If you ever find yourself cash strapped with an emergency to attend to, don’t fret. The answer lies in payday loans. These loans come as a great relief to many as they bridge the gap between personal loans and credit cards. Previously, these were the only viable options which although good have their shortcomings.
With credit cards, it is quite easy to incur high bills because of the way they are designed. They allow you to pay a minimum payment in the hope that you can stretch out the repayment for as long as possible. Therefore as charges and interests continue piling on your side, you create more income for the credit card company.
On the other hand, the payday loan Singapore although good can take a while to be processed and is also difficult to get as they require serious credit checks. Herein are the benefits of payday loans in Singapore.
1. Easy and quick process
One can apply for the loan and receive it in half an hour or less. This type of speed in unlikely to be found in a standard bank.
2. You can borrow as little as you like
These short term loan companies can readily lend you as little as $50. For a standard bank, this is impossible since such a small loan is not a worthwhile investment.
3. They are short term meaning you don’t incur a long term problem
As a result of their nature, you know that you only have that debt for a month or so. This gives you the peace of mind knowing that you will not be paying off that loan for months or years.
4. All charges and fees are stated upfront
Due to the bad press of lenders in the past, the payday loan market is heavily monitored and controlled. This means that you know precisely how much you will pay back without risking being ambushed with hidden charges.
Payday loans in Singapore is a quick and easy way of getting a short term loan in case of next time you are in dire need of cash.