Low income loans provided by licenses moneylenders in Singapore are most useful for people with regular but low income who urgently need monetary assistance and can’t wait for the time consuming procedures that banks go through to approve loans. A licensed moneylender usually takes about 1 day to make the necessary credit checks to approve low income loans.
To be eligible for low income loans provided by most moneylenders in Singapore, you just need to have a regular income for the last 6 months, preferably with the salary credited regulaly into a bank account if you need a payday loan. The qualifying age for a low income loan is usually 21 years old in Singapore.
Upon making checks to ensure you are suitable for the low income loan, the licensed moneylender in Singapore will usually grant a low income loan of between SGD$300 – SGD1000 and this low income loan is useful in helping you to pay off urgent bills and deal with family expenses.
For those taking a low income loan from moneylenders in Singapore, you can be comforted to know that having a bad credit history with the banks usually does not deter the licensed moneylenders in Singapore from approving your loans.
A disadvantage of taking a low income loan from licensed moneylender in Singapore will be the high fees that is imposed for taking a loans. From a high upfront processing charge of up to 30% of the loan, to exceptionally high punitive charges that will apply should you be unable to fufil repayments on time.
It is thus advisable that if you are taking a low income loan from a licensed moneylender in Singapore, you only take a low income loan amount that is sufficient to meet your urgent needs, so that you would be able to meet the repayment of the low income loan on time, thus avoiding unnecessary punitive charges that will apply when you don’t.