Why Singaporeans Should Borrow From Licensed Money Lenders Over Banks

Banks can be a convenient and secure way to borrow money because they are large, established organisations that can afford to part with large sums of money at once.

However, for most borrowers, banks are not the best choice. Banks can give loans up to 10 times your monthly income but their approval process is strict. Even if you have a ‘perfect’ credit score and make a high monthly income, you will still have to wait days or weeks for your loan application to be processed. For other borrowers with less than perfect credit scores, or those with a low monthly income—borrowing from banks is not an option at all.

Don’t fret! Aside from your friends, family, and colleagues, there are also licensed money lenders in Singapore that you can rely on!

Advantages Of Borrowing From Licensed Money Lenders Over Banks

Private licensed money lenders reliably provide support for Singaporeans in urgent need of money. Private money lenders are known for:

• Being faster with approval rates
• Requiring fewer documents
• Having fewer restrictions regarding credit score, citizenship, or income
• Having shorter payment terms (clear your debt quicker & spend less time paying off interest)

With some licensed money lenders in Singapore, you can get your loan approved and released as quickly as 5 minutes! A licensed money lender gets back to you quickly, and the chances of getting your request approved are much higher.

In addition to this, borrowing from a licensed money lender in Singapore is surprisingly safe. They are not loan sharks that chase down and harass their victims, but legal, professional money lenders that abide by Singapore’s Money Lenders Act – a set of regulations imposed by Singapore authorities to protect borrowers against unfair lending practices.