There is no guarantee with what may happen in our lives. One day, you may think that you have all your needs figured out and covered by your savings, but there may come a time when emergencies will arise, thus forcing you to pay a large amount of money – and there is no way for you to get fast cash for it! What can you possibly do if this kind of situation just blows up in your face all of a sudden?
This is why it makes sense to look for a reliable and convenient means of getting the amount you need without the long wait. Some people decide to approach their family members for their money issues, but then there is the awkward and uncomfortable feeling that comes with it. This is particularly true if you are aiming to borrow a large amount of money, which can make it tough for you to manage in the end in terms of repaying the loan. If it is, however, just a small amount, then there should be no problem because paying off could be much easier. What if your need for cash is immediate, and we are talking hundreds of dollars? Where can you possibly get such an amount for your needs?
While there are those who assume that borrowing money from a bank is a reasonable option, it is just not too easy to do so. Of course, you will have to submit paperwork, prove your credit rating, and more often than not, banks are usually more willing to loan money to those who do not even seem to need extra cash at all. This is the irony of it, and it is what makes things tougher for individuals who have a less-than-perfect credit, yet hoping to borrow money in a matter of days.
With all these things in mind, you are probably now in search of a more convenient means of getting the amount you need, which is what a licensed moneylender in Singapore offers. You will be pleased to know that in the country, there are numerous options when it comes to the moneylender you can approach for your financial needs.
Loans play an indispensable and essential role in the financing sector. Moreover, it is not designed to address the needs of people who are going through tough money problems alone. In fact, it facilitates development and growth in terms of the professional and personal level. There are academic loans provided to those who need the money for higher studies. Others rely on loans to begin with their business project. At the same time, you need to make sure that the financial institution that you consult for your needs is trustworthy, reputable, and established. This should give you peace of mind when it comes to paying off your loans and making sure the rates are still within your budget. Now, what are the benefits of approaching a licensed moneylender in Singapore? The following are among the benefits you can expect.
1. For Security Reasons
A good thing about dealing with a licensed moneylender is for security purposes. Naturally, you would not want to deal with a fly-by-night lender, which means there is no guarantee that you could even talk to anyone in case you have some questions. The next thing you know, there is not even any contract offered to you. So, you have nothing to hold on to in case problems arise along the way. But if you choose a licensed moneylender, there are no worries on your part. Licensed lenders possess a valid and up-to-date registered code of authentication, which means that they are legal to operate their business in the country. They offer an authentic source of moneylending to clients, so there is no chance of you getting scammed by these people. The contract and details stipulated there are all legal and legitimate, and they comply with the Registry of moneylender in Singapore’s policies when it comes to interest rates.
If you want to contact the company for your questions, you can always visit their office to speak with someone there. This is a big point to consider since there will come a time that some concerns may arise, and you need to make sure that your needs are met. Also, it is comforting to know that if ever you have questions or inquiries, you can always consult someone to receive an immediate response.
2. For Advisory Information and Guidance
If you are a foreigner in Singapore in need of some money, then it helps to receive sound and professional advice from a dependable source. A licensed moneylender can shed some light on you in case you have questions when it comes to the rules and regulations involved with moneylending. The different requirements may also be brought to your knowledge, along with qualifications in terms of your credit history, and so on.
This makes the whole process of applying for a foreigner loan in Singapore easier for non-locals. They can obtain relevant and updated pieces of information and advice from a licensed moneylender, so they no longer have to make mistakes from asking the wrong people. Some foreigners assume that just because they are not permanent residents or citizens of Singapore, they already lose their chance to borrow money even from a licensed moneylender. But this is not the case at all because there is such a thing as a foreigner loan offered by moneylenders, which caters to the financial concerns of foreign nationals in the country. As long as you qualify, you can already have your application processed and submit the paperwork required by the moneylender. Then, simply wait for their feedback and provide additional documents if necessary prior to receiving your contract that is only awaiting to be signed.
3. Expect Fair and Reasonable Interest Rates and Repayment Terms
Since licensed moneylenders abide by the standards and policies set by authorities in Singapore, you can count on the competitive rates they offer. These rates are reasonable since there is a cap that moneylenders can put on interest rates. So, you are guaranteed of the fair amount of money you will need to repay once the term of your loan is over. In the same way, the repayment schedule is reasonable enough. You can also check with the moneylenders what their payment terms are, so you will be able to forsee the cost you need to pay at the end of the period of your loan. These items should be stated in the contract, and make it a point to review the details carefully to avoid any problem in the long run with regard to legal aspects.
At the end of the day, it is indeed worth it to choose a licensed moneylender for your financial concerns instead of approaching an unknown and illegitimate lender in the country. There are safety and legal risks involved when you deal with a moneylender that is not even registered or licensed to operate in Singapore. To avoid putting additional stress and burden on your shoulders, always check first if the lender is registered with legal authorities in the country, and if they possess a valid and current license. Conducting thorough background check on the lender, which you can do so by making a simple search online and reading some reviews about them should give you an idea on what to expect.
When the need for additional funds arises, go for a reputable source of money for your concerns. Since there are numerous moneylenders in the country, it is best to determine their credentials and license to help you decide if it is worth dealing with them. Afterwards, you can come up with a decision once you have compared the rates and services offered, including valid customer reviews on each licensed moneylender in the country.