Life isn’t always a bed of roses. Sometimes you and your loved ones may have to come through the economic crisis. Or sometimes to achieve your dreams or meet your materialistic needs, one needs some form of financial aid. This financial aid can be provided in the form of personal loans from banks or moneylenders. Through licensed moneylender Singapore you get personal loans with higher interests. But these moneylenders provide a lenient treatment when compared to other loan providers.
Types of loans provided.
Before mentioning the pros of picking moneylenders over banks we all need to be well versed with the type of loans provided. First, one being secured loans, where once you have signed up, you need to pledge the lender some items whose titles he/she may acquire if there is a failure in the deposition of the borrowed amount. Secured loans often come up with lower interest rates because of the former reasons. Another type of loan being unsecured loans, where no form of asset is promised. The moneylender has to implement another form of repercussions if the borrowed sum is not fulfilled.
Benefits of choosing a licensed moneylender.
- Unlike most of the banks in Singapore, these moneylenders won’t pressurize you immediately from the point of signing the agreement.
- People of licensed moneylender Singapore act as per the rules mentioned by the Singapore government.
- No form of harassment or illegal actions can be enforced by these moneylenders as per the regulations set by the government.
- The bridge between the timeline of the loan issued and the loan acquired is very short in this case.
- Interest rates are pocket-friendly.
- Your past credit history isn’t put under the microscope.
Things to keep in mind.
Caution must be taken when it comes to signing the agreement. Borrowers should make sure they keep a copy of the moneylender’s certificate of approval. Also one should have a look at other alternatives before signing the agreements.