Payday Loans – Frequently Asked Questions

You should never apply for any kind of financial product before knowing all the facts, so here are the answers to some of the most common questions we receive.

Will I qualify for a loan?

There are a lot of lenders in Singapore. If you have a job, an active bank account and are 18+ years of age then you should be fine.

I have a bad credit history, can I still apply?

Yes, most payday lenders are able to approve customers with a bad credit history so with our wide range of providers this should not be a problem.

How long does it take to get receive the money?

This will depend on which licensed money lender Singapore is the best match for you. Many lenders are now able to provide a “same-day” service with the money available to you on the day that you apply, although some may take a little longer. Applying online usually avoids the need to fax documents or other paperwork, making the application and decision process very fast.

Can I take out more than one loan?

It is not advisable to take out more than one at any time – doing so would put you at a high risk of falling behind on your payments, and ending up in debt. No reputable company would let you put yourself in this position. Focusing on one loan at a time will allow you to properly manage your finances.

How much will it cost?

This depends on the provider. Most payday lenders charge between $15 and $30 for each $100 borrowed. For a two-week loan this translates to an APR of 390% to 780%.

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