Living costs across major cities around the world seems to be rising at an unexpected rate and salaried as well as self-employed individuals are reeling under the pressure of financial burden. Your money in the savings accounts are depleting while you find yourself always short on cash. How on earth can someone manage emergency cash crunches, especially at the end of the month? Is it unfair to be pushing ourselves hard to earn more? Or Is there something grossly wrong in the way we manage our finances?
Well, rising living costs, unwanted expenses, depleting bank balance are all signs that we are not able to manage our personal finances properly. Moneylender Singapore makes hay while we keep burdening ourselves with more and more loan. Be it personal loan Singapore or payday loan Singapore, we are always found borrowing to meet our financial needs. It’s probably a just question to ask at this juncture: Is it worth risking your paycheck for a payday loan in Singapore?
Payday loan offered by the licensed moneylender Singapore are the small loans that are offered at higher interest rates for shorter time period i.e. till the next payday. Payday loans are quite popular among people who are in need of quick cash to meet immediate financial needs. In order to understand whether it’s worth risking the paycheck for a payday loan Singapore or not, we need to look at the pros and cons of payday loans.
Payday loan Singapore – Pros
- Quick cash – Moneylender Singapore will typically take less than 24 hours to approve and disburse the loan to you. It’s probably the quickest loan disbursal scheme available in Singapore.
- Avail loans from licensed moneylender Singapore – You get to avail the loans only from the moneylenders licensed by MAS.
- No credit checks – There is very little paperwork involved and you don’t even have to pass credit checks. Thus, your poor credit history is not going to stop you from applying for the loan.
Payday loan Singapore – Cons
- Very high interest rates – Interest rates offered by moneylender Singapore is very high and you can be charged a maximum interest rate of 4% per month.
- Get into the habit of borrowing – Once you start borrowing, you will never be able to shun the habit. You will keep applying for payday loans every month just because they are easy; however, you don’t realize that you are actually bearing long term financial losses because of credit repayment at higher interest rates.
The entire story revolves around how you use your payday loans; if you spend it wisely, you will come out of your financial mess but if you spend the money without thinking, you are bound for more financial trouble.