Top Things To Know About Getting A PayDay Loan In Singapore

Looking for a PayDay Loan in Singapore?

You arrived on this page because you were searching for a PayDay Loan  in Singapore.

Congratulations, you’ve arrived at the right place.

At 96 Credit, we offer PayDay loans to all individuals. Regardless of whether you are a Singaporean, Permanent Resident, or a foreigner.

With insanely fast loan approvals of at least 30 minutes, no other company comes close to our loan approval timing!

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Understanding what a PayDay loan is in the Singapore context

PayDay loans are for cash needs so that you can get access to cash prior to your pay coming in by the means of your salary. It is usually used in contexts where you have an urgent need for cash. 


As such, this would allow you to have earlier access to your pay for whichever reason you desire.

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Benefits of a payday loan in Singapore

Improves credit rating score

Did you know that taking a payday loan improves your credit rating score? If you are able to service the loan, it will notify the credit score authorities. As a result, each time you take up a payday loan and you pay them off on time each time, your credit score will be improved.

Easy to pay back upon getting your paycheck

Needless to say, since you have a stable job and you will be receiving your paycheck on time every month, your payday loan will become extremely easy to pay back.

 

Near instant approval

Due to the nature of how payday loans work, and the fact that you have a stable paycheck that is coming in every single month, a payday loan is very quickly approved. Some minor assessments such as the reason for the loan and your current financial situation are just some simple information required for the loan  application process.

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Frequently Asked Questions About Payday Loans in Singapore

A payday loan is a short term loan that uses your upcoming paycheck as the proof that you have the ability to payback the loan.

Your income document or your latest payslip along with some personal information such as your identity card would suffice.

If you are able to pay back your payday loan on time every month, it is possible to be eligible for 12 of them, once each month. 

It could be anywhere between 20% to 48% per annum. It also depends on the loan size.

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Payday Loan

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.

This iswhere we, 96 Credit, a licensed moneylender registered with the Ministry of Law. We are located at Blk 302 Ubi Ave 1 #01-31 S(400302) which is just awalking distance from Ubi MRT (2-minute walk from Ubi MRT, take Exit A).

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.

As far as the flexibility of the repayment scheme is concerned, what this means is that if you choose:

  • 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.

Imagine the comfort of these repayment plans!

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.

So now that you know all about what a payday loan is and the amazing offer that we at 96 Credit offer, you definitely want to know about how the loan process will go.

For this, we want to assure you that we have professional and friendly loan officers at the office mentioned above who are quite ready to guide you through every step of the process. We would require you to come along with relevant documents which are:

  • 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.96 Credit, a licensed moneylender that you can fully rely on is here for you. Contact us today and let us make you happy!