Increasingly, it appears that sometimes we need a quick quid well ahead of our payday. Millions of Brits fail to get any credit from high street banks at reasonable rates. That leaves average workers in the lurch with no financial resource to fall back on when they need cash for paying emergency bills. Credit worthiness of any person measures his or her ability to meet bill and other payments using a backup cash source. When that source is not there, and bills are due, your credit rating nosedives. This means, you cannot hope to get any credit from banks.
These days people have to cope with outrageously highly living expenses, such as utilities bills, rents, fuel expenses and so on, but cannot make their pay check last until payday. In these circumstances, payday loan companies fill the void. They are also referred to as quick cash, cash advance, cash before payday, fast cash or pay advance companies.
In the past few years, there have been some negative responses from many sides to the easy availability of funds from companies offering quick payday loans. But, one should also think of the hapless borrowers who have bad credit rating, and no place to approach for loan. These people really need a helping hand in the middle of the month. Intense competition in the Singapore payday loan industry now ensures that borrowers will get best terms and rates from the licensed money lenders.
Don’t expect the money lenders and high street banks to come to rescue of the hapless Joe and Jane. They want to reach their profit goals and also want to keep competitors at bay. With few payday loan providers, you get discount if you payback your loan within two weeks. Will the big banks offer this kind of incentive? Even major credit cards charge their interest from the date of purchase. This definitely tells you all about the grass roots power of the low interest payday loans.
There is no need to fax the documents to the lenders office as you can fill in the details right there on the website of the lender. Within hours your application will be processes and loan amount will be transferred to your bank account. You will have to repay this amount on your next payday. You can even seek an extension by paying a small extension fee.