Many people having confused about the traditional bank loan and the online payday loan sg. They are actually two different types of loan that fit for different people’s finance need. They both have advantages and disadvantage, choosing which one is depends on your situation.
Below are some of the reasons why some people turn to payday loans from licensed money lenders over bank loans in Singapore
1. Payday loans from the licensed money lender have the advantage of an easy application as compared to the bank loan
It is so easy to apply that you can even apply for one over the telephone or on the internet. The requirements are also very easy to comply since they only require your proof of income, bank information and you have to be 18 years old to apply for a loan. This is very easy compared to the bank loan where you have to fill up several pages of required information. The loan application is made a lot easier with payday loans since there are very few requirements that you need to comply to get the approval for your loan.
2. Payday loans also offer quick approval unlike the normal bank loan that takes weeks and even months before loan approval and funding
With payday loans, your loan will get approved right away if you have completed their very few requirements. Once the loan gets approved, the money will be immediately deposited into your bank account. This is why payday loans are a great option for situations when you need the money right away. Once the funds are deposited to your account, you can immediately withdraw the money and use it for whatever financial need you have.
3. Another best advantage of payday loans over bank loans in Singapore is that they do not require any credit check
This is great for people who have unsettled bills or unpaid loans that make them ineligible for any bank loan. With payday loans, all your unpaid bills and financial standing will not affect your loan approval. Payday loans will not make any credit check. All that is required for the approval of your loan is a bank account and the proof that you have an income.
Payday loans only take one day or less for approval, and you can immediately get your hands on the money that you need. While bank loans in Singapore take number of days to be fully approved by the bank.Payday loans are the perfect solution if you have a sudden need for money. The application process is hassle-free, and you do not have to wait for weeks before you can get the money that you need.