If you are considering a payday loan from a moneylender you should read the “Notes for Borrowers” (PDF) from the Ministry of Law Singapore.
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Cash Mart Payday Loan Review
Fast and safe loans could tide you through a short-term cash crunch.
Payday loans are particularly useful when unexpected expenses crop up. When you’re in a short-term cash crunch, these loans may provide you with leeway to ease your financial concerns. This review will discuss the Cash Mart payday loan, including how it works and whether you can apply for it.
What is a payday loan?
A payday loan is a form of short-term borrowing where a borrower is charged interest rates based on his/her income profile. Some examples of financial situations that may be alleviated by payday loans are emergency medical expenses or forgotten bills. This type of loan usually needs to be repaid by your next payday, hence the name “payday loan”.
How does moneylending with Cash Mart work?
Cash Mart is principally engaged in the licensed provision of loans to individuals and companies. It is fully compliant to the Moneylenders Act as mandated, authorised and regulated by Singapore’s Ministry of Law.
For short-term, unsecured Cash Mart payday loans, you can obtain:
- Up to S$3,000, if your annual income is less than S$20,000.
- Up to 2 months’ income, if your annual income is S$20,000 or more but less than S$30,000.
- Up to 4 months’ income, if your annual income is S$30,000 or more but less than S$120,000.
- Any amount, if your annual income is S$120,000 or more.
- The interest rate charge is not more than 4% per month.
Features of a Cash Mart payday loan
- No guarantors required.
- Allows for refinancing existing loans with a new loan.
- Repay your Cash Mart payday loans with a swipe using PayNow. Alternatively, you can make repayment of loan installments at any ATM island-wide or use online bank transfers.
- No early repayment charge and if you would like to make an early full settlement of your loan, you could even be provided with a discounted rate.
What do I need to apply?
Here are the different eligibility requirements for a Cash Mart payday loan, depending on your borrowing profile.
For salaried and commission-based employees interested in Cash Mart
- Identification Card (NRIC)
- Sing-pass Login with 2FA activated
- Proof of billing ( Any latest bill indicating residential address)
- Latest 3-month original payslip (Only applicable if there is no CPF contribution)
- Letter of employment (Only applicable for new employment)
For the self-employed interested in Cash Mart
- Identification Card (NRIC)
- Sing-pass login with 2FA activated
- Notice of assessment (NOA indicating trade income)
- ACRA (Accounting/Corporate Regulatory Authority)
- Proof of billing ( Any latest bill indicating a residential address)
For taxi drivers interested in Cash Mart
- Identification Card (NRIC)
- Vocational license
- Taxi pass
- Min 7 days job summary
- Proof of billing ( Any latest bill indicating residential)
Who can apply for a Cash Mart payday loan?
To be eligible for a Cash Mart payday loan in Singapore, you should meet the following criteria:
- The applicant must be a citizen, permanent resident of Singapore or a foreigner with a valid work permit.
- The applicant must be above 21 years of age.
- The applicant should not be an undischarged bankrupt or facing any bankruptcy proceeding
- The applicant must be permanently employed (CPF contribution) or for self-employed individuals, have all relevant documents such as income tax assessment, ACRA , vocational license (if any), NEA license (if any).
If you’re eligible and wish to sign up for a Cash Mart payday loan, you can simply visit Cash Mart’s website to fill in a simple enquiry form. It usually takes them 1 business day to get back to you. Following this, you receive and sign a contract with them and cash will be disbursed to you.
A payday loan from Cash Mart is one possible option to help you pay off immediate expenses, but this type of loan is considered a risky way of borrowing. Be sure to fully understand the fees involved and ensure that the repayments plan is one that you’re comfortable with before signing up. Payday loans are short-term solutions and although helpful, should be used sparingly and as a last resort.
Lastly, you should read the “Notes for Borrowers” (PDF) from the Ministry of Law Singapore if you are considering a payday loan.
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