Licensed Money Lender Personal Loan Tampines

Shopaholics, foodies and sports enthusiasts love Tampines. You can explore a wide selection of mouth-watering Singaporean dishes at the Modern Hawker Centre, get the best deals and discounts when you shop at the Century Square or go for a swim at the Tampines Swimming Complex where you can enjoy their rooftop pools.

Planning to get a loan for your vacation but a sudden bill came in and it can’t wait any longer? A payday loan might help.

What is a Payday Loan?

A payday loan is a short-term loan that can be used in times of emergencies or help you settle your house utility bills. With a payday loan, you can get one month worth of your salary. However, you need to settle the loan as soon as you receive your next paycheck.

Advantages and Drawbacks of Taking a Payday Loan

Like any other loan, payday loans come with some risks. Here are the advantages and risks of taking a payday loan:

Advantages

• Fast approval rate: Licensed moneylenders can grant your payday loan within the same day, as long as you are eligible and able to submit all of the requirements needed. 
• Does not require a high credit score: Licensed moneylenders are not bothered by your low credit score. As long as you are capable of paying the loan on time, you’re likely to have a smooth loan approval.

Drawbacks:

• May put you to a financial quicksand: Only get a payday loan if you are capable of paying the loan within a short period of time. Like any other loan, a payday loan has a tendency to pile up if not settled on the agreed repayment period.
  

How to Get a Payday Loan?

Eligibility:

• You must be at least 21 years old
• For Singaporeans and Permanent Residents: must have regular employment or a source of income above S$1,5000 monthly
• Foreigners and Expats: must have regular employment or a source of income above $2,000 monthly.

Requirements 

For Singaporeans and PR:

• Identity card / NRIC
• Proof of residences such as a recent bill or letter addressed to you (only applicable if you do not own the residence)
• Tenancy agreement (only applicable if you are renting a flat)
• Recent 3 months payslip and employment letter if your current employment is less than 6 months
• Know your SingPass (to log into CPF, HDB, IRAS website)

For Foreigners and Expats:

• A valid work permit / S Pass / Employment Pass
• Passport
• Proof of employment (staff pass or company pass)
• Recent 3-month payslips & employment letter if your current employment is less than 6 months
• Proof of residence such as a tenancy agreement, recent bill or letter addressed to you
• Latest bank statement of account to which yearly or monthly salary is credited
• Singpass (to download IRAS NOA)

Steps to apply

1. Call 6235 1788 or fill out the online application.
2. Visit our office for a face-to-face consultation
3. Receive your money as soon as the loan agreement has been signed

How Can Raffles Credit Help You?

With Raffles Credit, each and every loan is personalised and crafted according to our client’s specific need, budget and capability. We will help you create a realistic loan plan with an attainable repayment scheme to avoid falling into financial quicksand.

10 years in the money lending industry, Raffles Credit is admired for its exceptional customer service and the company’s generosity in teaching their clients to be wise and responsible clients.

Conclusion

Aside from payday loans, Raffles Credit also offers personal loan singapore! We are strive to be your go-to Money Lender Singapore Tampines and will help take care of your financial needs today. Borrow up to 6x of your monthly income! Talk to us, and we’ll help you create the most suitable loan plan for your needs.