Using a licensed moneylender rather than a bank to acquire financial loans isn’t uncommon in Singapore. Several people in Singapore have turned to licensed money lenders for loans due to the flexibility they provide. You can rely on several certified moneylenders that can provide urgent loan services to meet your financial requirements. Credit Empire, in particular, is good at money lending in Singapore. There are other reasons why someone may seek a loan from a private moneylender. Some of those reasons are listed below.
Loan approval time is reduced.
When it comes to getting various forms of personal loans accepted, such as instant money loans, timing is critical. Licensed money lenders can accept your loan faster than banks, in most cases, on the same day you applied. Banks, on the other hand, could take a couple of weeks to process your request. This is because licensed moneylenders profit from fewer regulations and fewer stringent credit checks. Licensed money lenders can approve your loan faster and that is why it is popular among people.
Reasonable interest rates
It is technically prohibited for licensed moneylenders to impose extraordinarily high-interest rates that are inexplicably fluctuating, contrary to popular opinion. In Singapore, legal moneylenders must be vetted by the Ministry of Law, which also supervises interest rates. In Singapore, a licensed money lender can only charge a maximum of 4% monthly interest rate on loans. Borrowers can compare rates from various licensed moneylenders and decide on their loan terms.
No collateral, less documentation
Before extending a loan to you, a regular private money lender in Singapore does not require pages of documentation. This takes a long time and is inconvenient, especially if you require immediate financial aid. Private moneylenders provide certain loan types based on your creditworthiness and the funds you require. There is no requirement for collateral either. Even though money lenders provide both secured and unsecured loans, unsecured short-term loans are quite straightforward to obtain. Your personal assets will not be at risk if you default on your payments.
Medical bills, student loans, and an unexpected car breakdown are all examples of immediate financial emergencies. Personal loans in Singapore are an excellent approach to address such issues while also assisting you in achieving your life goals and safeguarding your funds in the event of an emergency. Licensed money lenders in Singapore can help you in dealing with financial hardships a little bit more sensibly.