There are a number of reputable and licensed moneylenders that provide lending services to meet your financial needs. And there are many reasons why someone would want to take out a loan from a private lender. You can try the best money lender in Toa Payoh.
Here are the four advantages of choosing a private lender when looking for a loan:
□ The interest rate is quite reasonable
As some of the licensed moneylenders charge extremely high & frequently fluctuating interest fees. This cap is designed to prevent borrowers from going into debt by paying a seemingly endless amount of interest.
In addition, borrowers are free to compare the interest rates of legitimate moneylenders.
□ You can get more flexible loan terms
Getting a loan from a bank or other financial institution can be a hassle as there are some strict guidelines that you must follow. Licensed moneylenders are much more flexible than traditional banks regarding approval procedures and loan terms.
Some loan terms are also well evaluated based on needs as reputable private moneylenders follow a code of ethics. Their main goal is to carefully guide all clients through loan terms and reach mutual agreement.
□ Loan available within 24 hours
Because there are many problems with bank accounts. If you have good credit, you can get your loan within 24-48 hours. However, even if you don’t have an account, you can get a bank loan within a week or two on average due to the financial institution’s strict screening process.
This is where personal moneylenders, who often approve cash advances on the day of application, can help you understand your emergency and understand your customer’s needs.
□ Less paperwork and signatures required
A typical private moneylender in Singapore does not require pages and pages of paperwork before approving a loan.
With the NRIC and Singpass details in hand, you can get most of the information. This can save you a lot of time, especially if you need financial help urgently.
Private moneylenders also offer certain types of credit, depending on eligibility and required assets.
Conclusion
There are several ways to get a loan. Banks are usually the safest option, but there are conditions that individuals must follow. Moneylenders are also an option, but generally seen as a last resort. Lending money has a bad reputation among financiers. However, it can be a good option for those who cannot get a loan from a bank.