Katong, which is short for Tanjong Katong, is a seaside residential town situated in Singapore’s Central Region. In the late 19th to mid-20th centuries, Katong used to be a place where the wealthy built their retreat houses.
Today, Katong is one of the go-to places for exploring Peranakan culture, particularly Peranakan cuisine. Try them out at Baba Chews, Chin Mee Chin Confectionery, and 328 Katong Laksa, which are all located along East Coast Rd.
Of course, the last thing you’d want to deal with while you’re in Katong is a shortage of funds. Here, we’ll discuss what a payday loan is, and how it can help you overcome such troubles.
What is a payday loan?
A payday loan is a type of loan that grants you an amount that is equivalent to a month’s worth of your salary. You’ll then have to pay back your loan with your next paycheck.
Advantages and risks of taking a payday loan
Getting a loan from a licensed moneylender has advantages and risks, so it’s best to be aware of them before you get a loan. Listed below are the things you should look into:
- Quick disbursement of cash: With a moneylender, you can get your cash on the same day that you applied for a loan.
- Quick turnover: As long as you plan your budget beforehand, you’ll be able to easily pay your loan back.
- Relatively affordable: All payday loans have set fees and interest rates based on the Ministry of Law’s guidelines.
- Accessibility to more people: Your loan application can still get approved despite having a negative credit score.
- Debt snowball tendency: Missing the payment schedule can quickly turn into a debt snowball, which can be harder to get out of.
- Credit score effect: In relation to the previous point, this can affect your credit score negatively if you’re not careful.
How to get a payday loan?
Listed below are the things you’d have to consider to be approved for a payday loan:
- Must be at least 21 years old
- Minimum monthly salary of SGD 2,000 for Singaporeans and SGD 3,000 for foreigners
- ID card / NRIC
- Proof of residence
- Proof of employment
- SingPass (To log into CPF, HDB, IRAS website)
Additional requirements for foreigners include:
- Employment pass / S-pass / work permit
- Proof of income
- Fill out the online form: Apply for our loan via our website. Alternatively, you can call us to schedule an in-person consultation.
- Discuss loan plan at the office: Upon approving your application, you’ll be invited to our office to further discuss the details of your loan.
- Get your cash upon agreement: As soon as you sign the loan contract, you can get your payday loan amount right away.
How can A1 Credit help you?
Many people tend to fall into a debt cycle that they find so hard to get out of. A1 Credit not only aims to provide relief for your current situation, but we also strive to help you break free from the cycle for good.
As a company that strictly follows the Ministry of Law and the Moneylenders Act, you can be sure that you’re in safe hands.
Dealing with money problems is indeed tough. The good news is, working with a trusted Licensed Money Lender Katong can help you solve it quickly. Personal Loan Katong can help you out with your financial needs.
Contact us at 6336 0833 or email@example.com to learn more about our payday loan plans.