INTRODUCTION
Money Lenders are people who lend money to those who are in any financial need. They charge a high rate of interest in return because of the fear of losing the money. Moneylenders Singapore helps out in situations when you are in urgent requirement for money. Moneylenders Singapore can be an organization with a group of people or even a single person. Exclusive money lenders like Lender.sg also provides a loan to people who have a bad or poor credit score.
ADVANTAGES OF CHOOSING MONEY LENDERS SINGAPORE
There are several advantages to choosing money lenders in Singapore. They are:
- Loan amount– Money lenders are the ideal choice for choosing a loan of a small amount. Moneylenders allow you to repay the loan according to your requirements. If you opt for borrowing through banks then the repayment period would have been much later. Small venture businesses opt for going through money lenders for the loan.
- Flexibility– If you don’t have a bank account or have a bad credit score then money lenders are the best and only choice available to you. Banks don’t provide loans to people who have a bad credit score or one who don’t have a bank account. You also require collateral security that needs to be submitted. Banks will consider the collateral as a security deposit. The reason behind that is if you fail to repay the loan amount then the bank will take over the collateral security.
- Credit score– Having a good credit score makes it easier to get a loan through banks. But many people have a poor or bad credit score. People with bad credit score usually struggle to get the loan. Banks reject them because of their credit score. Moneylenders don’t see your credit score while providing you loans.
- Instant Loan– Money lenders are the fastest way of getting the loan. If you have all the documents that the money lenders need for verification, then it takes a maximum of two days for getting the loan. Banks would take up to two weeks for getting the loan approved. When people are in urgent need of money and they don’t find any way of getting the loan, they contact popular money lenders like Lender.sg. Many a time’s money lenders can provide the loan you require in 10 minutes or so.
DISADVANTAGES
- Interest- some Money lenders charge a hefty amount of interest. They do so because of the risk factor they take. The interest rates can vary between 20%-40%. Thus before choosing a money lender, make sure whether you will be able to repay the loan amount with such heft amounts of interest.
- Illegal Money Lenders Singapore- There will be a lot of people who would have a fake document with bank signatures and everything. When they provide you loans, they can charge a very high amount of interest and if you fail to repay the loan they can even transfer your property to their name. So while reading all the documents it is important to make sure that you don’t put your signature in any of such cases. It is important to choose the right money lender. Check from the various licensed money lenders in the market and compare the interest rates charged by them. Before choosing a particular money lender as for the licensed number provided by the Registry of Money Lenders in Singapore.
Who are eligible for the loan?
- Anyone who is between the age of 21 and 65 can apply for a loan from the moneylender.
- Residential proof and identification proof is required
- Since most of the money lenders don’t for collateral, they require you to show your income. A minimum income of $20,000 per annum is required from licensed money lender Singapore.
- If you are a foreigner then you will be required to show your passport and other details like how long have you been staying in Singapore?
CONCLUSION
Now that you know both the pros and cons of money lenders Singapore, you should be able to make your own decision about whom to borrow the money from. Moneylenders Singapore can be very useful in cases of emergencies. Before choosing any moneylender, make sure to check whether it is a licensed one or not. There is a list put up on the official website of Registry of Money Lenders in Singapore which shows all the licensed money lenders in Singapore. When you are going to opt for the loan from money lenders, make sure you have all the documents ready to speed up the process. Money Lenders Singapore doesn’t require much paperwork because of which many people opt for going through it. Thus, it is important that choosing the right kind of money lending form is done. Whether you opt for banks or money lenders, make sure it matches with your requirements
