How To Apply for An Urgent Loan Singapore This 2020

Credit Counselling Service Singapore
 

Payday loans

Payday loans, as the name suggests, is a short-term loan that is usually required to be settled as soon as your next payday arrives. As opposed to a personal loan that is usually repaid in monthly installments, payday loans tend to be repaid in full at the same time, except for some cases.

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Before taking a payday loan, however, be sure that you are dealing with a trusted moneylender.

A potential issue with payday loans is their ability to lead the borrower into a debt trap if not handled well. If you are not able to pay the debt within your next payday, you will be forced to take out another loan to repay your payday loan. This can spiral into a debt trap that is hard to get out of, in which you are continually taking loans to pay back your existing loans.

Pawn shop loans

Pawn shop loans generally require the borrowers to surrender a valuable item before they can acquire the loan. A pawn shop will measure the price of the said item and take it from you to serve as collateral for the loan.

If you are not able to settle the loan on time, the pawn shop has the option to sell your item as a consequence. Since a pawn loan does not require a credit assessment or even an application process and will give you a loan if you have a valuable item, it can be great for people that do not have a lot of choices.

Title loans

An additional alternative is a title loan. If you are an owner of a vehicle in Singapore, you can make use of the title of your vehicle as leverage in order to qualify for a short-term loan. Vehicle loans are definitely a good choice especially if you need the money fast because usually, there are no credit assessments required. However, be aware of the possibility of your car being taken away if you are not able to pay back the loan in time. Due to that risk, you must take care when choosing this type of loan and refrain from unnecessary expenses.

Are you looking for an emergency loan provider in Singapore that is open 24 hours a day? We got you covered! 356 Credit is among the leading lenders in Singapore, offering the best emergency loans 24 hours a day, 7 days a week. Click here to visit their website for more information

About 365 Credit Solutions

365 Credit Solutions Pte Ltd is an established licensed moneylender since 2010 (formerly known as FLS Credit and Fu Lu Shou Credit), accredited by the Registry of Moneylenders in Singapore. We specialize in providing personal, payday, bridging, foreigner, business loans to Singaporeans & Foreigners working in Singapore.

 

Our mission is to help make taking a loan a simpler, more understandable process, and to educate our customers about their loan options in the event of an urgent need.

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