Licensed Money Lenders
The Vital Role of Licensed Moneylenders in Providing Fast Cash and other Personal Loans
If you ever had the unfortunate experience of a large bank denying you a personal loan application, you might realize how terrible it can be. Things could be worse, you could be going through a money crisis while your credit profile is bad.
Thankfully, a reprieve is available in the form of non-bank licensed lenders. These are persons or medium-sized firms at the edges of the financial industry who can provide comparable lending services, although the cost of the funds they offer can be slightly more. Given the financial assistance that many people receive from such lenders, they do play an important role in the sector.
Perhaps your history does not readily qualify you for personal loans, with the big banks turning you away. Would not someone ready to assist you with your problems is worth considering?
A money lender would start by checking your credit report, to assess your history concerning issues like bankruptcy, missed payments, failure to pay off debts. If you choose to offer certain assets as loan collateral, their experts will assess whether these meet their minimum lending criteria. The point is that moneylenders will help you arrive at sound financing decisions if you let them.
Providers of personal loans also offer the opportunity to repair a poor credit rating. By taking up a series of lesser loans and repaying each in turn, you can improve your profile. Before you secure a loan, spend some time reviewing its fee structure. Go over all the terms and conditions as well as the interest rates in detail.
Make an effort to compare rates from no less than three different money lenders. Always insist on getting a copy of their published lending terms, then go over them carefully to see what you would be committed to doing. If you follow this advice, you can avoid making mistakes when it comes to borrowings.
You might also inquire about raising monthly payments in case your economic position improves. It is best to deal with lenders who are willing to give clear and accurate loan details before you sign for a package. Lenders who focus on offering unsecured loans play a vital role, for if you can demonstrate a commitment to settling debts, they could help you find relief from financial distress. The goodwill you present will draw many benefits from a personal loan. Just remember to be prompt with repayment always, do alert the money lender when difficulties arise.
Reasons To Consider Loans from Singaporean Moneylender
There will be times when, despite all your hard work, you will be short of funds. Medical emergencies happen often enough for people to seek fast cash from a lender. The economic crisis has seen a rise in moneylending such that people can readily secure the level of financing they require, for which these lenders are a popular option. As established lenders, money lenders can offer all sorts of loan packages to applicants with salary earnings, even to multinational firms.
Among the reasons why licensed money lenders are popular is that they are always available to lend cash in the quickest possible time. Approved borrowers could have the money within 24 hours of an application. The best thing about online money lender is that you could comfortably apply for loans at any time while you are at home.
More reasons why money lender is popular would include:
Licensed operation: Dealing with licensed moneylender offers you the assurance that they are licensed by the Registry of Moneylenders to offer financial products. Also, their services would be assuredly more professional and trustworthy. To know whether a moneylender is licensed, you only need to check their online site for the professional license they would display for potential clients to review.
Loans for persons with poor credit: Most banking institutions will not provide loans to applicants with questionable status due to bad credit histories. Money lenders are more open to taking risks with such clients, such that they could meet their economic needs while repaying debts as well.
Attractive interest rate: Moneylenders offer the best possible market rates. Borrowers can choose from a broad number of moneylenders offering affordable interest rates. Using their website tools, you can compute for various loan amounts with interest to be repaid. The information will enable you to work out how much money would need to be returned by the end of a loan.
Flexible repayment schedules: Money lenders are usually willing to help people achieve financial stability. The point is that they offer loans with consideration of the time that borrowers could use to make repayment comfortably, which should help clients to manage their finances better.
Secure A Loan from A Licensed Moneylender Today.
Moneylenders give Singaporeans the opportunity to access lending facilities that are easy to apply for and use. They typically offer a broad range of loan packages from which clients can pick one to suit individual needs, including personal, fast cash, and foreigner loans. The ease with which you can access such facilities should not, however be an excuse to borrow without purpose.
For a loan to be realized not as a burden but as a blessing, there are certain things that you must commit to doing.
Plan Ahead: Before you approach money lenders for personal loans, prepare a thorough plan on where and how you will use the money. As an example, were you to borrow for educational purposes, you should already be decided on the educational institution you will attend, its scheme of course fees, and other expenses. With good planning based on your needs, you can focus on acquiring the funds needed for specific purposes. Without such, it would be easier to misuse the cash you receive.
Your plan must also cover in part how you would pay off the loan. You must see to it that your income can take care of the monthly installments for its duration, that you will not be straining to meet other economic obligations in the meantime. Most moneylender sites offer loan calculators for use in figuring out the installments to be paid, based on various loan schedules.
Borrow only what is needed: When you apply for loans, you should do so only according to requirements. Were such funds to be more or less than what you need, you could find yourself struggling somehow, so only borrow to meet your needs over the term of the loan.
In the education example, if the repayment schedule were two years, you would want the funds to cover tuition and other fees for the entire period. Were you to secure an amount that can only cover the first year but which remains payable across two years, you could wind up searching for other sources of funds for the second year expenses, all while the current loan is still being paid off.
In such a case, if you are not approved for a larger loan amount, you could always resort to the ease and flexibility of securing small loans from other licensed moneylenders. To meet your requirements for the first year, you could borrow accordingly, make the repayment within the schedule, then take up an additional loan to cover for the second year.
What Amount Can You Borrow From a Moneylender?
You should compare options based on reviews of lender benefits, service quality, and loan offerings. Among the more vital aspects of such transactions is that the amount you could borrow varies from lender to lender.
Licensed and trustworthy money lenders typically place limits on how much any one person can borrow. Such loan caps are designed to protect the firm and its clients from loan defaults, although the limit is normally only imposed on unsecured loans. Were you to be approved for a secured loan, you would not be concerned with matching your most urgent funding needs to the current offerings of legal moneylenders.
This table offers a general idea of the amounts you could borrow. If you cannot secure enough funds to meet your requirements, you will have to find other funding sources to supplement the existing loan.
Singaporean Citizens and Permanent Residents
From S$10000 to S$20000
At least S$20000
6x monthly earnings
6x monthly earnings
Compare interest rate and administrative charges from a range of moneylenders
Interest rates vary according to the lending firms and types of loans under consideration. Since the charge applies as a percentage, you can expect to pay more interest on a larger loan. In any case, you should expect monthly interest rates no higher than 4%, the maximum that can be applied no matter your annual earnings or the secured/unsecured status of your loan.
Money lenders can be competitive on interest rates since they collectively drive these down to reasonable levels in efforts to attract more clients. As you will be comparing interest rate charges and other costs, do be mindful that any amount under consideration must be weighed with a viable and well-paced schedule of repayments.
It is wise to compare late interest charges as well, which are calculated according to the outstanding balance of any unpaid principal. Monthly late interest rates are legally capped at a maximum of 4% past the repayment deadlines.
Regarding the leading moneylenders, be mindful that they are only allowed to charge no more than S$60 per month of late payment, a fee equal to no more than 10% of the original loan principal upon approval, plus any related legal costs in the event of a successful future claim for recovery of the loan. Finally, the total amount of all such charges, including interest, late interest, administrative, and late payment fees, may not exceed the amount of the loan principal.