Have you been short of money for an emergency? Do you wish to purchase something urgently? What are your options? You could apply for a personal loan from the bank or a lending institution. However, you would be required to have a good credit score to seek approval for a personal loan. In case, you had a poor credit history or no credit history, you could not apply for a personal loan. You would also not be eligible for a credit card. In such as scenario, your best bet would be to look for a Grab Pay Later Merchant Singapore.
The pay later option would work wonders for you. It would enable you to purchase if you do not have adequate cash in your wallet. You would be required to seek approval from the lender to purchase with the pay later option. After the lender deems you eligible for the pay later loan, he would purchase for you. However, you would be required to pay the lender in easy monthly installments based on the purchase made. Rest assured that most lenders would offer small amounts for pay later loan options.
What Are The Eligibility Criteria For Using A Pay Later Loan?
You would be required to adhere to the eligibility criteria before seeking approval of the pay later loan. The eligibility criteria for the pay later loan are not as complex as that of credit cards. It has been specifically designed for people with a bad credit history. If you were having trouble seeking a personal loan due to a poor credit score, rest assured that the pay later loan would be your best bet. The lender would require you to adhere to the following requirements –
- You should be over the age of eighteen years
- You should have a steady income
- The money should be credited regularly to your bank account
- The credit score does not matter here
The credit score is not a criterion in seeking approval to pay the loan later loan. The lender would not check your credit score to approve your pay later loan. All the lender desires are for you to have a regular income credited to your account. It would be vital, as the lender would require some satisfaction from the borrower on his ability to pay the loan.
Why Is Credit Score Not A Criterion For Seeking Pay Later Loan Approval
As mentioned above, a credit score has not been deemed a criterion for seeking pay later loan approval from the lender. It implies that you would not have to worry about your credit history to seek the loan. The lender helps the borrower in a time of financial crisis, despite the borrower not having a good credit score. However, the lender would keep a safeguard with him by charging a higher rate of interest in case the borrower defaults in paying the installment within the stipulated time. Do you wonder how much cash should I have in savings Singapore? You should have adequate cash to pay the loan amount borrowed from the lender.
Do Credit Cards Help In An Emergency?
You might look forward to using the top credit cards in Singapore for your emergency needs. However, your poor credit score would make you ineligible for a credit card. In such a scenario, your best bet would be to seek approval to pay a later loan without any credit check. It would enable you to make the most of your purchase needs without worrying about the repayment plans. It would be worth mentioning here that the pay later loans would help you enjoy your life despite you being short of cash in tough times.