At one point in life, you may find yourself in a situation where you have to borrow money. While the ideal places to get money are traditional financial institutions, most people in Singapore prefer licensed moneylenders due to their convenience. However, before getting a debt consolidation loan in Singapore, ensure that they are licensed and have a good track record.
Here are the reasons why private money lenders are gaining more ground in Singapore compared to traditional money lending institutions.
Simple Application Process
The loan application process for reliable moneylenders is easy and straightforward. You can apply for the loan anywhere using your mobile phone, but to complete the process, you would need to appear in person at their office. Simply fill in the required loan form, attach any required documents, and ensure that you are passing the application to an experienced staff at the offices of licensed moneylenders. Now, all moneylenders require a face-to-face procedure before they are able to release any funds to you.
Calculated Interest Rates
Interest rates are a significant determinant when choosing a lending company. Therefore, you need to look around as you compare the interest rates of various companies. With a predictable interest calculation score, you will know the amount of money you will need to score at the end of the month. Admirably, licensed moneylenders in Singapore charge a low-interest rate for people with good credit scores. They are licensed and are therefore under obligation to comply with all the interest rate ceiling given by the government.
Licensed moneylenders may not offer loans as big as traditional lending institutions. While things might look like an undoing, it may be a good thing for you. Small loans are easily manageable and take a short time for you to clear them. Despite being eligible for a more significant credit, you need to be prudent on not to take a loan that may lead you into a deep financial crisis in case of an unforeseen circumstance such as sickness or loss of the main source of income. Licensed moneylenders need to comply with the loan limit given by the government of Singapore.
Licensed Moneylenders Are Flexible
Compared to traditional financial institutions, licensed moneylenders have flexible terms and conditions. Their products are made to suit small income earners and repayment terms to suit your situation. For instance, if you are unable to pay your loan on time, you are allowed to go and re-negotiate the repayment plans. They are always willing and ready to listen and change the terms and conditions of the loan. Most licensed moneylenders set out products as per their customer’s needs.
Before committing to licensed moneylenders, visit their website to learn more about their easy and fast application processes. Also, take the time to study their terms and conditions. If they are not clear, you can visit their office physically to get this information. Alternatively, contact customer care to get more information. If the customer care takes too long to get back, go to the next licensed moneylender. Licensed moneylenders are a better option, especially if you are looking for quick loan approval.