If you are considering an instant cash from a moneylender you should read the “Notes for Borrowers” (PDF) from the Ministry of Law Singapore.
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LoanWise Singapore Review
What you need to know about payday loans offered via LoanWise Singapore.
If you’re looking for a short-term loan to help tide you over until payday, you might want to consider LoanWise Singapore. This organisation compares small, short term lending options which may include loans to customers with bad credit histories. Read on to find out what you need to know about LoanWise Singapore.
How does a loan via LoanWise Singapore work?
You could get a loan via LoanWise Singapore in three straightforward steps:
1. Enter a loan request form via LoanWise Singapore’s website.
2. You’ll be matched with moneylenders.
3. You then have to go in-person to your chosen lender’s office to collect your cash loan.
Features of a loan via LoanWise Singapore
- Fast approvals process. This company offers quick approvals via participating lenders. If you’re approved, you’ll then need to visit a lenders’ premises to get on-the-spot cash.
- Competitive interest rates. According to LoanWise’s website, you’ll be matched with licensed moneylenders who provide competitive rates of interest.
- No service fees. You won’t be charged for the loan matching service provided by LoanWise.
Am I eligible?
Eligibility requirements of payday loans typically include the following as a minimum:
- You must be 21 years old or above.
- You must be employed, with a fixed monthly income.
- You have to be a Singaporean citizen, permanent resident or working in the country with a valid work permit.
How much will my loan cost?
As with any type of payday loan, there are a number of charges and fees to be aware of. These include:
- Interest rates. The interest rates vary according to the type of loan and the risk involved. However, these loans are generally calculated between two and four weeks.
- Establishment fee. A fee may be added onto the amount you owe at the beginning of your loan term.
- Other fees and charges. Along with the establishment fee, if you are late or miss a repayment, lenders may charge other fees which are typically high. Before applying for this type of emergency loan, it’s really important to read the full terms and conditions so you are aware of all the charges you could face.
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