A money emergency can hold your hand anytime without even you knowing. From planning a wedding or vacation to education or business to even medical or family emergency, it can be anything, you can be broke at any time of the year. In such situations, people consider taking personal cash loan Singapore from banks but do we really have time to figure out all the paper works and wait for the required processing time? No, so at that time, licensed money lenders come to your rescue. Instead of opting for best personal loan Singapore, you can opt for it from a licensed money lender, you’ll be shocked by the number of advantages it has. But before jumping to the advantages of choosing a licensed money lender over good old banks, let’s get to the basics.
Who are licensed money lenders?
Licensed money lenders are private loan companies who have the legal authority to quickly lend money to people wanting one. They follow all the rules and regulations instructed to them by the ministry of law and are legally registered in Singapore’s government record book. When compared to banks, they provide personal loans at low credit scores and see online applications within a day. Based on your requirements and with consultancy, they provide the best for you. Remember the only way to a healthy personal loan process is to never settle for a money lender without a legal license as prevention is always better than cure.
Now that you know who licensed money lenders are, let’s see how you can apply for a personal loan from them and avail all the benefits.
How to apply for a personal loan from a licensed money lender?
The process of applying for a personal loan is very easy. Most of the money lenders have an online form available on their website, which you can fill to apply for a personal loan. They visit, see and analyse your online application within the time frame of a day. Further they will check your credit score and your finances, how good are you with handling money, etc. licensed money lenders with respect to banks don’t give much importance to credit scores, so if they aren’t the best, no problem, you still have high chances of getting a personal loan with a licensed money lender. Then as per the urgency of the situation, they provide you with a loan.
Coming to the advantages of licensed money lenders who provide best personal loan Singapore:
- Quick loan approval: they are considered best if you want a personal loan quickly. Licensed money lenders will review and process your personal loan application within a day and will notify you as soon as possible depending on the urgency of the situation. They even have managed to get back with approval to people applying within a time period of an hour. If you are someone with not so good credit score history, it should bother you the least as licensed money lenders do not consider credit card score as an important factor for determining whether they should lend you personal loan or not.
- Affordable interest rates: through banks provide up to 10X of your monthly salary while licensed money lenders float in 6X but when it comes to the interest rates applied, licensed moneylenders will always have your back. They have very affordable interest rates which will work across ages and social as well as economic status. This might not seem appealing at that moment but will reap you good yield in the long run. People who have low monthly income, borrowing money from licensed moneylenders is far better than banks. The best part about money lenders is that they can negotiate up on the amount you want, interest rates and terms and conditions of the contract, no questions will be asked.
- Hassle-free application for personal loans: licensed money lenders offer a very smooth document verification process, which is missing while applying for any loan in bank. If you are in a hurry and would not like to indulge yourself in a lot of paperwork, they have got you all covered. You can opt for best personal loan Singapore for best options with variety as per everyone’s requirements.
- Licensed money lenders are trustworthy: they establish a very friendly and open bond with their customers wherein you can do anything from anything to everything. They advise you as they are your friend and will provide you with cash as early as any for your friend will. You can trust them easily.
- Under government auctioneers: if your issue is safety and security, then don’t worry, licensed money lenders lend money to people under certain guidelines as per government. Government also imposes strict rules and restrictions onto them as they are independent bodies providing personal loans to borrowers. The authorities make sure to perform a check within every 3 to 4 months to ensure smooth and fraud-free working.
- No frauds: licensed money lenders carry out all the tasks from filling up an application form for personal loan to approving and providing money for your requested personal loan online. But this should not be the reason for you to worry. We all carry out online transactions, isn’t it? Similarly, these licensed money lenders carry out each and every task for their customer with utmost safety and security. If you still have trust issues and you can call them on their registered telephone number to ask any doubt, for certain confirmation, etc. but within their time frame of working hours. If text messages and calls aren’t enough, you can visit their physical office. For those who didn’t know, yes, licensed money lenders along with having a website have a physical office too. You can visit their physical office and do all the necessary paperwork such as application form filling, contract signing, providing proof for verification, transacting cash, etc. for getting a personal loan.