Benefits of Choosing a Licensed Money Lender in Singapore For QuickMoneyComments Off on Benefits of Choosing a Licensed Money Lender in Singapore For QuickMoney
Financial emergencies can arrive anytime, leaving a really short time to arrange for quick money. For an urgent need of personal loan, it is best advised to choose a licensed money lender in Singapore instead of a bank. Many a times, a loan request is rejected by a bank due to low credit score, poor Total Debt Servicing Ratio (TDSR) and/or the employment and income history of the borrower, but licensed money lenders are flexible in such cases. A licensed money lender would always abide by the rules set by Moneylender’s Association of Singapore and follow the ethical practises which favours the equality of borrower and moneylender to avoid any frauds. Also, another benefit of choosing licensed over non-licensed is that the former is capable of meeting with your need of quick money to serve the purpose.
Here are the reasons for which you should ditch the banks to fulfil your need of quick money:
Clear & short application
Most of the reliable licensed money lenders in Singapore believe in hassle free loan process and hence, they have a very short and to-the-point application form. Such money lenders also have online application forms so that the you may not have to make unnecessary visits to the office. The simplified and professional loaning experience is really appreciated by the borrowers.
Low Interest rates
As stated earlier, a licensed money lender in Singapore has to compulsorily abide by the rules of Moneylender’s Association of Singapore. The association makes sure that the interest of borrower is served and so the licensed moneylenders have to compute and disclose the interest rate prior granting the loan. At present, there is a cap of 4% on loans availed from such moneylenders regardless of whether the loan is secured or insecured.
Customized loan to fit your need – Since licensed moneylenders are pretty much flexible, they can customize your loan as per your need. So whether you are looking for a loan to meet with personal expense, business liabilities or medical emergencies, you can get quick money from such money lenders. The package will be customized depending on the loan amount and time required for repayment.
Yes, you read it right. The borrower is required to provide only basic documents to avail quick money from a licensed money lender in Singapore. The compulsory documents include income tax statements, national Registration Identity card (NRIC) and Central provident Fund statements.
Surely, you would need a quick financial assistance and solution in emergency and a licensed money lender would be your best bet in serving you some quick cash.