When it comes to availing loans in Singapore, people will always seek for a lower rate of interest. But they do not have sufficient knowledge to which particular institution to go to. All licensed moneylender Singapore is qualified to have a licensed on the Registry of Moneylenders abiding the Moneylender Act and Rules. A licensed money lending Singapore offers a diverse variety of financial solutions when someone is in need of convenience and quick money.
In regards to granting loans, Money Lenders are distinct from Bank associations, particularly when it comes to high interest rates. But how do you know if you would need to attend a money lender or banking institutions? Let us compare the two.
Banks typically search for your credit background before approving any loans. In case you’ve got a poor credit score, it’s a high possibility that your loan would be denied. On the flip side, licensed money lender Singapore does not much focus on credit and they’re more forgiving.
Banks offer larger loans that are just right to start a business, buy a car or renovate your home compared to legal money lending in Singapore which is ideal only for paying your utilities or a car repair.
It is easier to do loan transactions with money lender in comparison with banks. Banks will need to do a background check that why they require much more time approving the loan while cash lenders can approve you in a day if you already have completed the documents required.
So in the event that you need to have the money straight away, the best option would be a licensed moneylender Singapore.
Usually, legal cash lending in Singapore don’t discuss their prices over the phone and just want to discuss it personally. That’s why you cannot compare easily their interest rates.
Due to the higher approval rate when you wish to grant financing, money lenders give higher interest rates compare to bank. Since money lender offer a higher rate of interest, it would be economical to get money from banks should you doubt for the rates of interest.
Before deciding which institution you want to go to your loan, consider the aforementioned specifications. Considering this, banks typically lend money to those people who are stable and can pay on time. This is the reason why many Singaporeans have always sought for an alternative of acquiring cash through a licensed moneylender Singapore even though they have higher rate of interest.