Personal loans in Singapore are deals that do not require borrowers to provide any collateral such as a house, car, or other possible assets to avail deals. It can be used for multiple purposes such as expenses for emergency medical expenses, travel, house renovations, car fixes, as well as debt consolidation, which comes with flexible tenure either for the short term or long term. The personal loan amount that gets disbursed is based on an individual’s repayment history, monthly income, age, profession, employer reputation, and other factors. On the other hand, payday loans are short-term loan that can help you cover immediate cash needs until you get your next paycheck. These are typically due within two weeks—or close to your next payday. It functions differently than personal and other typical deals. Depending on where you live, you can get a payday loan through a physical branch with a payday lender.  As the name indicates, in a payday loan, you can borrow up to one month’s worth of your salary to help with your short-term financial issues and repay it back on your next paycheck. With moneylenders, both personal loans and payday loans can be applied online and offline with very minimal documentation. Key documents that lenders generally need the applicant to provide include proof of identity, monthly or annual income, and their address.