Payday Loan
In times of financial urgency, payday loans can offer a quick and efficient solution to cover immediate cash needs. These short-term loans are typically due on the borrower’s next payday, designed to help bridge the gap between paychecks and handle unexpected expenses.
Getting a payday loan in Singapore with Shenton Credit can provide the fast financial relief you need during times of urgency. Our payday loan services are designed to offer quick approval, allowing you to access funds without unnecessary delays. Whether you’re dealing with an emergency bill, medical expenses, or any unforeseen financial situation, Shenton Credit is here to help. With our easy application process and personalised service, we make sure you get the funds you need as quickly as possible, giving you peace of mind during tough times.
What is a Payday Loan and How Does it Work?
A payday loan is a type of short-term loan designed to provide immediate financial relief for individuals facing urgent expenses. These loans are typically borrowed against the borrower’s upcoming paycheck and are due for repayment on the borrower’s next payday.
What Qualifies as a “Payday Loan”?
Payday loans are generally available to those with a steady income, though the specific requirements may vary depending on the lender. While a good credit score is not always a strict requirement, many payday lenders will consider your income level and employment status when determining eligibility. Typically, those with a credit score ranging from fair to poor (around 300–600) may still qualify for payday loans. However, individuals with excellent credit scores may have access to better terms and lower interest rates.
Common Reasons for Payday Loans
There are various reasons why individuals may choose payday loans. Some of the most common reasons include:
- Emergency Medical Bills: Unexpected medical costs can arise, and payday loans offer a quick way to cover these expenses when health emergencies strike.
- Car Repairs: Whether it’s an urgent vehicle breakdown or a costly repair, payday loans can help cover the expenses quickly, ensuring you stay mobile.
- Unexpected Utility Bills: Sometimes, bills like electricity, water, or gas can come due unexpectedly. A payday loan helps cover these without delay.
- Urgent Personal Expenses: From rent to unforeseen personal commitments, payday loans can serve as a quick solution for a range of financial needs.
Speedy Access to Cash
One key benefit of payday loans is their quick approval process. This allows borrowers to access funds quickly, often within the same day or within 24 hours. This makes payday loans an excellent option for managing emergencies that require immediate attention.
Limited Loan Amounts
Unlike traditional loans, payday loans generally offer smaller amounts. The loan size is typically determined by the borrower’s income and can range from a few hundred dollars to a couple of thousand dollars. This makes payday loans suitable for covering smaller, urgent expenses.
Short-Term Repayment
Payday loans come with a short repayment period, typically ranging from a few days to a month. The full loan amount is usually repaid in a lump sum on the borrower’s next payday. Given the short-term nature of these loans, they can help cover immediate expenses while providing flexibility in repayment.
Unlock Fast Cash with Our Quick and Easy Payday Loans in Singapore
Are you looking for quick financial relief until your next payday? We offer fast and reliable payday loans in Singapore to help you bridge any short-term cash gaps.
Assess Your Immediate Financial Needs
Take stock of your urgent financial needs and identify the amount you need to borrow to cover any emergency or unexpected expenses.
Apply Conveniently Online
Visit our website and fill out our straightforward online application for the payday loan. Provide essential details such as your desired loan amount, employment information, and contact details.
Receive Swift Approval
Experience speedy approval for your payday loan. We aim to process your application quickly so you can get the money you need immediately.
Enjoy Flexible Repayment Options
You can choose repayment options that comfortably fit your financial situation. Our rates and terms are competitive and clear, making it easy to pay back your payday loan.
Why Take a Payday Loan With Shenton Credit?
Convenient Access
Access funds quickly and conveniently, directly deposited into your bank account.
Credit Score Improvement
Responsible repayment can help improve your credit score.
Emergency Support
Get immediate financial assistance during unexpected emergencies or cash shortages.
Flexible Eligibility
Flexible eligibility criteria designed to accommodate various financial situations.
Benefits of a Payday Loans
No Queues. No Wait. No Hassle.
Get your loan approved in just a few taps.
Better and improved credit scores
Flexible loan tenures
Ease of application and approval
Increased convenience
What is a Payday Loan and How Does it Work?
To apply for a payday loan in Singapore, lenders generally have specific criteria that applicants must meet. These criteria ensure that borrowers have a stable income and the ability to repay the loan on time. Here’s a breakdown of the key requirements:
Minimum Age:
Applicants must be at least 21 years old to apply for a payday loan in Singapore. This ensures that borrowers are legally able to enter into a contract and manage their financial responsibilities.
Minimum Salary:
Lenders typically require borrowers to have a minimum monthly income. The exact salary requirements may vary, but generally, applicants need to earn at least SGD 1,500 to SGD 2,000 per month. This helps ensure the borrower’s ability to repay the loan on their next payday.
