Why Do Singaporeans Get Online Payday Loans?

As lives become convenient in the city-state, living costs also go up with inflation. You are fortunate if you can always keep up. However, not everyone is as lucky as you.

What do Singaporeans do when making ends meet is impossible? They get online payday loans.

There is nothing new about this trend. In fact, getting a loan has been common. However, many would pretend that they had never tried it even once.

What is a Payday Loan?

Payday loan in Singapore has been the answer for those who need to bridge the financial gap. But unfortunately, when things go according to the budget, something will come up to drain your financial resources. If you have no emergency funds, then you are doomed.

Good thing you can get online payday loans in Singapore. These loans are unsecured. It means there is no need to pledge any collateral. Therefore, you can borrow instant cash without fear of losing any of your jewellery, gadget or signature bags.

A payday loan is a cash advance. If your salary is just around the corner, you have already run short of cash. So, you can get to borrow a small number of loans. Then, you settle the loan on your payday or the agreed date. Simply, payday loans art like having your salary in advance.

Banks do not offer cash advances. The simple reason is that they take too much time to validate the borrowers’ capacity to pay. Payday Loans are for immediate needs. If the bank asks for too many requirements and approves the loan after a couple of days, this totally beats the purpose.

Why do Singaporeans Apply for an Online Payday Loan?

Fast Cash Loans

Online Payday Loans are accessible right at your fingertips. Nowadays, everything is available online. That’s why the future of lending has nowhere else to go.

With online payday loans, you can get your cash in less than an hour. You have to apply online simply. This way, you can save time by completing your application online. Also, you can even make an application any time of the day. Most money lenders will need your Sing Pass. However, they will not ask you to divulge it. Instead, you need to get down to their office. Then, you log in to SingPass yourself.

Secured borrowing with MAS Licensed Moneylenders

Licensed moneylenders are prohibited by the Monetary Authority of Singapore to get the borrower’s SingPass. Aside from this, licensed moneylenders strictly follow the MAS lending guidelines.

You will not be charged with an outrageous interest rate. Also, it should not be higher than 4%. Plus, there will be no hidden charges.

Saves time

Another reason Singaporeans get online payday loans is for the convenience of less paperwork. In addition, unlike with the banks, the requirements are simpler. Plus, the eligibility is easy to meet.

Builds up your credit score

Most banks have high standards with credit scores. By getting a payday loan, you can rebuild your credit history. If you are planning to get a car loan or a housing loan in the future, it is better to build up your credit score first before applying for it.

Unlike getting a loan from loan sharks, getting an online payday loan from a licensed moneylender ensures security. Your personal information is safe. Moreover, your good paying habit is appropriately reported to the Credit Bureau.

There is no need to borrow from relatives and friends

Some individuals feel disgusted for borrowing money from friends and relatives. In addition, unpaid loans wrecked countless relationships.

Also, some Singaporeans value their pride. Therefore, they do not want to show other people that they are going through a financial dilemma. It is especially true if the money problem is vices and luxuries.

How to Find a Responsible Online Moneylender?

Registered with the Registry of Moneylender in Singapore

MAS has a list of registered moneylenders in Singapore. They are highly regulated to protect the rights of the borrowers. Unregistered money lenders or loan sharks usually charge high-interest rates and use illegal ways to collect repayments.

Must not ask your SingPass Login

If it is needed, you must be the one to input it into the computer. Nobody has the right to access your SingPass.

Offer you a loan calculator.

Loan sharks like to keep their borrowers in the dark. They will hide fees aside from the astounding interest rates. However, responsible moneylenders provide loan calculators. It helps their borrowers make better decisions.

Some borrowers sometimes focus on what they can borrow. But, they fail to assess if they can handle the payments.

Do not lend an amount the borrower cannot pay at ease

Loan sharks just lend any amount to borrowers. They aim to bury you in debts. This way, the loan shark will have a reason to milk you of every single cent you have.

Gives quotes of rates and terms of repayment

Responsible moneylenders give you the quote of interest rates and applicable fees. Also, they elaborate on everything before they ask you to sign a contract. They will make sure that you are well informed.

Has a physical office

Some online lenders have websites pretending to offer loans. However, they want to take your personal information and use it for fraudulent activities. Therefore, before starting your online loan application, it is better to research. Check if the lending company truly exists.

Has a professional looking website which is updated regularly

Responsible online moneylenders are professional. They make sure that their websites are user-friendly and always secured. That is why it is always updated. Also, keep an eye for grammatical errors and spelling mistakes.

Teaches about the rights and responsibilities of the borrowers

Borrowers need to know their rights to prevent falling prey to loans sharks. On the other side, they also have responsibilities that come with benefits. If the borrower pays the loan on time, he or she can build up a better credit score.

Guides the borrower towards financial stability

Responsible moneylenders are interested in making lasting relationships with their borrowers. That is why they want to give financial guidelines to their borrowers. In addition, some of them make blogs to help borrowers gain knowledge. It focuses on saving, budgeting and investing.

Need an Online Payday Loan?

If you are looking for a responsible licensed moneylender who offers online payday loans, you can easily get it from Cash Mart.

Cash Mart has an accessible website and a team of accommodating loan experts to help you get a payday loan at ease. Feel free to call them at +65 6397 4111 or drop by the Balestier Road office.