Need to pay your bills urgently but facing a cash flow problem? Waiting for your salary to be credited into your bank account but it might take weeks? Fast payday loans online might be able to help you work through your financial issues and give you a peace of mind.
Payday loans with licensed money lenders are becoming increasingly popular because of their convenience and fast approval. Best of all, licensed money lenders are regulated by the Ministry of Law, so they are safe alternatives if you are in need of immediate cash but have difficulties getting a bank loan quickly.
What is a payday loan?
Simply put, fast payday loans online is a type of personal loan that works like a salary advance. The objective is to assist borrowers to pay unexpected bills that can’t wait till the next payday because they may incur hefty penalties if they are not paid on time.
The payday loan principal is capped at borrowers’ monthly salary and the loan repayment must be made on their payday or exactly one month after receiving the loan.
5 ways fast payday loans online can help you
Here are some situations where payday loans would be useful:
1. Emergency home repairs
Sometimes, the unexpected happens in life. The same goes for upkeeping a home. Whether it is due to aging or unfortunate events like a fire or an accident, sudden home repair emergency expenses can sometimes arise and you might not have the cash flow for it.
Your home insurance payouts might also only be disbursed months later, leaving you to fork out a large sum upfront. In such a scenario, fast payday loans online can help you with the cash flow, so you can restore your home environment with the least disruption.
2. Unexpected medical bills
Payday loans can also come in handy if you or your loved ones encounter medical emergencies. Sometimes, you might not qualify for medical financial assistance, medical insurance claims might take time and you might need to foot the medical bills first.
Instead of holding back from essential medical care due to the lack of cash funds, payday loans can help you through such moments and ensure that you and your family members can afford the necessary healthcare treatments, while repaying the loan comfortably when your source of funds come in.
3. Delayed salary but still need to pay bills
What if your salary is delayed and you don’t have enough to pay for your utility bills, mortgage or rent? Delaying such payments can incur high penalties or interests, and a timely payday loan can help you with these bills and debts so you don’t need to rack up penalties.
Just remember to do your budgeting for the month so you can repay your loan on time!
4. Sudden car breakdown
Many of you might agree with us – cars sometimes break down at the worst unexpected timings. For those of you who need a functional vehicle for work (for example, if your job is a driver), a sudden car breakdown can not only lead to a hefty repair bill but also cost you losses when your car is sent for repair.
If you are facing a situation like this and can’t obtain instant credit from banks to proceed with the car repair, a fast payday loan online with a licensed money lender can help you solve the problem for the time being.
5. Help with wedding expenses
The average cost of a wedding in Singapore can easily range between $30,000 to $50,000 and it’s not surprising most couples will find it difficult to fork out this much money for their expenses. Fast payday loans online can be very useful for such once-in-a-lifetime occasions.
The loans offer additional funds to pay off wedding expenses before the event but couples can quickly repay them after payday or after they have received some funds (or ang paos) from their family members and friends, as long as it is within the agreed payday loan repayment period.
Benefits of taking a payday loan with UK Credit
With so many ways that payday loans can help with your finances, there is really no need to fret about cashflow issues anymore. However, take note that you should only apply for a payday loan from a licensed moneylender such as UK Credit. As a regulated bedok licensed moneylender, UK Credit offers borrowers multiple benefits that include:
- Simple online application that takes no more than a few minutes to fill in
- Minimal documents required for loan application. Borrowers just need to supply their NRIC for proof of identity and income-related documents such as the latest CPF contributions statements, latest IRAS Notice of Assessment or last 3 months’ payslips.
- Fast approval within 30 minutes and funds are disbursed to you almost immediately.
- Less stringent loan application process than traditional banks. Even if you have bad credit history, you can still apply.
- No collateral required when applying for a payday loan.
- Direct transfer of funds to the borrower’s bank account to pay for any emergency expenses.
Ready to apply for a fast payday loan online? For hassle-free financial solutions that will offer you a peace of mind, get in touch with us now!
