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A payday loan is a type of short-term, high-interest loan that is intended to provide borrowers with quick cash until their next paycheck.
These work like traditional payday loans but are applied for and funded electronically, often deposited right into your bank account.
These spread the loan amount out over multiple scheduled payments, rather than being due all at once. Installment loans tend to have lower interest rates than traditional payday loans.
With these, you're approved for a line of credit up to a certain amount and can draw funds when needed. You only pay interest on the amount borrowed.
Private lenders can often process loans faster than banks as they have fewer formalities and can make quick credit decisions. This helps meet urgent financing needs.
Book an appointment to discuss your loan plan with us.
We offer one of the lowest payday loan interest rate in Singapore.
Eligibility Requirements for Payday Loans
Must be 21 years old and above
Singapore citizenship or permanent residency
Earn at least $2,000 per month
Employed by current company for 6 months or more
Active local bank account
Valid local mobile number and email address
Minimum 6 months of credit history
No bankruptcy or current debt repayment issues
Loan Amount
Payday loans are for smaller dollar amounts, usually $100-$1000. Personal loans provide larger loan amounts, from $1,000 up to $100,000 in some cases.
Repayment Terms
The repayment term for a payday loan is typically your next pay date or within 2-4 weeks. Personal loans have longer repayment terms that can range from 1-7 years usually. Payday loans require a lump sum payment, while personal loans offer installment payments.
Credit Checks
Most personal loans require a credit check to qualify and assess interest rates. Payday loans typically do not require a formal credit inquiry.
Visit our office for an appointment with our loan consultants to customize a loan package to meet your needs.
After you’ve read and understood the loan terms & conditions and payments, you can sign the loan agreement.
After signing the contract, you will receive your cash loan on the spot or within 1 Day from JD Credit.
A payday loan, also known as speedy cash, helps aid people in times of monetary crisis until your next paycheck arrives. This loan is often met with ungrounded anticipation, helping people to get out of financial emergencies, such as medical bills or outstanding bills that cannot hold off until the next paycheck.
A payday loan is a short-term loan, usually due within a month, and as for a personal loan, the term typically lasts for two years. Therefore, payday loan comes with a comparatively higher interest rate as compared to other loans and is of a smaller amount.
To be eligible for our payday loans, you have to be:
1) 18 years of age and above,
2) Working at least a part-time job,
3) Singapore Citizen or Permanent Resident status. If you are a foreigner, we will require your work permit or employment pass.
There is no minimum salary requirement, however do note that the loan amount will be depending on your salary, along with other financial documents that you may provide us with.
We provide a variety of repayment plans, such as weekly, bi-weekly and monthly installment plans. During the payday loan application, kindly state your preferred repayment plans.
To apply, we will require you to fill in a short form, providing us with your name, phone number, email address and NRIC.
The loan amount we grant under the payday loan is subjected to your income proof and if you have any outstanding loan. When taking out a payday loan, you should consider if your current earnings and expenses are sufficient.
JD Credit does not impose a maximum loan tenure – we are open to discussion and working out a plan that can be mutually agreed upon by both parties.
JD Credit accepts early repayment for our payday loans. We even offer interest rebates, so you can enjoy more interest savings when you settle earlier.
You may refinance your loans with us. We also provide debt consolidation of our clients’ other personal loans.
You may take another loan after one month upon receiving your payday loan approval.
