Time is perhaps one of the strangest concepts known to humans. As constant as it is, it remains a wonder how certain time periods can be so short while others can be so long. Perhaps one of the longest time periods to humans, especially employed workers is the period between one payday and the next! Not only is it so seemingly long, it is frightening to see just how many important expenses can arise during that period. The problem with this is that there are times when you cannot even predict whether you will be getting your paycheck on the expected day. When this happens, you need a licensed moneylender that you can trust to receive a cash loan from.
So you ask, how can 96 Credit help me with the unexpected expenses that can come up while I am waiting for my next paycheck? Allow us to introduce you to the concept of payday loans.
A payday loan, otherwise called a monthly loan, is a kind of loan that you can take up while your paycheck is delayed for one reason or the other and you need some money to handle your day to day expenses or perhaps when emergency expenses come up at any point before you are able to receive your due monthly financial reward for a month’s worth of work. It is perhaps an interesting fact that a payday loan is the most common type of loan that workers in Singapore apply showing just how important this particular kind of loan is to the working class people. Because of its importance, we here at 96 Credit aim to provide you with financial help by providing payday loans at ridiculously low interest rates and even just as importantly, with flexible repayment schemes tailored according to the day you take the loan.
- 1-month repayment: You get to repay the loan after exactly a month of collecting the loan. For example, a loan taken up on the 6th of January will be repaid on the 6th of February.
- 2-month repayment: A loan taken on the 6th of January can be divided into two separate payment instead of paying the loan at once and repayment dates will fall on 6th of February and 6th of March
- 3-month repayment: This allows you to have the flexibility of splitting the loan into three installments in-between receiving the loan and having to repay it. As an example, just like in the above, a loan taken on 6th of January can be divided into three separate payments to be paid once every month for 3 months. Instead having to pay a lump sum, repayment dates will fall on 6th of February, 6th March and 6th April.
Given how appealing these options are, we are certain your next question is “How do I know if I am eligible for payday loan?” For a start, it is quite basic. You only need to be able to prove that you are a member of the working class and you are of legal age i.e. 18 years old.
Obtaining a payday loan is of course not a particularly ideal situation and so in order to further aid you in this discomfiting situation, it would interest you to note that 96 Credit will not require you to provide a guarantor, present us with your asset as collateral or even have to deposit any amount of money with us.
- For a Singaporean citizen, just come along with proof of identification and with proof of employment documentation.
- For a foreign worker, come along with documentation that shows that you are allowed to work here such as your work permit, your passportand proof of address and residence which can be a tenancy agreement.
Once you have these documents available, you will be required to fill out an application which our loan officer will be more than happy to guide you through and ask you a few clearance questions. Please note that your current salary will determine your eligibility for the particular loan amount that you wish to take out. When all these details are cleared up, our loan officer will print out a contract that will require your signature and then you can now receive your full loan in cash after signing.
So whether or not your boss tells you that he is certain of providing you with your paycheck at the right time, you do not have to worry about meeting your daily needs or emergency needs.