9 Advantages of Choosing a Licensed Moneylender in Singapore
Have you ever faced a financial crisis or required money for some urgent work? You’d probably consider a bank loan as the solution to your problem, however, keep in mind that you might be denied one for the following reasons:
- A low credit score
- Your income and employment history
- Your Total Debt Servicing Ratio (TDSR)
So what do you do next? The solution to your problem is – a licensed moneylender. They provide personal loans, foreigner loans, payday loans, and even business loans that can be repaid over a specific time period. These are a saving grace for us in situations of emergency, and the best part is – they’re authorized to provide loans.
Still unsure? Here are 9 advantages of choosing a licensed moneylender in the Lion City:
- Flexibility – When it comes to lending money, banks are quite stringent and don’t approve of those with financial issues or constraints. A licensed moneylender provides much more flexibility for loan approval as well as repayment.
- No Credit Checks – A licensed moneylender is not concerned about your credit history, only on your current ability to repay the loan amount. You won’t be subjected to any credit checks, as your income level establishes the amount that you get.
- Quick Transaction – Once you have submitted the necessary paperwork, a licensed moneylender can loan you the amount of money requested in no our time at all. Some even provide same-day loan approval as well as cash on the spot.
- Dependability – By choosing a licensed moneylender, you ensure that they work within the laws of Singapore, and do not have an opportunity to harass you. Take a look at the list of licensed moneylenders in Singapore here.
- No Income Restriction – Unlike banks, licensed moneylenders do not require a high income level for granting you a loan. Regardless of what you do on the professional front, you have the option to loan a specific amount of money.
- Capped Interest Rate – Licensed moneylenders are required to compute and disclose to you the Effective Interest Rate of the loan, prior to the loan being granted. Currently, the maximum interest rate moneylenders can charge is 4% per month. This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one.
- Customized Loan Package – Whether you need a personal, business, foreigner or payday loan, a licensed moneylender has the right package personalized for your specific needs.
- Minimal Documentation – This is a great advantage, since you need just basic documentation to apply for a loan. This can include your NRIC card, income tax statements and CPF statement. Such documents can be easily gathered and sent to the lender.
- Effortless Application – A reliable moneylender knows how urgent your financial needs are, which is why it makes the process of application and approval as effortless as possible. You can even apply for a loan online.
Now that you know the main advantages of choosing licensed moneylenders in Singapore, you can go ahead and pick the ideal one for your specific needs today!