A payday loan is usually a short term loan that does not require a guarantor or collateral. Such kind of loans is especially useful when you need money to tide over for a few days. The loan is credited to the borrower with the understanding that the borrower will pay back the money when he receives his next paycheck. The loan can also be repayed over a period of few months by paying a percentage of the monthly pay. If you are interested in getting a payday loan, you should remember that the rates that are charged for these loans are usually much higher than other kind of loans. From the point of lenders, there is a high risk in these loans as there is no security involved in these loans. Getting a payday loan might be simple, but getting a loan with good terms is more difficult. You have to shop around for the best loan terms. There are online websites where you can compare the rates and terms of different online lenders. You can visit the site to identify the well known moneylender singapore. You should look at the following factors to know that you are getting a good deal.
Things to follow while applying loan
The most important term you have to look for in a reputable licensed moneylender in singapore. There is the rate of interest you will be charged for the loan. This is the annual rate of interest. Some companies might advertise a smaller rate of interest which might be monthly rates. You have to ensure that the rates shown are annual percentages. Even though APR is the most important factor to consider when shopping for a loan, it is not the only factor. The additional charges might sometimes add up to more than the total interest of the loan. Many lenders add the additional charges to the APR and display a final rate. You can hire low interest licensed moneylender in Singapore and ask for the details of what is included and what is not in the APR before deciding if the deal is good. You might borrow with the good intention of repaying it fully in the next pay cycle. But there might be some problem in receiving your full pay. In such a case, the lender will charge you penalties for late payment. You can pay the interest and extend your loan but an additional fee will be levied. You should know these charges and fees before borrowing the loan.