Payday Lenders & Other Alternative Lending Institutions

It is a given that in today’s economic situation, most of us is faced with some form of financial crisis and the only recourse is BORROWING money from any financial institutions. Financial distress, forces us to try and borrow money and the lending institution we normally approach are the banking sectors.  This is a common practice but if you are turned away by banks, what do you do? In the event that your loan application are rejected by banks, there are alternative lending institutions that you can apply with and one of the most common lending institutions that you can turn to are those that offer payday loan. Referred to as payday lenders these licensed money lender singapore do not usually rely on the credit standing of an individual and would easily approve a loan as long as the borrower has a fixed monthly income, preferably a salary that he gets from working or one who has an ongoing steady business income. However, most of these payday lenders can only accommodate small loans and if the amount that you may need will fall on the payday lender’s limit then you are good to go. If not, you can still avail of the loan and perhaps find other ways to get the deficit. The loan term for most payday lenders are short and would only last for about a few weeks. Most of the time the maturity, would always fall on the day of the borrower’s salary. I suppose the reason for this is the security for the lenders that the loan would be paid on time.

 

If the payday loan is not enough for your need, another option is to avail of an equity or guarantor loans. In equity loan, you will need to secure the loan with any asset that you own such as a house, lot, car or anything else that is of the same value or more as the amount that you are borrowing. Guarantor loan on the other hand would require you to have somebody with a good credit background to co-sign your loan.