What Makes Licensed Moneylenders Supersede Banks?

What do you do when you are short of money and are desperate for some quick credit but can’t do so because of your bank’s meticulous bureaucracy? Don’t worry! There’s no need to start mortgaging assets and selling things to pawn shops. When you come to licensed, you never need to worry about making a financial mockery out of yourself in the midst of a minor cash crisis.

Actually, the lower the loan amount you require, the stronger your chances to get it from a licensed money lender. Now we will take a look at how these professional moneylenders have given Singapore 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 comply with all guidelines on lending amounts, service fees and licensed money lender interest rate in order to do business.

Luckily, Are reforming their image as thorough businessmen who adhere to all Singaporean laws 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 have the flexibility to attain. Now let’s see some what makes licensed money lenders supersede the banks:

Small loans

I contacted six different lenders and all of them were emphatic 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 lenders primarily focus on small loans, the turnaround time and process of loan approval is fast. In addition, 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 lenders insist on negotiating rates only after meeting you personally, 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 who look desperately for a small loan without wasting much time.

Since most borrowers are short on time and patience, they barely give much resistance in complying with the steep 25%-30% licensed money lender interest rate. Hence, it’s recommended to pay a visit to a few finance blogs to shop for the best possible rates.

Know more information about licensed money lender click here:http://imoneylender.sg/what-to-take-note-when-borrow-money-from-licensed-money-lender