Pay day loans have been around since the mid-1990's and are available to anyone who has a job or gets a regular benefits check from the government. They have become more and more popular and since they are very profitable, more and more businesses have begun to offer them as money lenders.
Who Can Offer Pay Day Loans
As we noted, the list of businesses offering pay day loans had expanded in the last two decades and you can get a pay day loan from the following institutions:
- pawn shops
- banks
- credit unions
- check cashers
- storefront lenders
- licensed money lenders
Pay day loans are generally for a very short amount of time, about two weeks in most cases and the most one can borrow at one time is about $500 to $2000.
Who Is Eligible for a Pay Day Loan?
If you are wondering if you are eligible for a payday loan from a licensed moneylender Singapore, wonder no more. You can get a pay day loan if you can prove that you have a stable income. Most institutions want you to have a checking account and leave a post-dated check as collateral.
How Institutions Decide If You are Eligible
Most states have a database that pay day money lenders use to decide who is eligible for a loan. When you give a potential lender your social security card or another ID, they check it against this database to see if a match comes up for you. If the database has you listed as ineligible for a loan, the business will hand you a card with a toll-free number you can call if you think it is in error.
If you are deemed to be eligible, you will receive a check or cash from the money lender almost immediately so you can pay bills, get that doctor's appointment, or take care of business. But make sure you have money in the bank when the loan comes due otherwise you may face a bounced check fee from your bank. Pay day loans can help out with fast cash, but you have to remember they must be paid back in full plus interest or you will face late fees.