Posts Tagged "money lender 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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Can my payday loans Singapore be kept as a secret?

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

Can my payday loans Singapore be kept as a secret?

Many people who, before the recession, are able to receive loan money from banks or credit card companies no longer qualify. The tightening of loan availability from the Bank has greatly increased the need for payday loans. There are many advantages of receiving payday loans. A person who needs immediate funds can receive money in less than an hour. Loan payments are even more accessible; Also, as people can get an online payday loan. In addition, no credit checks are required on payday loans; Someone just needs a few small items to qualify. These items include proof of income, references, phone numbers and valid account checking. The biggest advantage of getting a payday loan is that you can do whatever your heart desires with it. Need to buy some more gifts for the holidays? Is it autumn time and time to buy some school materials? See some amazing deals online? Unexpected medical bills appear that you need to pay? Whatever the situation may be, this loan is so great because Payday Loans Singapore provides immediate funds in emergency situations without the long wait required by the bank.

Another convenience you can get is online payday loans where all you have to do is fill out the applications that have been available through the internet and after you finish filling the application then you can directly send it on the spot. The checking process usually takes several hours and if your application is approved then within 1-hour money will be received through your bank account. Applying for a loan with an online system allows you not to spend your time to go to borrowing but can do it via the internet in your office so that you can return to normal activities normally without being interrupted by the loan process you propose. In addition, the security of your personal data must be guaranteed safe in the hands of Payday Loans Singapore team. Using Payday Loans Singapore is not difficult, ranging from charging applications to the process of disbursement of loan funds in just 2 working days. Likewise, the nominal amount you have to pay at the end of the loan term will exactly match what was informed at the beginning of the loan application.

Most financial planners often suggest that the total debt and repayment ratios we can pay do not exceed about 30% – 40% of the net income we receive each month. Why? If your loan ratio gets smaller, the greater the money from the salary we receive, which can be set aside for savings. Same with the bank. The banking institution will use the same figure for the loan ratio.

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