find these loans very useful as they are meant to help small borrowers. The basic idea behind fixing upper limit for these loans is that the borrower is not able to borrow more than his repaying capacity. This saves him from the financial burden.
4. Flexible:
There is no fixed period for which you can take these loans. Since you have the option to pay after you receive your salary, you can take the loan for a few days to a few months, depending upon your requirements and availability of funds.
Payday loans are the best way to deal with situations where you end up cashless before your pay day arrives and are increasingly getting popular. This saves you from making defaults on payments or paying utility bills and saves you a lot of money that you might have to pay in the form of penalties. Over the time, it has emerged as one of the most useful forms of short term credit for small borrowers.
When borrowing these loans, you ought to be very careful that you take money only from credible sources. Check for their reviews, hidden fees and interest rate to avoid unnecessary financial and legal hassles at the later stage.
1. Quick money:
The time taken by banks and money lenders in processing these loans is quite less. In most cases, the funds are available within 24-48 hours of your application. There are some banks that even process your application within few hours. So these loans have become the most preferred way to get loans when you need the money instantly.
2. Easily accessible:
As with other forms of credit, this form of credit doesn’t require too many formalities. You won’t be refused a loan even if you have a bad credit history. All you need to be eligible for this loan is to be 18 years of age, a valid citizenship of Singapore and a bank account in additional to an identity proof that shows a valid source of income.
3. Smaller loan amounts:
There is an upper limit on the amount that can be given to a borrower under this form of credit. So if you need a big amount then you might not find these loans very useful as they are meant to help small borrowers. The basic idea behind fixing upper limit for these loans is that the borrower is not able to borrow more than his repaying capacity. This saves him from the financial burden.
4. Flexible:
There is no fixed period for which you can take these loans. Since you have the option to pay after you receive your salary, you can take the loan for a few days to a few months, depending upon your requirements and availability of funds.
Payday loans are the best way to deal with situations where you end up cashless before your pay day arrives and are increasingly getting popular. This saves you from making defaults on payments or paying utility bills and saves you a lot of money that you might have to pay in the form of penalties. Over the time, it has emerged as one of the most useful forms of short term credit for small borrowers.
When borrowing these loans, you ought to be very careful that you take money only from credible sources. Check for their reviews, hidden fees and interest rate to avoid unnecessary financial and legal hassles at the later stage.
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