Things are going great and you hold a steady job with a decent salary. Suddenly, an unforeseen emergency happens and has you running around looking to arrange for funds. In such instances, cash advances or payday loans will come in handy as you urgently require money to sort out a passing financial crunch. This will help you settle bills, rent or an expenditure that can’t be put off for when the pay cheque arrives.
Payday loans are often the fastest way to obtain cash from licensed moneylenders, without thorough credit checks or even long approval procedures.
Even so, lenders will not just dish out funds to anyone who turns to them. So to ensure that your application gets approved by a licensed moneylender, how can you go about the application process for successful approval?.
Know The Amount You Need
Before you apply for a loan, it is important that work out the exact amount that you need. This amount needs to at a convenient amount which is easy to repay back. Because of this, avoid getting a crazily huge amount that will be difficult for you to pay back or even create challenges for you as you repay it later on.
Therefore, get an amount that you require, do not get tempted at that moment because you simply are applying for the personal loan online. After you submit your application, loan advisors will certainly call you almost immediately.
Check Your Score
This is among lenders checklist for deciding whether to offer a borrower a loan or not. The credit score is computed through a set of benchmarking and also a formula-based method. So it is advisable that you confirm whether your score will qualify you for a loan. If you do not qualify for a loan, you will need to wait for several months as you grow your credit score.
Why grow your score then? A healthy score can mean you do not have to pay much interest. Again, you can maintain your score in good shape.
If you have a poor rating, you might have to submit as many documents as you can, for verification purposes. This is since most moneylenders in Singapore favor offering payday loans to people with a high credit rating.
Hence presenting more documentation will help in confirming to moneylenders that you really are able to repay the loan you are requesting.
Have All The Required Documents Ready
To make sure that you can qualify for this loan deal, you will be required to have all the necessary documents ready to help in requesting for a personal loan. Once you have followed and done the required steps, you will then be ready to take the loan.
Furthermore, licensed moneylenders in Singapore are very supportive of emergency circumstances. Hence, do not let any misconception concerning these type of lenders change your attitude about them.
This is one of the requirements to qualify for a loan, borrowers should be 21 years and above. If you have reached the required age and have a stable job, then will you be able to obtain a payday loan issued by moneylenders. This type of loan is open for borrowers to apply provided they can prove they have attained the right age.
Unluckily, this rule may not favor everyone with a steady job and gets a regular salary. Due to this, the minimum age criteria will not permit you to access this type of loan so meaning your application will not be approved.
This is regardless of you holding a steady job and can easily repay the loan punctually.
Finding A Reliable Moneylender
As you seek a reliable moneylender, it is recommended that you take time to do some thorough research beforehand. You will have to locate a reliable and legal moneylender available in the country.
Be careful to avoid falling victim to the dodgy loan sharks as they could be pretending to be licensed moneylenders by appearances. Yet in reality, they are not.
Bearing this in mind, avoid getting mislead and do your thorough research to help you in finding a licensed and reliable moneylender.
Realize that Singapore has licensed moneylenders who follow the set rules and regulations hence they do not charge outrageous interest rates. These lenders are under regulation by the Money Lenders Association which ensures they do not misguide borrowers. Besides, they are trained to serve and cater to your financial needs.
Why choose to work with a legal lender yet there are many available in the country? How can they assist you? This can be important more so if you are looking to reduce expenses involved as you are taking a payday loan.
Additionally, working directly with your legal moneylender is fast and convenient for you as well.
Foreigners Can Get It Too
Can foreigners enjoy this loan facility as well? Certainly, but there are some requirements they have to meet first. Nonetheless, as a foreigner, you will be required to hold a valid work permit which permits you to be employed in the country.
Alternatively, you will need to hold a valid pass of employment. During the application process, you will be required to submit this paperwork alongside some proof of employment in addition to your loan application form.
Failure to do this will lead to your application for a payday loan being tuned down. Thus as a foreigner, make sure to take with you the original work permit, 3 months current payslip and rental agreement indicating your current address. Your ability to prove that you can repay all the loan money taken, then your documents will come in handy to do so.
In concluding, payday loans are important in helping you cover most of your urgent needs. It is difficult for anyone to foretell when an emergency might come up. However, it is essential that you bear the above guidelines in mind to help you avoid getting stranded.
Then again, be sure to only take a loan amount that you actually require and make sure you pay back all your monthly installments punctually.