Applying for a Payday Loan in Singapore

There will always come a time for a regular employee to get low on the budget that waiting for the next payday seems to be an eternity. If you are like a lot of workers who need to make ends meet and yet surviving from one payday to the next is a challenge then you might want to consider getting a payday loan in Singapore. A payday loan is the kind of loan that a worker can get through credit companies that offer short term loans and basically using your salary as the form of guarantee.

How to apply for Singapore personal loan

Personal loans in Singapore are quite easy to apply for because all you need is to prove that you are indeed gainfully employed and able to repay your obligations. When you apply you will be asked to prepare your pay slip for the past three months. Your pay slip is important because this will tell the creditor that you still have enough money left to pay for your payday loan in Singapore.   You will also be asked to prepare for your employment contract so that they will know how much you are earning, your bonuses and other benefits. This will help prove your credit worthiness. The notice of Tax Assessment and your CPF statement might also be required, make sure that you prepare those documents as well.

You will also need to prove that you are residing in Singapore and the way to prove this is for you to bring the utility bills addressed to you including your bank statements – this will prove to the creditor that you are indeed residing in the place where you claim to be residing. The credit officer may also ask you to bring other documents so be prepared to bring it with you when you apply for a payday loan in Singapore. 

If you are worried that you can’t meet the criteria to get the approval for your personal loan in singapore in singapore then don’t worry because you can always bring somebody who is credit worthy and willing to become as your guarantor. The guarantor will be backing you up with the creditor because he is eligible to get a loan approval. If you can’t pay the creditors will go after your guarantor so make sure that you faithfully repay your obligations so that your guarantor can continue enjoying a good credit history.

Dealing with the Accredited Creditors

There are lots of credit companies that offer a payday loan in Singapore. Always deal with the creditors that are a member of the Moneylender’s Association of Singapore so that you know that you are dealing with only the legitimate creditor. Make sure that their Money Lender License No. is visible in their office when you visit so that you can double check it for legitimacy.

However hard you try to budget your money there will always be a time where you run short and the best solution for this problem is to apply for a payday loan in Singapore.