Life events happen and they often happen between paychecks. Singapore auto loans for car purchase or car break down, homes need repairs, and the due dates for bills tend to creep up on people. If a person needs money between paydays they can take out a payday loan.
A payday loan is usually taken out for a short period of time. The amount of the loan ranges anywhere between a couple hundred dollars and a thousand dollars. When a person gets their next paycheck they will begin to repay the loan. Depending on the lender the entire amount will need to be paid or a person will be able to repay the loan over several paychecks. This can help a person out that needs money when payday is still some time away.
Getting a payday loan is easy. Many of the lenders do not do a credit check for this type of loan. A person can fill out an application online and get approved in a couple of minutes. They may be able to have their money the same day or the next business day. A person has to be at least 18 years of age or older to take out this type of loan. The applicant needs to be employed and most lenders want them to be with the same employer for a couple of months. A person will need a checking account that is active and in good standing. They will get the loan money via the checking account. When a person is repaying the loan a predetermined amount will also be withdrawn from the checking account. The interest rates on payday loans are ver
y high. They can be 100% of the amount of the loan or more. These loans should only be used for emergencies.
A payday loan will help a person get out of a tight spot between paychecks. This loan can give a person the money they need in as little as one day. A payday loan can help a person get buy until the next time they get paid.