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Loan Authority's Advice on Borrowing in Singapore
The Important Role Played By Licensed Money Lenders Providing Fast Cash Personal Loans in 2018
If you have had the unfortunate incident of having a leading bank deny you a personal loan, you know how heartbreaking this can be. It gets worse when your credit history is poor and yet you are in the middle of a crisis. There is a reprieve – non-bank lenders. These are individuals or medium sized enterprises that operate on the fringes of the banking sector. They are licensed to offer similar services but you may have to pay slightly more. Considering the assistance you will get from such money lenders, they are important people in the industry.
Consider this; you do not qualify to get a personal loan. Banks have turned you away. Don’t you think anyone who comes to your assistance is worth of your consideration? The lenders will ask to see your credit report in order to understand things like bankruptcies, debt payment failures and missed payments. If you opt to present some assets as collateral, they will do an assessment to ascertain whether the assets meet the minimum requirement. Money lenders help you to make sound decisions.
Personal loan lenders also present you with a perfect chance to repair your already dented borrowing image. By borrowing a series of small loans and repaying them, your credit rating starts improving. Before you decide to borrow money, take time to go through the loan’s fee structure. Review all the terms as well as the interest rates. You should compare at least three different lenders. Always insist on being provided with a copy of written borrowing and lending terms. Read them carefully in order to understand what you are getting into. By following this advice, you will never go wrong on borrowing money.
It is also wise to inquire whether you can increase the monthly payment once your financial status improves. Work with those lenders who provide clear and accurate details on the loan you are just about to sign for. Money lenders who specialize in unsecured loans serve an important role. So long as you can show commitment, they will be able to get you out of financial misery. Goodwill on your part will see you benefit a lot from personal loans. Always remember to be prompt on your payment. In case you land into difficulties, alert the lender in good time.
Reasons Why You Should Consider Taking a Loan from a Money Lender in Singapore
There are times in life when no matter how hard you have worked, you are short of cash. Issues such as medical emergencies are a common occurrence requiring the need to acquire a loan from a Singapore moneylender. The economic crisis has led to the increase of money lending institutions so that people receive all the assistance that they need to meet their financial obligations. That is why moneylenders are quite popular.
Moneylenders can run single or joint enterprises depending on their target customers. As an institution, they are able to offer all kinds of loans to people who earn a salary and even to multinational corporations. This means that the lenders are not biased and offer services to everyone in Singapore.
One of the reasons why a licensed moneylender is very popular in Singapore is because it offers loans in the shortest time possible. You can apply for a loan today and in less than 24 hours you will be able to receive the money. The best thing about moneylenders is the fact that you can apply for the loan on the internet, in the comfort of your home. Other reasons why these lenders are popular include:
Licensed: Working with a licensed moneylender guarantees you that it is registered with the government and given the mandate to offer financial services to you. Additionally, its services are a guarantee to be professional and can be trusted. It is easy to prove whether moneylenders are licensed as they put the license on top of their website for their clients to see.
Loans for people with bad credit: Most financial institutions do not offer loans to people with bad credit because of their poor credit history. A moneylender is willing to take the risk to assist these people so that they can meet their financial needs and also repay their debts.
Attractive interest rates: Moneylenders offer the best interest rates in the market. The client has the option to choose a moneylender whose interest rates are affordable. You are also able to calculate the amount of money that you will return with the interest on the website. This allows you to know the money that you will return at the end of the credit period.
Flexible repayment periods: A moneylender is always willing to assist clients in becoming financially stable. That is why it offers loans to people taking into consideration the time that they will be comfortable to repay it. This assists the borrowers in planning their finances.
Personal Loans – Things to Know Prior To Taking One from a Licensed Money Lender
Most people who take out a personal loan do so for specific reasons. Some take one in order to travel and others have expenses to cover while others need to pay for an education. This type of loan can pretty much be taken for any reason as long as it is for emergencies. They come in different packages and you need to know the advantages and disadvantages of each:
The first type you can take is one that is unsecured. This one comes at a higher interest rate and is often given to someone who can show proof that they have a stable source of income. Each lender has a list of requirements to be met by the applicants. If you can meet these requirements that you can definitely get the funds. Whereas a traditional bank will lay emphasis on your credit rating as the indicator of credit worthiness, a money lender will not lay so much emphasis on the same. A moneylender will generally carry out a background check to satisfy all other requirements before approving.
A secured loan requires some form of collateral. Because the collateral is available, the interest rate of such a loan tends to be lower. It is the security for the lenders that if you do not pay back their money for whatever reason, they can dispose of it and get back their funds. The repayments on this kind of loan are not so high. However, if you default on payments, the interest may go up.
If your credit has not been as good in the past, taking one with a moneylender is a chance to build it back to where it ought to be. By repaying your moneylender on time and as agreed, you can raise your credit worthiness. It is prudent, prior to taking one that you review your need for it. Make sure that the reason for taking the loan is not frivolous. You need to think it through and decide how much you need prior to meeting with the lender.
When it comes to repaying, do so on time. It is important that you do not delay your payments or skip any of them. Making this mistake could adversely affect your interest rate as you may be considered a high risk borrower in the future. In addition, there are generally other penalties to be paid, for late repayment.
Obtain a Loan with Licensed Money Lenders Today.
Moneylenders in Singapore have given residents a chance to access loan facilities that are hassle free and quick to apply for. They offer a wide range of loan products that give borrowers a chance to pick the most suitable. These include fast cash loans, foreigner loans and personal loans among others. The ease at which you can access these loans should however not be a reason to borrow aimlessly. For a loan facility you get to be a blessing to your life and not a burden, there are some things that you should do.
Have a Plan: Before approaching the moneylender for a personal loan, have a detailed plan on what you will be using the money for. If it is for educational purposes for example, already know the educational institution you will be attending, the course fee structure and all other costs that you need. With an exact plan of what you need, you will be able to focus the money you get to the purpose intended. Without this plan, it will be easy to misuse the funds you get.
Part of the plan should also include how you will repay back the money. You should know how your income will be able to cover the monthly installments over the period of time. You should not struggle to meet your other financial obligations when you are servicing your loan. Most moneylenders’ websites have loan calculators that you can use to work out the installments payable over a period of time.
Borrow What You Need: When applying for the loan product, it is advisable to borrow what you need. When you borrow more or less, you may end up struggling in one way or the other. Borrow what will take care of your need over the duration of the loan. For example, if the loan period is two years, let the loan amount cover the education fees for the two years. If you borrow an amount that only covers one year of the school fees and is payable for over two years, you may end up looking for another source to cover the additional year while still paying off the loan.
If you cannot take a large loan amount, you can take advantage of the flexibility and ease borrowing smaller amounts from licensed moneylenders. You may borrow what you need for the year and pay it off within this period and then take another loan to cover your second year. Click here for the list of recommended lenders in Singapore.