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Instant payday loans can come in handy if you are aware of its advantages

by • March 10, 2019 • Personal LoanComments (0)150

Instant payday loans gives you the ability to not lose out on vital chance which may come only once in a blue moon.

By: Hitesh Khan/

It’s strange but most often, we, the salaried class, keep deferring important expenses to wait for the next payday. The reason most often is that we simply don’t have enough in hand to spend on what we want to or need to and we have no other option but to wait till we get the pay cheque.

It could be anything, anything at all. A short family trip to enjoy an extended weekend holiday or maybe a gadget you always wanted to buy has now been put up on discount sale with an irresistible price tag? Or perhaps your car is groaning but you don’t have enough to spare on some urgent repairs?

Debt refinancing may not be worthwhile in all situations

Whatever the reason may be, deferring the expense makes you lose that vital chance. By your next payday, the weekend holiday would be over, the discount sale would be over and your car would most likely have stopped moving at all.

All these expenses, though important are way too small for you to consider applying for a loan from the bank. Neither is the thought of asking friends and family for money too appealing.

Instant payday loans

Image credit: Wikimedia commons

This is where instant payday loans can come in handy if you are aware of its advantages.

What actually is a payday loan?

Instant payday loans , also known as cash advance loan, is a short term loan with high rate of interest. The amount can be anything from $1,000 to $35,000. This short term loan can be quite beneficial for you to tide over your immediate expenses till you get your next pay.

Where you can get an instant payday loan from?  

Today, there are many instant payday loan companies to provide you with a quick funding.

You just have to fulfill some criteria like:

  • You must be a Singaporean, Permanent Resident or Foreigner with a valid Singapore Employment Pass
  • Age above 21 years old
  • Full time employed personnel

All you need to do is fill the form online and your application will be reviewed and within one working day the money you asked for is transferred in your account; ready to be spent as you wish. You can pay the money back to these online payday loan companies with interest when you get your next salary.

Payday loans may be quick fixes for pressing needs but has high interest rates

Benefits of a payday loan

  • Firstly, with a fast payday loan, you get the money whenever you are in urgent need of it. Usually, you get the money deposited in your account within one business day or two days of applying for an instant payday loan.
  •  You don’t face the burden of a loan and its interest as you pay it back when your next salary arrives.
  •  Payday loans can be easily applied for and even the qualification criteria are very simple.
  • You can take a maximum payday loan of $35,000 depending upon your payment history.
  • Instant Payday loans are great for people who have a job with a fixed source of income.
  • Paying back a payday loan is very easy. You can pay with cash after your pay day and any other way that suits you.
  • If you wish you can even prepay the loan to avoid interest.
  • Payday loans are very secure as the personal and financial information are not shared with anybody.
  • Payday loans are discreet as no one else is involved in the whole procedure.

If you have taken an instant payday loan, make sure to pay it back in time and avoid extending the loan as you might end up paying high interest. These short-term temporary loans come in handy when you need money fast. There are many well-known Singapore based online payday loan companies whom you can contact for fast payday loans.

Before you take instant payday loans, make sure you understand all of the items on the forms before closing. Don’t be afraid to ask questions and be assertive about what you want, what you don’t want, and what you can and can’t afford. Be sure to keep all copies of all the actual documents you are asked to sign.

Remember: Trust your instincts before getting instant payday loans. It is important that you feel comfortable with the amount of debt you owe. If it feels like it is more than you can handle, you should consider ways to make your loan more manageable or think about ways to avoid taking out a loan altogether.

How to Secure Personal Loans Quickly

If you have limited capital and are searching for personal loans to expand your business, the loan consultants at iCompareLoan can set you up on a path that can get you a it in a quick and seamless manner. Our loan consultants have close links with the best lenders in town and can help you compare various loans and settle for a package that best suits your needs. Find out money saving tips here.

Our Affordability Tools help you make better property buying decisions. iCompareLoan Calculators help you ascertain the fair value of a property and find properties below market value in Singapore.

If you are looking for a new home loan or to refinance, our Mortgage brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us for your business expansion needs.

Contact us for advice on a new home loan.

Contact us for home loan or refinancing advice.

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