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Raffles Credit Pte Ltd is a licensed moneylender (License No. 55/2021) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

Licensed Money Lender Personal Loan Tanjong Pagar

Licensed Money Lender Personal Loan Tanjong Pagar

Tanjong Pagar is a Malay phrase that means “cape of stakes”. The name comes from its roots as a fishing village on a promontory that was once in the area. These days, Tanjong Pagar is largely known as a multicultural place that’s filled with a diverse bunch of dining options.

The area around Duxton Road, for instance, is filled with many interesting establishments for the curious foodie. Examples include Coucou Authentic Swiss Restaurant, Latteria Mozzarella Bar, Binomio, and Lucha Loco.

While you’re thinking of enjoying Tanjong Pagar’s delectable offerings, the last thing you want to deal with is a shortage of funds. Fortunately, this can easily be solved by taking a payday loan from a trusted moneylender.

What is a payday loan?

As the name implies, a payday loan is a short-term loan that seeks to provide enough cash to help the borrower get through until the next payday.

Generally, the loan amount is equivalent to one month’s worth of your salary. You’ll then have to pay back your loan upon getting your next paycheck.

 

Advantages and risks of taking a payday loan

Here are some advantages of getting a payday loan from a licensed moneylender:

  • Quick approvals: You can get approved within an hour of applying if all your requirements are valid.
  • Easy qualifications: The requirements for a payday loan are very easy to fulfill (see “Requirements” below).
  • Low credit scores still welcome: Even if your current credit score isn’t that great, licensed moneylenders can still grant you a loan.
  • Invaluable for emergencies: Sometimes, life takes us by surprise and we unexpectedly fall short on cash. For these kinds of situations, payday loans can be the thing that saves your day.

 

And here are some reasons why you should think twice before getting one:

  • Quick debt accumulation: Although monthly interest rates are capped at 4%, your debt can quickly accumulate the moment you miss your payment.
  • Negative impact on credit score: It may affect your credit score negatively, especially if you have a history of not paying back on time.

     

How to get a payday loan?

Eligibility

  • Borrower must be at least 18 years old
  • Singaporeans/permanent residents: Minimum monthly salary of SGD 1,500
  • Foreigners/expats: Minimum monthly salary of SGD 2,000

     

Requirements

Singaporeans / Permanent Residents

  • NRIC / Identity card
  • Proof of residence
  • Tenancy agreement (if you’re renting a flat)
  • 3 recent payslips and employment letter (if current employment hasn’t reached 6 months)
  • SingPass

     

Foreigners

  • Employment pass/work permit/S Pass
  • Proof of employment
  • 3 recent payslips and employment letter (if current employment hasn’t reached 6 months)
  • Proof of residence
  • Latest bank statement
  • SingPass

     

Steps to take

  1. Submit online application: Fill out our online form on our website or call us to submit your application.
  2. Discuss loan plan personally: Once your application has been approved, visit our office so we can further discuss the details of your payday loan.
  3. Get your payday loan: If you agree to the contract’s terms and conditions, you can get cash within minutes of signing it.

     

How can Raffles Credit help you?

We at Raffles Credit know exactly how hard it can be to get into debt. That’s why, as responsible moneylenders, we never encourage any of our borrowers to loan more than they can realistically afford.

 

This is especially needed when it comes to payday loans. Thus, if you choose to borrow from us, you can be sure that we’ll create a plan that you can easily manage.

Conclusion

If you’re looking for a money lender Singapore that offers great payday loan plans, Raffles Credit is here for you.

Contact us at 6235 1788 or [email protected] to know more about your payday loan options today.

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