A payday loan sg is a very short-term loan. Usually, the term is 1-2 weeks. There are other names of payday loan like – “Pay check loan”, “Cash Advance”, “Check loans”, and “Payroll advance loans”. Credit Excel Capital is a money lender company in Singapore that helps people to dire there financial requirements.
Before the month ends one may face some problems in maintaining some urgent family expenses like paying off Medical Bills, Electric Bills and Phone Bills, or some other important bills. In order to meet such crucial expenses, you require a payday loan.
Conditions to qualify for a payday loan:
The criterions of different payday loan companies are-
1. You must have a job or there should be a regular source of income.
2. You should be a Singapore citizen.
3. You should have a Checking A/c in a bank.
4. You should be at least 18 years of age.
It is simple to get the loan; you will get your loan amount within 24 hours of application. The company will go through your documents and verify your data with an automated system called as VPN Based software, and then approve your loan. The whole process of verification of your identity and depositing the money to your takes 24 hours. There are some companies like Credit Excel Capital will deposit the loan amount in less than 24 hours.
Payday loan company charges 15 to 30 USD per $100 borrowed. If you are getting a payday loan for the first time, you might get up to $500. After you repay back the first loan in time, you can be able to get more than $500 when you revisit the company for another payday loan.
The lender company will take the money lender off from your checking A/c on the date of your payday. You must be aware of your payday and the total amount to be repaid. If you fail to repay the loan on the scheduled date, then you may have to ask the lender to rollover your loan amount.
Payday loans are preferred for many reasons. To those who are actually in the position of requiring one, its benefits outnumber the disadvantages. And there really are shortcomings; nevertheless, we will analyze those aspects subsequently.