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Where To Get A Payday Loan In Singapore

When looking for a payday loan in Singapore there are a lot of resources available on the internet. That will help you in finding your way with getting a payday loan.

When looking for a loan in Singapore it is very difficult to get them via the normal banks. Due to strict laws in the country concerning loans the government regulated the banks and offer the lender to lend via them instead. Many government agencies are do offer help in getting money. These loans are limited and are only available to the citizens of Singapore that have a good credit rating.

When borrowing money form a licensed moneylender you are legally obliged to fulfill the agreement as it has been set up. Many loan agreements are full of legal sentences that any normal human being would not be able to understand fully. The law states that all loans that are signed need to be explained to the borrower in a easy to understand language. If the person that wants the loan cannot understand it fully or does not understand it at all. The Lender is by law required to cancel the request. They also need to give you the copy of the contract. The state has released a list of licensed lenders that will help you get a loan.

Before signing the contract be sure that you fully understand the terms and conditions that come attached with the contract. These can be very strict terms so read before you sign the contract with the lender.

There are 4 types of Payday loans available in Singapore. A personal loan, a private property loan, foreigner loans and a payday loan. What does a payday loan mean? It means exactly what it says. A loan that you can get after you have had your payday. The terms are pretty simple with this loan. The first repayment starts when you receive your next pay check. This will continue til the loan has been repaid in full. This loan is very popular because of the short time in which it needs to be paid back and because of that the interest rates are very low, when you look at other loans that are offered.

Since the 1st of June 2012 the Singaporean government set strict rules to lenders. And made a list available with state approved lenders. One of the rules that they instituted was the limit of interest a lender can charge his or her customer. If the annual income is less then $30.000 the interest rates for secured loans is capped to 13% while unsecured loans are capped at 20%. If you want a secured loan you can borrow as much money as you like. But be aware of the fees that can be charged with a late fee. The fees that are allowed since June 2012 are as follows: each late payment, Check that bounces, each time you want to change the terms of the loan, legal costs when you go in default, for early redemption of the loan, unsuccessful GIRO’s.