At some point of time everyone has had moments of financial difficulty, like sudden emergency or needs a fund for big purchase. Loan come in handy to bridge the gap but it can be hard to taking out a loan.
Thinking of getting quick cash loan, licensed moneylenders help to tide through your financial crisis.
Licensed moneylenders are a financial entity which authorised to provide loans to people. They provide loans that can be repay in a course of time, thereby reducing the repayment amount for the borrower to pay each month within the term. Moneylenders are a great source of short notice loan. Licensed moneylender offer loan that include personal loan, payday loan, bridging loan and foreigner loan. Payday loan are most popular type of loan for borrowers that have unexpected expenses need to paid before their salary come in. It is a common situation for moneylender to provide this service due to a lot of people fall into it.
It is important to determine whether the moneylender is on the list of registered moneylenders in Singapore when seeking a loan. Or else, you will run the risk if you getting loan from illegal and unregistered organization. These unregulated moneylenders may involve in unlawful lending practise or even worse using your personal information to carry out unlawful activity.
To ensure the moneylender you have chosen is licensed and dependable, let us find out more information about licensed moneylender.
Verification of licensed moneylender on list of Register of Money Lender is important. All moneylenders require to operate under a license and strictly regulates what lender can charge based on Singapore’s Moneylender Act. Most licensed moneylenders do their best to work within the law as it can be difficult to get the license. Information about loan terms should not be withheld and they should able to explain in detail of the loan with the way you can understand. Avoid lender who is cagey to show you their license and refuse to provide terms of loan in writing.
Avoid at any cost for unlicensed moneylender which also known as loan shark. All kind of stories had been told of borrowing money from them encounter major harassment issues. They will harass you in exchange for quick cash or engage in violence against you to collect the debt. Unlicensed moneylender may change the payment terms without warning or even demand payment early. There have been instances unlicensed moneylender poses as a licensed moneylender. Ensure extreme caution research process for licensed moneylender, make sure their license number, certificate and documents are legitimate. Signing blank papers or incomplete contracts are also a definite characteristic of an unlicensed moneylender.
Benefits of Licensed Moneylender
It is hard for most people to have successful loan from bank. Banks usually have low approval rates for loans of any kind. Bank is stringent in lending money based on credit rating and financial performance. A licensed moneylender allows people to apply for loan in variety of different situations. Licensed moneylender provide flexibility for loan request and fast loan process compare with bank. On the other hand, borrowing from licensed moneylender protect you from illegitimate moneylender harassments. It avoids SMS spams and illegal ways on obtaining your personal information. In addition, loan from licensed moneylender also avoids very high interest rate which impose by unlicensed moneylender.
It is much easier getting money quick from a licensed moneylender when unexpected expenses needed. No matter what reason make you in need of a loan, ensure you looking up for a potential and licensed moneylender. This help to save you from signing up with unregulated organization which make your life more difficult. Securing your loan through a licensed moneylender, know what you need and be a smart borrower in picking a lender.