With such a tough economy at hand, many find themselves needing an advanced payday loan. Nonetheless, like most loans, to get an advanced payday loan, one must meet specific requirements. Why? These requirements are usually not very much, and just about anyone who holds a job will qualify for an advanced payday loan. Below are the criteria that is most important when applying for payday loans. It would come in handy if you are looking out for a payday loan for your personal needs.
First and foremost, the applicant must be 21 years of age. Even if the applicant is below 21, and holds a very good job, they will still not qualify. They must be 21 years of age when applying.
Secondly, you must be a citizen of the Singapore in order to be approved for an payday loan – no exceptions to this rule. Those with Green Cards or Visas are not eligible for an payday loan.
Where the applicant is working, and how long they have been working there is extremely important. Generally, if the applicant has only been working at the same workplace for 2 months or less, they will not qualify for an payday loan. With this in mind, the longer the applicant has been employed at the same place, the higher the chances are of getting an payday loan. Someone who is in their first month on the job is likely to be rejected for the cash loan.
With most payday loaners, it is a requirement to have a checking account. Furthermore, the checking account must be under the applicant’s name, and at least a part of their salary must be put into the account every month. This is where most people go wrong and miss their chance of getting the much needed loan they are after.
Lastly, on a lighter note, the applicant should usually have an address of residency. This is not always a “written in stone” requirement, but it is generally quite important.
Given you meet all of the above requirements; you are almost guaranteed to be approved for an payday loan, no matter which lender you choose to go with. Needless to say, the economy is not at its best, and many people find themselves trapped, unable to pay the bills at the end of the month maybe just before the actual payday. Let’s face it – most of us have probably been there at one time or another. This type of loan is obviously short term, and must be paid back as soon as possible. Not doing so can result in interest fees, penalties, and so on. You should only take out an payday loan if you are completely sure you will be able to pay it back soon. If not, you may be better off asking a friend or family member to borrow some money to get through that month. Asking a family member or a friend for a loan is definitely the better option of the two for those who know they will not be able to make the payment. Why is it so important to make sure you can pay it back on time (aside from penalties and such)? Not paying back on time could potentially hurt your credit score. And I am sure nobody would like to gamble with their Credit scores, right?