If there comes a need for money and you don’t want to pay high interest rates, then a licensed moneylender is the solution for you. Licensed moneylenders provide short-term loans at reasonable rates that can be paid back quickly. Moneylenders can offer other loan options, and you’ll learn more about them in this article.
The top four advantages of using a licensed money lender Singapore are: they offer small loan amounts, there is no credit check or paperwork, terms and conditions are flexible, and their fees are fixed with no hidden costs.
They offer small loan amounts.
One of the most appealing and beneficial aspects of using a licensed moneylender is that you can get up to $5000 in cash and pay it back quickly. Licensed money lenders offer small loans with easy repayment terms, so you won’t have any trouble repaying them on time – which will help your credit rating.
Some loans don’t need a credit check.
Another benefit of borrowing from a licensed money lender is that there’s no need for a formal application process. They only require personal identification documents such as birth certificates or passports plus proof of income (pay slips). There are also no monthly statements with hidden costs like some banks charge their customers.
Terms and conditions are flexible.
Licensed money lenders don’t impose strict rules and regulations when lending short-term loans, which means you can use the money they give to you for anything. They are also very flexible with repayment terms and won’t make a fuss if your situation changes after borrowing from them or if their fees put you in financial difficulty. Their honesty, transparency and accountability are why so many people trust them.
There will be no hidden costs.
One of the biggest benefits of using a licensed money lender is that they don’t have any hidden costs, unlike banks who charge high monthly service fees just to hold your savings accounts. Licensed money lenders only charge interest on what’s borrowed plus an application fee – nothing else! So when looking at all these advantages, it makes sense why so many people choose this option over others. If you need quick cash, then learn more about how licensed money lenders can help you.
Why People Choose Moneylenders?
If you have any sudden financial need, then you’ve probably considered getting a loan from your bank or another institution. However, many people are choosing to use moneylenders for their quick cash needs instead because there are known to have advantages that come with this option.
What are the Different Types of Loans?
There are various forms of loans that moneylenders can offer you. They may be able to give you a larger loan amount at the same interest rates as banks or credit unions, depending on your circumstances and what they are offering at the time. Here are some of the loans they can offer:
- Student loans: If you’re a student, then moneylenders can give you the funds to pay for tuition and living expenses.
- Business loans: If your business has seen an increase in revenue, then moneylenders can give you the capital to expand your business.
- Unsecured personal loans: If you need cash for an emergency or unexpected expense, then moneylenders can help by giving unsecured personal loans.
- Home improvement loan: Moneylenders may also be able to provide home improvement loans if necessary to improve your home’s safety and security.
- Car loan: Licensed money lenders can also provide you with a vehicle loan if it’s necessary to buy or refinance an expensive asset such as a car, truck or boat.
- Personal loans: This is one of their most popular types of loans because it allows customers with bad or no credit history to borrow what they need without having to provide collateral.
- Foreign loans: If you need a loan to finance your overseas studies or an international business project, then moneylenders can help.
- Mortgage loans: Licensed money lenders can also help you get a mortgage loan if it’s necessary to buy or refinance your home.
- Renovation loans: Moneylenders can provide you with renovation loans if necessary to renovate your home. If you need some sudden changes to your home, then money lenders can help.
- Payday loans: Another one of their most popular types of loans is a payday loan because it’s very short-term. The benefits of a payday loan include having no credit history required, having a fast approval process in most cases, and having convenient repayment options that fit within your budget.
- Tax Loans: In addition, money lenders can provide you with tax loans if an unexpected expense comes up during tax season and the government owes you money.
- Urgent cash loans: When you have an urgent financial need, then you can apply for a loan from money lenders.