Licensed Moneylender in Singapore
Moneylender, a person, a group, or a financial institution, provides funds to recover it after a set date with a fixed interest rate. In other words, a lender is a person who lends money to another person, who is a borrower with a legal repayment period.
For instance, as a borrower, you may need money for your wedding, monthly payments, business, or some personal reasons. However, money lenders could accept or deny your request as per the rules and regulations by the government. It also includes mortgage and fixed interest rates.
In this article, we are focusing on the availability of moneylender in Singapore, types of loans or credits, special considerations, licensed or unlicensed moneylenders, and acts and rules regarding loans as well as moneylenders.
What’s the Availability of Moneylender in Singapore?
If we talk about unlicensed moneylenders, there are plenty of these money lenders to borrow money from and break the law. As per moneylenders act and rule Singapore, borrowing cash from unauthorized lending services is illegal, and a borrower can become the victim of high-interest rates and vandalism.
However, a licensed moneylender in Singapore has limitations on imposing a maximum interest and late interest rate. As per the amount, the interest would seem high, but it is safe and would not cause harm to your life or your family if you borrow from loan sharks.
So, the availability of licensed moneylender in Singapore is quite good. Avoid borrowing from unsolicited sources.
Types of Loans or Credits Available with Money lenders
Around ten-twenty loans or credits services are in use. However, some of them are quite common among people. It is important to note that your consumer payment history, credit score, documents, and previous bad loans are also under consideration to provide you the amount you are seeking from a moneylender in Singapore.
Below are six types of loans you can apply:
A personal loan is a loan for any personal expenses regardless of designated purpose. In most cases, people don’t specify their reasons in a personal loan application. However, these loans depend on your credit history. With outstanding debts, it is an attractive option for people seeking to get money on reduced interest rates.
Payday loans depend on one paycheck to another paycheck. It includes high-interest rates to cover the gap between paychecks. However, it is helpful for people who are unavailable to meet their monthly expenses because of delays in paychecks for the time being.
Moneylender in Singapore provides foreigner loans that are curated for people living in the country but don’t have citizenship. These loans are for either personal values or business values. Copy of passport is necessary if you are applying for a foreigner loan.
Small business loan or business loan is credit packages for business owners whose business is seeing downfall because of lack of available capital. These are for the entrepreneurs and aspiring entrepreneurs to help them begin or better expand their business grounds.
Short Term Loan
Money lenders offer short term loans, and these are the credit packages that a borrower can repay within a fixed time frame such as in money or fifteen days to avoid high-interest rates. It is flexible and affordable because of time limitations.
Urgent Cash Loan
There are times when a borrower needs cash urgently, and asking any amount from family members or friends is not the option to go after. However, these urgent cash loans from licensed moneylender can get you any amount of cash on affordable interest rates and 24-hour application status.
Licensed or Unlicensed Money lenders
Whatever reason you may have for a loan application, always apply to a licensed moneylender in Singapore. It is because authorized moneylenders will not charge you inacceptable interest rates. These lenders have flexible payment schedules and work under rules and regulations of moneylenders acts and rules of Singapore.
Whenever you decide to borrow any amount of money, either to pay the bills, for luxuries, or business, read and understand loan agreements carefully. It is important you know which type of loan you need to apply for. You can apply for any loan package online now with online money lenders.