A payday loan is also considered in Singapore as a type of a Personal loan but with better and shorter loan application process and approval. This type of financial assistance is very much popular in Singapore today because the loan provided is very manageable and is usually guaranteed by your next monthly salary. Payday loans are the easiest and the best way to get cash that you need to cover emergency expenses such as medical or utility bills.
There are many benefits in availing this type of loans and one of which is the short processing and approval period. Another is that you only need to prove to have a steady income to apply for this loan. In most cases, lenders for this type of loans would not require the borrower to undergo a credit check and the main requirement is for the borrower to have a steady job with a reasonable monthly income. Another benefit is the speed by which the approval for the loan is done. Applying for this type of financial assistance is quite easy because most payday loan providers have years of lending experience behind them and can easily help clients in having their loan approved in a matter of days. Once you have submitted this information to the lender, your loan application will be immediately processed.
A payday loan is perhaps the only type of loan wherein the borrower would apply for a loan today and get the cash two to three days after the loan application have been filed. There is even no collateral required for this type of loans. And the best part of it all is that as long as you have fulfilled your repayment obligations to the lender, you can continue to borrow money provided that the previous loan has already been paid.
The payday loan is usually small loans to be used by the borrowers for themselves or their family to cover emergency financial expenses. Another hidden advantage of a payday loan is that it improves your credit rating because every time you apply for one, credit authorities are notified of the debt and whenever you repay your loan on time or earlier they (credit authorities) are again informed. Settling your loan on time or earlier gives your credit rating a good boost.