Payday loan Singapore are smaller in sum and are based on the amount you earn each month. They can be a quick and easy alternative to increasing your credit card debts, but there are some ideas that you will need to consider before opting for this particular route.
Payday loans from CreditHub, as with every other type of credit loan, have certain criteria. You must be over 18 and a Singapore citizen to be eligible to apply. You must also have a bank account which your wages must be directly paid into and which must have a debit card facility. Finally, your credit rating must show that you are not a ‘high risk’ customer. If you have a poor credit history, this may affect your ability to qualify for any form of a loan, including a short-term payday style loan. If you fail to meet any of these criteria, you will probably be unable to apply for a payday loan Singapore. They do not take into account whether you are a homeowner or a tenant so, unlike other loans, this will not affect the final decision.
Payday loan Singapore from CreditHub are small amounts, based on your average monthly take-home pay. They are rarely for more than £800 and are calculated on your ability to be able to pay the amount back with your next wage. Therefore, if your monthly earnings are only £800, there is no chance that you will receive a payday loan for that amount, as it would leave you with a zero balance on your next payday. You need to calculate the interest charges into the amount you will have to pay back when deciding whether to apply for a payday loan from CreditHub and how much to borrow.
The most important consideration if you are thinking about taking out a payday loan Singapore is; can you afford to pay it back? If your financial needs are more long term, it may be wiser to think about alternative loan facilities, either with your bank or through another source. If you can afford to pay the amount back comfortably without leaving yourself financially short the following month (and so repeating the cycle), then a payday loan may be an ideal, short-term financial solution.
If you are looking for a quick and relatively small injection of cash into your bank balance until your next wage comes through, then a payday loan Singapore may be your best option. Just be certain, before you apply, that you meet all the requirements and are sure that you will be able to pay the money back when the loan period ends.