Almost everyone experiences a temporary cash crunch once in awhile. Many, when they find themselves in such a situation, turn to their friends and family members for help. Then there are people who simply take an instant payday loan to deal with a financial emergency.
Instant Payday loans are hugely popular. Want to know why and what advantages they offer? Read on
It takes quite a bit of time to get an approval on a personal loan application, especially when you apply with a bank. A credit card loan is not substantially quicker and in many cases takes as much time as a personal loan. In comparison to these two, you can have a payday loan on the same day you apply for it or latest within 24 hours. When time is of utmost importance, a payday loan from a reputable legal money lender Singapore is a great option.
You don’t have to fill a lengthy contract in case of payday loans, unlike personal loans or credit card loans. Usually, you need a small loan to meet a short-term emergency. Filling a lengthy contract for such a small loan doesn’t make any sense, nor does waiting for days to get your hands on the cash. This is another key advantage of such loans.
You need a small loan but your bad credit score makes it impossible for you to get the loan from a bank. The requirements for a payday loan are not stringent. The only thing is that you must meet the minimum salary criterion and should submit a proof of your job. Additionally, because there’s no credit check in case of the payday loan, it is approved very quickly. You can get a payday loan quickly even when you have bad credit. The whole idea behind a payday loan is to borrow money at a certain fee till your next payday.
In the case of traditional loans, some individuals have a tendency to fall into a long payback cycle. As a result, they are able to completely pay off the loan only after a long time. However, a payday loan is very simple the money enter your account immediately after your loan is approved.
There’s no doubt that a payday loan from a licensed money lender can help you attain some cash fairly quickly and without any hassle. However, payday loans are only a short-term solution, and not a long-term solution. You should pay them off within 2-3 weeks. If you do that, there’s no reason why you should have any problem with this type of loan, which many have labeled as controversial.