How Well Do You Know About The Direct Lenders Payday Loans In Singapore? 

Every year, on certain occasions, you come across times when cash consumption is likely to be high. They include anything from the festive season, an unexpected bill, a frantic need of self-pampering, a holiday, or even a medical emergency. Such instances need a reasonably-rated payday loan to bridge over the short-term cash cringe until the next paycheck arrives. 

One for All

The licensed money lending agencies perfectly understand that emergency fund flows are necessary for almost all. In keeping with that, most of the companies take care that they require their clients to satisfy very basic criteria for getting approved payday loans. The application process of the loan is both convenient and simple. Also, immediate cash access and near-instant credit decisions come as a bonus. 

About Eligibility and Documents

Most of the agencies offer payday loans to Singaporeans, as well as to the permanent citizens, aging 18 and above. However, there are many direct lenders payday loans who offer the service to foreigners, who have a valid pass, and are presently employed. 

The documents needed from applicants vary from one agency to the other. It might also differ on the basis of your vocation line and annual income. For example:

  • Commission-based employees and salaried personnel might require producing their identification cards (NRIC), evidence of billing (like any latest bill that indicates residential address), Singaps’s login, and the original pay slips of the last three months (this will be applicable only if it involves no CPF contribution). A newly employed loanee member might need to produce his/ her employment letter.
  • A self-employed applicant would also need to produce his/her Singpass Login, evidence of billing (like any latest bill to indicate residential address), and Identification Card (NRIC). Additionally, producing Notice of assessment or NOA (to show trade income), as well as Accounting/Corporate Regulatory Authority (ACRA), are essential.
  • Taxi drivers, similarly, might need any latest bill for residential proof, Identification Card (NRIC), Taxi pass, Vocational license, and a minimum of seven days job summary.

How Do These Loans Work

Apart from minimal formalities, the other perk of availing payday loans is that they don’t need any collateral. Licensed moneylenders allow for really fast cash disbursement for emergency needs. A truly competent agency would provide the cash in less than an hour. However, you will need to collect the cash/ cheque from the physical office of the agency.

Once you get the cash, make sure to repay as per the agreed terms of the contract.