A payday loan is probably the easiest way to get over an unforeseen financial emergency. Unlike major loans, they do not involve staking your home or vehicle as a mortgage. They do not even involve monumental interest rates like in the case of personal loans.

The best thing of all is that they are incredibly easy to get from a licensed moneylender. One just needs to write a post-dated check for the amount borrowed. Check out some reasons why you might need a payday loan.

For emergency car repairs

Car breakdowns can be rather abrupt. If your car suddenly breaks down, it could not only leave you staring at a few hundred dollars of repair, but pile up car rental charges. If it is a minor damage or glitch, it needs to be repaired right away. A payday loan can be had easily and can help you repair your car in time and avoid lost wages and exorbitant car rental expenses.

Urgent medical expenses

Compared to 2015, the SCDF received 7.4% more emergency medical services calls in 2016. With 80% of primary healthcare provided by private facilities in Singapore, healthcare is costly in Singapore. Payday loans can also be used to pay for an emergency surgery or for emergency treatment post an accident.

House repairs

You could wake up one day to find that your plumbing requires emergency repair. With sewage water filling up your house quickly, there isn’t much time before you get a plumbing company. You may also need to winterize your home. Simply get a payday loan and make the repairs in time.

Pending bills/installments

Credit card debt is a worrying situation in Singapore today. If you’ve maxed out your cards, getting a payday loan from a licensed moneylender can help. If you are self-employed, a low income month could mean missing out an installment or your monthly telephone bill. Do not break your emergency fund and simply apply for a payday loan.

Unforeseen travel expenses

It often happens that a relative or a close friend is unwell and you are required to be by their side. Making travel arrangements at the last moment can be tough, especially when you have run out of funds. Payday loans are approved within a few hours, and do not require a good credit rating.

Paying overdraft charges

Writing checks of a higher value than you have money in your savings account can result in overdraft fees. Paying this value back at the earliest is highly important. Banks usually charge a certain fees after an initial period, and they compound on a daily basis. Apply for a payday loan and get the fees cleared and avoiding further complications.

Funeral expenses

Bereavement is an extremely testing phase. However, with no financial planning, you will be worse off if there’s an unexpected death in the family. Let a payday loan take care of that, since moneylenders ask no questions about the use of the money. They also offer flexible terms of repayment.