Singaporeans/PR
To apply for payday loans as a Singaporean or Permanent Resident, the following documents are required:
NRIC:
A copy of the National Registration Identity Card (NRIC) is required to verify your identity and age.
Singpass:
Applicants may need to authenticate their application via Singpass, which verifies their details with the government database.
Foreigners
Foreigners residing in Singapore are also eligible to apply for payday loans, provided they meet certain criteria. Lenders may require the following documents:
S Pass / Employment Pass / Work Permit:
Foreign workers can apply for payday loans with the appropriate work passes. Lenders will assess your income and employment stability through these documents.
Passport:
A valid passport is also required to verify your identity and nationality when applying for payday loans.
Payday Loans vs Personal Loans: Key Differences
| Feature | Payday Loan | Personal Loan |
|---|---|---|
| Interest Rate | Typically higher, often in double digits | Lower, typically starting from single digits |
| Loan Amount and Term | Usually smaller amounts for shorter terms | Higher loan amounts with longer repayment terms |
| Credit Check and Eligibility | Minimal, often no credit check | Usually requires a credit check and a higher credit score |
| Repayment | Full repayment on the next payday | Monthly instalments over the loan term |
| Approval Time | Very quick, often within hours | Longer processing time, usually a few days |
Myths vs Facts About Moneylenders in Singapore
There are many misconceptions surrounding moneylenders in Singapore. It’s important to understand the facts so that you can make informed decisions when seeking financial assistance. Here, we break down some common myths and the truths behind them.
Myth: All moneylenders charge exorbitant interest rates.
Fact: While some unlicensed moneylenders may charge extremely high interest rates, licensed moneylenders in Singapore are regulated by the Ministry of Law and are bound by strict rules. The maximum interest rate they can charge is capped at 4% per month, ensuring that borrowers are not subject to unreasonable charges. When borrowing from a licensed lender, borrowers can expect fair and transparent lending terms.
Myth: Borrowing from moneylenders harms credit scores.
Fact: Borrowing from a licensed moneylender does not automatically harm your credit score. As long as you make timely repayments and meet the terms of your loan, borrowing from a licensed moneylender can have no negative impact on your credit. In fact, consistently repaying your loan on time may even improve your creditworthiness over time.
Myth: Moneylenders are only for individuals with poor credit.
Fact: While people with poor credit may turn to moneylenders as an option, licensed moneylenders in Singapore are available to a broad range of individuals. They provide loans to both those with strong and weak credit histories, offering a viable option for those who may not qualify for traditional bank loans. The terms will be based on the borrower’s income, repayment capacity, and loan amount, not solely on their credit score.
Myth: Moneylenders are difficult to trust.
Fact: Licensed moneylenders in Singapore are trustworthy and operate under strict regulatory oversight. They are required to provide clear loan agreements, transparent interest rates, and offer customer protection under the Moneylenders Act. As long as you borrow from a licensed moneylender, you can be assured of a reliable and safe borrowing experience.
Myth: Moneylenders only provide short-term, small loans.
Fact: While payday loans are common with licensed moneylenders, they also offer various loan options that can cater to larger amounts and longer repayment periods. Depending on your financial needs, you can find loans with flexible terms that suit your situation, from personal loans to emergency loans, with varying loan amounts and repayment periods.
Apply for a Fast Loan Today!
Achieve your goals with flexible repayments and a streamlined, secure process.
Got Questions?
We got answers.
In essence, personal loans are short term unsecured loans that can be used for multiple purposes.
You borrow a fixed sum of money, along with a fixed interest rate, over the period of your loan
tenure.
All these factors will be dependent on the terms & conditions stipulated in your loan contract,
along with your repayment capabilities.
There may come various points in our life where we require extra cash to tide through.
It might be to fund a personal project, a big-ticket purchase or to simply get through the month.
Personal loans are not specific to a single purpose. You can use them for a wide range of things.
Some uses include paying for:
- Utility Bills
- Rent
- Holidays
- Emergency medical expenses
- Home renovations
- Wedding banquets
The three main differentiating factors between our personal loans compared to banks are:
- Speed
- Ease of application
- Service rendered
We believe in providing you with a personal loan in the shortest time possible.
This is why we have streamlined our borrowing process into 3 simple steps.
Moreover, we do not go through rigorous credit checks and also do not require much paperwork.
Ultimately, our experienced loan officers will be there to guide you on the best personal loan package
for your needs and provide professional advice so that you’ll be able to achieve your financial goals.
Yes, Shenton Credit offer repayments up to 24 months.
For Singapore Citizen and Permanent Resident,
Aged between 21 and 65 years old;
- With an annual income less than $20,000.00, you can borrow up to $3,000.00;
- With an annual income more than $20,000.00, you can borrow up to 6 times of your monthly income.
- National Registration Identity Card Number (NRIC)
- Latest 3 months pay advice
- Singpass
