Novena is one of the planning areas located within Singapore’s Central Region. The area and the roads associated with it are named after Novena Church, which is officially called the Church of Saint Alphonsus.
In Novena, you’ll find a few of Singapore’s national institutions, such as the National Skin Care Centre, National Neuroscience Institute of Singapore, and Tan Tock Seng Hospital, which is one of the oldest hospitals in the country.
If you ever end up with a financial emergency, a licensed moneylender in Novena can help you overcome it.
What is a payday loan?
A payday loan is a short-term loan that is typically worth a borrower’s one-month paycheck. It is generally used for situations that require immediate financial resolution — one that can’t wait until the borrower’s next payday.
Advantages & risks of taking a payday loan
Getting a payday loan when you really need the money can be a lifesaver. Of course, it also has some drawbacks.
Listed below are some of the advantages and risks that come with payday loans:
- Fast approval process: Licensed moneylenders have fast approval times that allow them to release the borrower’s loan amount immediately.
- Good for emergency situations: Following the previous point, payday loans are handy for emergencies because they tend to get approved right away.
- Minimal requirements: You don’t need to gather and retrieve a lot of documents to apply for a payday loan.
- Irrelevant credit history: Moneylenders may check your credit history, but it will not affect your ability to get a loan from them.
- Late payments lead to debt snowball: When borrowers are unable to pay back on time, their debt can quickly snowball into something much bigger than they initially borrowed.
How to get a payday loan?
To be eligible for a payday loan, the borrower must be at least 18 years old. Singaporeans must have a minimum monthly income of SGD 1,500, while the requirement for foreigners is SGD 2,000.
Locals & permanent residents
- NRIC / ID card
- Proof of residence (e.g., utility bill)
- Proof of employment (e.g., certificate of employment)
- Employment pass / S-Pass / work permit
- Proof of residence (e.g., tenancy agreement)
- Proof of employment
- Proof of income
- Submit application: Apply for a loan by filling out our online form or by calling us.
- Attend consultation: Upon receipt of your application, you’ll be invited to come to our office so we can further customize your loan plan.
- Receive cash: If the terms and conditions of the contract are agreeable, you can sign it and get your cash immediately.
How can A1 Credit help you?
A1 Credit strictly follows the standards set by Singapore’s Ministry of Law and the Moneylenders Act. We make sure that our customers not only get the fairest rates from us, but we also help them become more mindful of their expenses.
Indeed, we are the Licensed Money Lender Novena that you can trust, especially when you need flexible repayment strategies.
Contact us at 6336 0833 or [email protected] to know more about our payday loan plans.