Sometimes emergencies crop up and you are left with no choice but to fork out a sum of money. If your friends and family aren’t able to help you out, it’s best to seek the services of a licensed money lender to fulfil your urgent needs. With the right research, you will find a reputable one that is able to meet your requirements with ease.
Unlike banks, licensed moneylenders do not impose stringent requirements on their loan applicants. The key metric is usually your annual income, which serves as your ability to repay the loan. This enables you to borrow larger amounts of money from them if your income is high.
When choosing a licensed moneylender, make sure you check out their Google ratings and whether they are listed in the official Ministry of Law list of moneylenders. You can also read reviews from other borrowers on their websites and social media platforms. This will give you an idea of their service quality and customer satisfaction level.
A fast loan singapore is essentially an easy cash loan that you can apply for at any time. You can use this to settle unforeseen expenses or pay for sudden bills. Typically, the approval process lasts an hour as long as you meet all the eligibility and documentation requirements.
Licensed moneylenders can also offer you better terms and conditions than banks. For example, the interest rate that Singaporean banks charge is 3-4%, while it is capped at 4% for moneylenders. In addition to the interest rate, you should also compare their loan repayment terms, minimum annual income requirements and other fees and charges when making a decision.