A Guide to Understanding Payday Loans in Singapore

Being absolutely strapped for cash can and does happen, even when you have the best-laid plans. And though we’d say prevention is better than cure in most cases, there are situations where you can feel caught off your financial guard.

Whether you’ve incurred some inescapable finances, or have found yourself without alternative options for urgent cash–the good news is, there’s a simple solution.  To help in these kinds of situations you can look for payday loans. To understand the nature of payday loans in Singapore, we’ve put together this helpful guide to get you prepared before you decide to make any borrowing decisions!

What is a payday loan?

Payday loans in Singapore refer to short term loans that allow you to get fast cash on the basis of your next salary. As the name suggests it is a way of pulling out resources a few weeks in advance. Following this, you will have to pay some interest on the sum that you have withdrawn ahead of your next payday, as well as a fee for using a loan service.

When in need of fast cash, you may be pleased to discover that acquiring a payday loan in Singapore is relatively easy. Most licensed money lenders do not check your credit history, and will likely only ask for the proof of income.

One thing you should note though is that a payday loan is only suitable for borrowing smaller amounts of money–typically a sum you could cover with your salary. Also, the interest rate and fee totally depend on the lender you are relying on.

Some licensed money lenders charge a high annual percentage rate (APR), while some do not, so it’s worth doing a fair bit of research before making any borrowing decisions.

This type of loan is suited for

This type of loan is suited only for working professionals who have maintained steady employment but have found themselves in need of an urgent loan before their next paycheck. It is recommended for those who are in need of access to cash immediate or when an emergency arises and you don’t have enough savings to get you through the immediate time period.

How you can get a payday loan in Singapore

There are many ways to get payday loans in Singapore. One of the fast and great ways for this is through contacting licensed money lenders in Singapore. No matter how urgent a situation you find yourself in, you need to be mindful to not borrow from the unlicensed moneylenders, as the repercussions will greatly outweigh your short-term financial gain.

You can verify whether a money lender is licensed or authorised by checking on the Singapore Ministry of Law website, or even more simply, contact us at Fast Money! We provide payday loans and other short term loans to suit your financial needs.

To find out if you’re eligible for loans with us, just leave us a comment in the section below, or contact us at our hotlines: (+65) 62244746 (Yishun) and (+65) 62244749 (Tampines). Just a note though, you should be employed full-time with monthly paychecks and must be 21 years old!