Loans in Singapore are now the necessity to live a better life. They are associated with risk-free and guaranteed money when the emergencies knock on the door. Singapore is emerging as the expensive country in the world that is known for its high-class lifestyle. This is the reason that people here often fall short of money and look at the moneylenders like banks, financial institutes and licensed local money lenders. This is the reason for the popularity of the Payday Loan Singapore. Such loans are transparent with the assurance of enough money as needed by the borrower.
The eligibility requirement for the short term loans
In order to apply for the short-term loan, the applicant has to meet the minimum criteria. This is divided into the salaried, self-employed and another profession. The eligibility criteria’s are different for an individual section. So here are clear specifications of the eligibility criteria for each individual. Here are some general eligibility criteria like an application should be aged 21 years and above, should be a citizen of Singapore, possess proof of residence, income proof, proof of identity, etc. Along with this, the criteria depend on the individual profession and credit score.
In order to avail the short term loan Singapore an individual need to go through the different steps. They need to fill out the application online or through a physical visit to the moneylender’s office. For this, an individual can easily fill the enquiry or application form by visiting the website of the moneylender and an individual will get in touch soon. The next step includes the verification of the loan and documents. Here the executive from the licensed moneylender will verify the eligibility criteria and the documents. The final step of the process includes the signing of the contract and disbursement of the cash to the bank account.
Such loans are opted when there is an emergency in life. Therefore, their application, approval and disbursement process takes only a few hours to some days. This is the reason that payday loans are the most preferred option for the people of Singapore when the financial crisis knocks on the door. As Payday Loan Singapore is unsecured, you need to qualify for them. For this, you need to have a regular income source or a business. These loans are also eligible for people from different country and work here.
The credit you get from the legal moneylenders is for your urgent need. This means your loan needs to be processed quickly and needs to be credited on the same day of application. On the other hand, banks and other authorised financial institutes take enough time to process the short term loan Singapore and need proper documents and follow the hard verification process. On the other hand, local moneylenders encourage the clients to get quick loan approval and credit within few hours when the emergency situation arises in life.
Money lenders also do their best to provide the best repayment option even to the people who have an irregular income or low earning options. The short term loan Singapore is the best option when you need loans for education, accident, fix a car or paying medical bills. In order to qualify for this, you need to have a good credit score, last 3 months salary slip, proof of address and identity at the time of application.