With the quality of life getting better than ever in Singapore, the cost of living is also shooting up in the city-state. There are many people not being able to meet the ends meet comfortably. Payday Loans are just the solution to the problem.

So what should your checklist for direct lenders payday loans Singapore come with? Here are the hints?

Be Rational

Financial crunches can be stressful and emotionally overwhelming. However, irrational decisions with finances can result in bad decisions. For example, getting funds from a loan shark can give temporary relief, but it will simply haul you into an escalating debt. So double-check whether you are taking a loan from a licensed moneylender. Check online for the list of licensed and registered moneylenders in Singapore. 

Your Loan Calculator

 Ensure that you borrow only that much of the amount that you need. Also, choose your term of repayment. This will help you to meet your needs comfortably, without discounting on the necessities. Also, check the rate of interest that your money lending agency is charging. As per the governmental direction, licensed moneylenders cannot charge more than 4% interest for a month. If your agency is charging you higher, then it might be that you have approached a fraudster. 

Also, confirm the details of the other fees. Ensure that your agency follows a transparent charging policy. 

Beware Of These Advertisers

The government of Singapore categorically prohibits the money lending agencies from advertising by means of SMS, e-mails, pamphlets, and the like. The legal, lenders can, however, advertise online, in their company websites, as well as through printed directories.

The Basic Golden Rule

Over the years, the norms and regulations of applying for and availing payday loans in Singapore have been simplified to a great extent. Yet, every company offering this service has its own terms and conditions. Hence, ensure that you fully understand the terms of contracts before finalizing a deal. Ask for clarifications wherever you feel before signing the contract. Also, make sure to keep a copy of the contract as a backup. 

 Last, But Never the Least

Even if your loan amount gets sanctioned online, it makes sense to get your cash physically. Even the online money lenders are not allowed to transact loans online. So if you choose a legal and truly authentic lending agency, then the agents would ask you to make a physical appearance, sign the contract and take the sanctioned amount.