Payday Loan Singapore

Payday Loans are Short Term Loans for a Reason

Posted by on Jan 22, 2018 in Payday Loan Singapore | 0 comments

Payday Loans are Short Term Loans for a Reason

When considering a payday loan, it is important to recognise them for what they are: short term loans. A pay day loan is intended to be repaid within a very short period of time. In many cases, the due date will be set to the borrower’s very next pay check, which can be within a week or two. Other loans may have due dates a little further out, but they will be due within a month if they are a true payday loan in Singapore.

A short term loan is different from a long term loan in a few ways:

1. The amount of money borrowed is considerably less than what is borrowed for most long term loans.

2. Rather than making payments over time, the full amount of the loan is typically due on one day in the near future.

3. There is not as much paperwork required to take out a short term loan, since less money is being exchanged.

There is a bit of a mental dilemma that many new pay day loan borrowers fall into. They tend to borrow more money than they really need to borrow, simply because it does not feel like they are borrowing a lot. They are not borrowing $100,000 for a house. It is just a few hundred dollars to get them through to their next pay check.

While this seems harmless in the moment, many new payday loan borrowers do not think ahead to how much of their next pay check is being spent in advance. Since they are borrowing a small amount of money they don’t put as much thought into how they will pay it back, and that is always a mistake with a short term loan. There isn’t much time to pay the money back, so borrowers need to be completely sure that they will be able to live up to the terms of their agreement and pay the loan back on time.

Here are a few tips for all new borrowers considering a payday loan in Singapore:

1. Do not borrow more than you really need at the time. This will make it much easier to pay the loan back when it is due.

2. Make a concrete plan for repayment of the loan before you take it out. This is the only way to ensure you will be able to repay the loan without any problems.

3. Consider the amount of interest and add it into the amount you are borrowing. That is the amount you need to be able to repay at the end of the short term loan.

4. Make sure you understand how the money will be repaid. In many cases, it is automatically drafted back out of your bank account where the funds were received. You have to make sure the money is there to be drafted.

5. Always learn the terms of a payday loan before taking out the loan. The terms are not something to guess about later on.

New borrowers simply need to remember that payday loans are short term loans. They deal with smaller amounts of money, but you don’t have as long to pay them back.

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Will there be implications to take out a loan with a licensed money lender?

Posted by on Oct 20, 2017 in Payday Loan Singapore | 0 comments

Will there be implications to take out a loan with a licensed money lender?

Debt must be dizzy, especially if the amount has exceeded your financial ability. If this situation occurs, in effect to pay off the debt will be very heavy, though by way of repayments. Payday Loan Singapore If you borrow to other individuals or individually, you may be able to negotiate to increase the loan period. So what if the piling up debt comes from loans in Licensed Money Lender? This type of lending makes it easy to buy goods or meet other needs. However, these loans can become a burden because of the large interest. If the loan is no longer paid or paid in installments, then that’s called bad credit. In other words, bad debts are a condition when the borrower or the debtor is unable to repay the debt because the funds are not sufficient. On the other hand, the interest on the bank loan will continue to run and the number is creeping up. This makes the debtor’s total loan larger and more difficult to repay. Usually, such conditions occur because, at the beginning of borrowing, the debtor to impose the amount. The overwhelming loan is, in fact, unable to be paid until the debtor finally neglects its obligation to make the installment properly and regularly, because the money he has had to be used to meet the needs of others.

The thing to remember when applying for credit to anyone, especially on Licensed Money Lender, is that the loan is still in good ratio with earnings. Thus, the credit will not exceed the financial ability. That means there must be a budget allocation of total revenue for other needs during the period of debt repayment. Be aware of the many needs that must be met, beyond the obligation to pay the debt and interest, you should not put a too high ceiling or beyond the limit of ability to pay. Make sure the monthly repayments are not more than 30 percent of total income. Thus, you can pay the debt as well as not miserable life because the basic needs can still be met. Applying for loans is indeed the right of every individual. Its use also varies. However, always make sure that the loan is useful in the future, not just meet a consumptive lifestyle. Consumer debt only makes you twist and produce nothing. You should be wiser in applying for credit to Licensed Money Lender. Submit a credit that is used to meet the critical need to improve your quality of life.

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