When life throws you lemon, you make lemonade. As cliché as it may sound to you, but you got to face the harsh reality that everyone has bills to pay. Its just that things might be a little tougher for some households as they could not keep up with the expenses and carrying bad debts each time into a new month. Eventually, the bills just get more and more to the point that it is suffocating and depressing and you are no longer capable of dealing with them. Turning to licensed money lender in Singapore for financial relief might be one of your alternatives.

Due to the high cost of living in Singapore, there are many Singaporeans who fall under the Middle class, also what we known as the “sandwich class”. In fact, there are many Singaporeans who fall under this category. Being situated in a country that has no natural resources and only rely heavily on human resources. We have all been told that education is everything in Singapore and the minimum study tier that one should achieve is Bachelor Degree certification. Only when we manage obtain this level of educational level, then we will be deemed as “enough”. Paper qualification means the world to most youths in Singapore as they are being “brainwashed” that you can only be successful in life if you hit that level of education. When you obtain that education certification, it is a like bulletproof certification to get you a job immediately once you graduate. However, do you really think so?

In recent years, the governments decided that there are too many degree holders out there and there are not enough jobs to feed them all. As such, this has raised a huge concern. University fees are very expensive and most of these middle class take up education loans from the banks. They all had this wishful thinking that degree holders grant immediately job upon graduation. However, this isn’t the case. Thus, there has been an increase of personal loan demands in Singapore.

But of course, there are still many that managed to get a full time job immediately as they have bills to pay. However, as you just step into the industry, you will not be pay highly. Many faced financial issues because the salary that they are drawing aren’t sufficient. Therefore, this caused stressed and forced them to approach friends and families for help. Borrowing money from peers can be quite uncomfortable as many fear rejection. If you ever find yourself landing in such situation, you will probably be very worried and do not know what to gain additional cash.

So what can payday loan do for you?

When you manage to get a stable income, there is an alternative to take up a payday loan for your monthly commitments. With this loan type, it is designed as a measure to help you get though the temporary time till your next pay day. It might not be in large amount (if not it deflect its purpose), but it helps you to pay off your expenses and allow you to take breather.

Other than payday loan, you might find yourself other loan packages for different purposes. Loan packages such as flexible personal loan, business loan, cash advances and etc. Just like the name itself, flexible personal loan is flexible as licensed money lenders do not force you to produce valid reasons as to why you need to borrow money as compared to banks. As banks are a lot more strict, they will have to dig out personal information in which you might not want or feel embarrassed to disclose.

What are the Advantages of a Payday Loan

A payday loan enables you to get all your basic needs well covered when you are overwhelmed by the monthly expenses. When this loan, you will have a decent amount of money to pay off your bills and also have enough extra cash from this loan. I would say this is an ideal loan plan for many out there as it is manageable and you do not need to worry about anything else. Besides, payday loan is a temporary short term measure. Licensed money lender in Singapore offer payday loan to everyone of all income level. Generally, the loan process is pretty quick and the staffs are efficient as they are able to rush out your application within 3 working days. There would not be much extensive paperwork needed from your side, all you need to do is to provide your particulars and the staffs will handle the rest.

What can you expect from a payday loan as compared to others?

Firstly, you can expect fast speed. The whole application process is speedy and within one day, you can most likely get your money. This has completely shortened your waiting time as compared to banks that usually take up to weeks and eventually you might not even get an approval. As such, all these while you would have waited your time.

Secondly, it would be confidentiality. To many out there, this is a very important aspects when considering a money lender institution. They ensure that all your personal details remain strictly confidential so you do not need to worry that your personal information will be leaked out. Understanding some would feel embarrassed when your friends and families find out that you are in debts. This is a stigma that most Singaporeans faced so fret not!

What to Consider Before Taking Out a Payday Loan

It may seems to good to be truth as payday loan is easy accessible, there are some important aspects that you should research before you apply for a loan.

1. Engage a legitimate money lender 

In singapore, there are over 150 registered licensed money lenders. Please do not engage in those illegal money lenders also known as “loan sharks”. They often like to disguise themselves as one of the licensed lenders, sending out texts to the public and asking for your personal sensitive information such as your NRIC and Singpass. Those are imposers so please do take note and report them to the police if they keep harassing you.

2. Determine the amount you need and the monthly payments to be made

You need to know what is your capacity and your capability in repaying the loan. As compared to others, money lenders offer higher interest rates. You have to determine what is best for you and what you can handle if not you will eventually end up struggling and unable to pay up the loan in time.

3. Read the payday loan terms and conditions throughly

There is no room for mistake, know what exactly you’re signing up for. Although money lenders are more flexible than the norm, there are still terms and conditions that you should be wary off. They tend to have a higher interest rates and repayment scheme. When in doubt, please ask the financial advisors to explain to you, clarify whatever you do not understand.

More Tips to Consider about Payday Loans

Generally, payday loan is the easiest to apply among the loan packages as licensed money lenders would have more confidence in approving the loan as you have a clear source of income. As such, this increases your chances of approval so much more than other loans.

But do bear in mind that even though payday loan can be easily accessible, you should know be too reliant on this loan and become a bad habit. It is always good to depend on yourself and start earning your own emergency funds. This loan is just a short term measure to tide you over the tough times and you should never repeat this all the time. It is very unhealthy and it will eventually turn into a habit that will be very difficult to kick away. Know what is best for you and your future, know what you can handle and what’s not.