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Are Licensed Moneylenders in Singapore Great

Author: Mike Zhang
by Mike Zhang
Posted: Jan 30, 2015
licensed money

What will you do when you are short of money and desperately need to take some quick credit but can’t do so because of your bank’s meticulous bureaucracy? Don’t get upset! No need to start mortgaging assets and selling things to pawn shops. When you have licensed money lenders on hand, you never have to worry about your cash crisis.

Actually, the lower the loan amount you require, the stronger your chances of getting it from a licensed money lender Singapore. Now we will take a look at how these professional loans have given Singaporeans a convenient alternative for taking small short-term loans.

Licensed money lenders in Singapore have received their license from the Singaporean Registrar of Money Lenders. They must adhere to all guidelines on lending amounts, service fees and licensed money lender interest rates in order to do business.

Luckily, licensed money lenders are reforming their image as thorough businessmen who abide by all Singaporean laws and only hire accredited debt collection agencies to recover their money. But the real USP of licensed money lenders lies in their ability to provide financial assistance on a level that banks simply do not offer the flexibility to attain. Now let’s see some of benefits which offered by licensed money lender Singapore that supersede the services of banks:

Small loans

I contacted six different money lenders and all of them were focus on small loans.

Money lenders are a boon for Singaporeans looking for small loans that can be utilized for minor things like paying off medical bills, repairing your car, etc. Licensed money lenders stick to these risk-averse loans to reduce the negative backlash from unpaid debt.

Legally, the lending limit guidelines provided to these independent lenders is no more than 2-4 times the monthly salary of the borrower.

Instant approval

Since licensed money lender Singapore primarily focus on small loans, the turnaround time and process of loan approval is tremendously fast. Additionally, there are barely any bureaucratic layers of management who extensively deliberate over your request.

Any Singaporean borrower who has his financial documents in order can get his personal loan approved in the span of 30 minutes.

Steep interest rates

Even though a majority of money lenders insist on negotiating rates only after personally meeting you, it does not mean they are trying to cut underhanded illegal deals. It’s simply a smart business strategy on their part to lock in Singaporeans desperately looking for a small loan without wasting much time.

Since most borrowers are short on time and patience, they do not give much resistance in complying with the steep 25%-30% interest rates. Hence, it’s recommended to pay a visit to a few finance blogs to shop for the best possible rates.

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Author: Mike Zhang

Mike Zhang

Member since: Dec 23, 2014
Published articles: 7

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