Singapore is facing hard economic times. The economy has slowed down making many companies lay down their employees. Also, there have been fewer new job opportunities. The inflation rates are high, and the levels of income have remained fixed. Therefore, it has become tough to survive without a loan especially when faced with emergencies like accidents and loss of a relative among others.
However, despite the urgency of any case, it is advisable to get loans from licensed money lenders Singapore. Getting loan from unlicensed lenders exposes one to challenges like;
- Getting SMS spams to encourage you to take more loans.
- High interest rates.
- Accessibility of your personal information through illegal ways.
The Moneylender’s Directory of Singapore offers customers with relevant information when seeking loans. It enables borrowers to know how much they can borrow from different lenders. Also, it provides a list of licensed money lenders Singapore. These are lenders who bind to rules and regulations set by the Registry of Moneylenders.
Benefits of Moneylenders in Singapore
- Easy to get loans. Their process of application and approval is very quick. Licensed money lenders Singapore are not concerned about your credit history. They consider your income level as your capacity to repay.
- Licensed money lenders Singapore are also very reliable. Under the Singapore Moneylenders Act, borrowers are protected against harassment that is familiar with unlicensed lenders. Therefore, you can depend on them.
- Money lenders Singapore offer their loans to people at different levels of income. No one is discriminated because of his level of income. The high the income, the higher the amount you can borrow and vice versa. This is unlike with the banks.
- Another advantage is that the borrower is provided with all information regarding the interest rate before the loan is granted. Furthermore, the interest rate is always the same for people in different income groups and also with secured or unsecured loans.
- Money lenders Singapore offer different loan packages for various clients. You can get a personal loan, a foreigner loan, and payday loan among others.
- Getting loans from these lenders does not require a lot of documentation. You just need to provide them with your NRIC card, the income tax, and CPF statements.
- Most banks are very strict when giving loans. They put so many factors into consideration. Money lenders Singapore have a more flexible credit approval and repayment process.
- Once you have provided them with required documents, some money lenders Singapore can provide you with the loans on the same day.
- Most money lenders have simplified their process of loan application and approval. One can apply for the loan online.