Learn the Real Reason of Singaporeans Going For Online Payday Loans despite Being Well-paid

No matter the size of your pay package, an emergency can strike anytime. Asking for temporary loans from friends and relatives might be the last thing they want to go for. Innumerable relationships wreak owing to un-paid borrowings. Also, Singaporeans who genuinely value their pride would resort to a different path to make for their financial dilemma. This is where payday loans pitch in. 

Fast and Convenient           

Fast Cash Loans and direct lenders payday loans in Singapore offer a welcome relief to those in need of some urgent cash flow. You can access them right at the fingertips. Moreover, you can apply for your loan round the clock, and can get it sanctioned well within an hour! 

On Divulging your SingPass

The genuine moneylender agencies would ask you to keep your SingPass handy. But they would not ask you to hand it over to them. The licensed online money lenders are strictly controlled by the Monetary Authority of Singapore (MAS). The agency has forbidden the MAS to obtain their borrower’s SingPass. Also, there is a clear instruction of not charging more than 4%, and to ensure that there would be no hidden fees for the services. 

Saving Time

You can avail you loan through an online application. Hence, there is no need to go anywhere physically. Thus, it saves a lot of time. It also requires minimal paperwork and formalities, when compared to that of a bank. The eligibility and requirements for loan applications are also simpler.  

The Perk Called Credit Scores

Most of the banks set high standards for availing credit scores. However, the licensed moneylenders help you to get credit scores through payday loans. This is going to help you a lot, especially if you plan to apply for a housing loan or a car loan in the future. 

Additionally, getting your emergency fund from online money lenders, rather than from loan sharks has another advantage. It assures that your details remain safe and secured. Your regular paying habit would get duly recorded in the Credit Bureau. 

Your Borrowing Limit

The Ministry of Law in Singapore has strict directions for the unsecured loan caps. As they put it, those earning less than $20,000 annually would receive no more than $3,000. However, those earning more than $20,000 are eligible to receive six times the amount they receive as monthly salary. Make sure that you check with your moneylender for details.