Having to wait for your bank’s approval if you need money. The good news is that there are other ways to get cash quickly.
Licensed moneylenders in Singapore offer a fast and easy way for consumers to borrow money without worrying about the adverse effects of borrowing from friends or family members.
In this post, we’ll discuss some of the benefits of using licensed moneylenders in Singapore over other lending products and why you should consider them if you’re looking for financing options.
Licensed moneylenders are heavily regulated by the Ministry of Law in Singapore.
Licensed moneylenders are heavily regulated by the Ministry of Law in Singapore. Licensed moneylenders must follow strict rules and regulations regarding the number of interest rates they can charge on loans and other terms and conditions. Furthermore, licensed moneylenders must be registered with the Ministry of Law in Singapore.
You will not have to wait a long time to receive your loan.
When you apply for a loan from a moneylender, you can receive your funds in less than 24 hours. This means if you need the money right away, time is not an issue.
Suppose you are considering applying for a loan from a bank or any other financial institution.
In that case, it will take much longer because most banks require applications to be processed by their employees first before it’s released to those who qualify.
Moneylenders are available all day, so you can apply and receive your funds when needed.
You can apply for a loan from a moneylender using your mobile, tablet, or computer, and you can also visit them in person to do the same.
They’re open 24 hours a day and have online applications that are fast and easy to complete, meaning you can receive funds when you need them quickly.
The process is simple; once your application has been approved, they will transfer money into your account via bank transfer or in-person pickup cash at one of their designated locations.
They do not require collateral for all loans.
Moneylenders require no credit checks, so you can get a loan without worrying about your credit score.
Furthermore, there are no collateral requirements for all loans provided by moneylenders. Collateral is any form of security that a borrower offers as a pledge as part of the loan agreement.
This usually involves property or items with high value, such as houses and cars. With personal loans from banks and other financial institutions, borrowers need to offer collateral because they cannot provide security on their behalf (i.e., they do not have money).
Their interest rates are reasonable.
Interest rates on moneylenders’ loans are higher than other types of loans. However, they are lower than credit cards, bank loans, and payday loans.
Moneylenders can help you get emergency funds even if your credit score is too low for banks.
The interest rates for moneylender loans can be as low as 5% per month (60% per annum). This may sound high, but it’s much better than the 300%-1000% charged by payday lenders!
There will be dignity and respect shown to you, no matter the reason for your loan.
You’ll be treated with respect and dignity no matter the reason for your loan. Moneylenders understand that life can turn on a dime and that you may need a loan because of circumstances beyond your control.
Whatever the reason, they will still treat you as a human who deserves respect.
Moneylenders also have decades of experience helping people like you overcome their financial difficulties and get back on their feet again.
You don’t need to explain yourself; they will know from the look in your eyes or from how you talk about things that this isn’t something that happens very often for you, but it could happen at any time, so it’s always good to have money available when disaster strikes (and it will).
Therefore, if you are looking for a source of funding and have not yet applied to a moneylender in Singapore, we encourage you to try one out today.
We hope this article has given you insight into what makes them great.