Short term cash loan, popularly known as Payday loan is a loan of short amount which need to be returned back to the lender on the next payday of the borrower. Many people also call it as cash advance or check loan. These loans are designed to make it available for short term and urgent expenses which come in between the month. The common features of Short term cash loan includes:
Variations in the terms and conditions of the loan can be noticed from one lender to other. It is important for the borrower to read the terms carefully to avoid any misunderstanding at time of payment.
If we need to speak about a drawback of Short term cash loan, then there is surely one. This loan is comparatively expensive than other available loans in the Singapore financial market. As this loan is provided on urgent basis and for short time the lenders expects high rate of return from borrower. Timely payment of the loan is advisable or else a small loan amount may turn into mountain due to penalty and late payment charges.
The documentations for payday loans are simple and in 24 hours’ time the loan amount gets disbursed in the account. For better clarification on the process of making application and returning the loan, you need to visit the designated website of the firm from where you are planning to avail the loan for a short duration. Support teams are available to assist the customers looking for the loan.